| Abstract: | 經濟社會學對於市場的傳統看法，不外乎將市場視為網絡(network)、鑲嵌(embeddedness)、社會資本(social capital)、公司(firm)以及制度(institution)等概念。但近來金融市場社會學的諸多研究，對此傳統產生許多新的衝擊。亦即，市場的競爭分析應該採取更具體的經濟行動研究，以判斷市場的構成，以及其中經濟行動的競爭過程。本論文延續以上的爭論，並嘗試在方法論上融合現象學和知識社會學的脈絡，擴大經濟社會學對於市場討論的基礎。分析對象則以參與層面最廣泛的股市散戶為出發點。研究方法則包含歷史文獻分析、連續訪談、螢幕基礎(screen-based)的無時差資料收集方式。在六年的研究過程中，共收集近百位小戶、中實戶、基金經理人、外資研究員、分析師等資料。本研究不僅引進社會階層化(social stratification)的觀點，並具體分析股市中的競爭要素，提出資訊-知識(Information-Knowledge)的概念。最後發現在股市中，行動者因為受到資訊管道或是知識能力的雙重限制，而處在相對性的社會位置。此圖像，可稱之為資訊-知識年輪(I-K Ring)。在資訊流動快速的認識實體(epistemic reality)中（如外匯市場、股票市場），特別容易形成這種相對位置不均等的結構。另一方面，在股市現代化的過程中，詮釋股票價值的權力慢慢轉由評價系統(evaluation system)所主導。此系統由分析師、研究員及評等機構等組成，並結合物質主義的意識型態，製造理性而科學化的分析報告，並在發佈資訊的過程中傳遞股票價值的正當性。最後，它也製造了認識市場實體的方式。本論文最後將論證，經濟社會學傳統認識市場的方式，過於強調廠商的競爭結構，而不注意產品(product)的性質，以及交易者對於產品價值的定價過程。因而，傳統經濟社會學無法清楚分析製造之外的市場，諸如變動快速的外匯市場或股票市場。其次，本文將提出在資訊-知識的競爭要素中，下層的競爭者將面臨非志願性蒙蔽的情況。越是理性化、產品複雜的市場，對行動者的限制將會更多；亦即，處於外圈的行動者將會受到更多隱形的非志願性蒙蔽(involuntary blinding)。
From the viewpoint of traditional economics sociology, market is as the concept of network, embeddedness, social capital, firm and institution. Contemporarily, many sociological studies based on financial market impact the tradition of economics sociology. In order to distinguish the component of market and analyzes the competition factors of market, it must take much solid/concrete research toward economic action.Continuing the dispute above, together with applying the methodology based on phenomenology and sociology of knowledge, this dissertation presents to expand the basis of economics sociology for further discussion on market. In Taiwan stock market, dispersed players who deeply participate with the market are the research subjects; historical literature, interviews, and data gathering by synchrony screen-based are the research methods. Over 6 years, there gathered about 100 databases from individual small players, middle players, to institutional fund managers, professional stock analysts and QFII researchers.This dissertation not only introduces the viewpoint of social stratification and analyzes the competition factors of stock market, but also propose the concept of Information-Knowledge (I-K). Refer to the stock market, different actor states in different relative social position because of the information channel blockage and knowledge limitation. It is, so called, Information-Knowledge Ring (I-K Ring). This unequal structure of relative position is easily formed in epistemic reality in which the information flow is fast (ex. foreign exchange market or stock market). On the other hand, in the process of market modernization, the power to interpret the value of shares is gradually transferred and lead by evaluation system. This mechanism is constituted by professional stock analysts, researchers and rating companies that produce critics and reports through a rational/scientific way. Together with materialism ideology, evaluation system also creates the way to recognize market epistemic reality while it spreads/publishes the information to public and represents the legitimacy of stock value.The final argument is that, economics sociology emphasizes more on the competition structure of producer, rather than the nature and pricing process of the product. As a result, it provides the way to analyze industrial market but not fast moving market (i.e. foreign exchange market and stock market). Moreover, the more rational and complex market, the more the limit goes to actor. That is, actor who position outside the core circuit of Information-Knowledge Ring (I-K Ring) will suffer the invisible involuntary blinding. |
