ABSTRACT:
w88 link w88 moi nhat growth of Vietnam’s stock exchange requires students to be equipped with necessary and practical knowledge in trading securities. Therefore, this study focuses on determining w88 link w88 moi nhat factors affecting w88 link w88 moi nhat intention of Duy Tan University’s students of usingw88 link w88 moi nhat E-stock Virtual Exchangethat simulates major features of real stock exchanges in Vietnam. w88 link w88 moi nhat studied model is based on w88 link w88 moi nhatTechnology Acceptance Model(TAM). This study finds that Perceived Usefulness, Perceived Ease of Use, Attitude Towards and Website Design are four major factors that mainly affect w88 link w88 moi nhat intention of students. This study also proposes some feasible solutions to improve w88 link w88 moi nhat students’ intention of using w88 link w88 moi nhat E-stock Virtual Exchange.
Keywords:E-stock Virtual Exchange, Technology Acceptance Model (TAM), Duy Tan University.
I. Introduction
w88 link w88 moi nhat Vietnam Stock Exchange officially formed in 2000 plays an important role in mobilizing intermediate and long-term capital. Vietnamese stock market has grown strongly and contributed gratefully to w88 link w88 moi nhat development of w88 link w88 moi nhat economy. For this reason, w88 link w88 moi nhat demand for finance jobs has witnessed a considerable upward trend in recent years. However, there is a growing concern that a large number of new university graduates fail to meet to corporations’ requirements, especially securities companies. Due to w88 link w88 moi nhat lack of capital combined with practical knowledge, they have encountered many challenges to trade on w88 link w88 moi nhat real Stock exchanges. Therefore, training students how to trade and understand w88 link w88 moi nhat rules of investment is very crucial. For w88 link w88 moi nhat purpose of addressing this issue, Duy Tan University has invested and deployed an online virtual stock exchange called “E-stock” which targets at providing a useful playground for students to enhance their financial knowledge as well as practice some soft skills like real investors. However, how to get students’ interest in this educational platform appears to be a difficult task. Thus, this research is conducted to figure out w88 link w88 moi nhat major factors which influence students’ intentions.
II. Literature review
1. Previous researches related to Intention to use
According to w88 link w88 moi nhat research of David (1986, 1989, 1993), TAM model was simulated from Theory of Reasoned Action - TRA (Fishbein and Ajzen (1975)). This model was accepted to in analyzing effectively w88 link w88 moi nhat technology acceptance of users. TAM recommended two important factors that influence an individual's intention to use w88 link w88 moi nhat technology: Perceived Usefulness and Perceived Ease of use.
On w88 link w88 moi nhat basis of original model of TAM, Venkatesh & Davis (1996) continued to expand w88 link w88 moi nhat model to explain w88 link w88 moi nhat intention to use of users. Besides two main factors, w88 link w88 moi nhat new model also included social influence, cognitive processes and experience. w88 link w88 moi nhat test results were extremely supported and explained by about 60% of people accepting this new version of TAM.
w88 link w88 moi nhat TAM model continued to be proposed by Wiedenbeck (2001), considering w88 link w88 moi nhat relationship between w88 link w88 moi nhat users’ intention and Perceived Interaction. In empirical research, they identified several types of interactions and demonstrated that w88 link w88 moi nhat Perceived Interaction did affect w88 link w88 moi nhat users’ intention.
Liu, Chen, Sun, Wible & Kuo (2010) also attempted to add new variables, namely Course Design, User-interface Design and Learning Experience in exploring factors affecting w88 link w88 moi nhat intention of students.
Furthermore, there were many other studies doing research on users' intention such as McGiven (1994), Sung Youl Park (2009), Reed & Geissler (1995), etc.
2. Proposed research model
Based on w88 link w88 moi nhat previous researches, w88 link w88 moi nhat author proposes w88 link w88 moi nhat research model including seven independent factors: (1) Perceived Usefulness and (2) Perceived Ease of Use both explored in w88 link w88 moi nhat model of David (1986); (3) Percieved of Interaction is expanded in w88 link w88 moi nhat model of Wiedenbeck (2001), Boczkowsk (1999) and Liu, Chen, Sun, Wible & Kuo (2010); (4) Attitude Towards used in w88 link w88 moi nhat model of Lee, Cheung & Chen (2005), (5) Website Design used in w88 link w88 moi nhat model of McGiven (1994) and Rovai (2004), (6) Interface Design derived in w88 link w88 moi nhat model of Liu, Chen, Sun, Wible & Kuo (2010), (7) Learning Experience used in w88 link w88 moi nhat model of Reed & Geissler (1995), Singleton, Hill & Koh (2004), Adams et al (1992) and Straub, Keil, & Brenner (1997).
All above independent variables were all discussed and accepted by experts. This study attempts to investigate w88 link w88 moi nhat possible relationship among those variables.
Figure 1: w88 link w88 moi nhat study’s Proposed Theoretical Framework
Sources: Developed for w88 link w88 moi nhat research
III. Research methodology
1. Qualitative research
Based all listing researches above, w88 link w88 moi nhat model was finally conducted with seven independent variables (Perceived Usefulness, Perceived Ease of Use, Perceived of Interaction, Attitude Towards, Website Design, Interface Design, Learning Experience) and one dependent variable (Intention to Use E-stock) with total 23 items.
Questionnaires were completely done after interviewing 20 experts: 10 managers working at securities company in Danang City such as VNdirect, FPT Securities, Vietcombank Securities, ACB Securities company,…; 5 managers working at 3 different banks, namely Agribank, Vietcombank and Mbbank; 5 Doctors who major in Finance, Banking, Accounting, Administration and Information technology and are working at Duy Tan University. Then, w88 link w88 moi nhat questionnaires were tested once again with a sample of 100 students before delivering to 900 students.
2. Quantitative research
w88 link w88 moi nhat population of w88 link w88 moi nhat study is students at Duy Tan University. To make sure that all students did experience E-stock, w88 link w88 moi nhat author decide to choose 83% of questionnaires delivered to third-year and senior students in Finance, Banking, Accounting, Administratrion and Tourism, only 17% of them from other majors. This figure is based on w88 link w88 moi nhat percentage of students learning at these majors in Duy Tan university.
IV. Results
After collecting and eliminating w88 link w88 moi nhat invalid questionnaires, all data from 836 valid ones were coded and then recorded in Microsoft excel before being transferred to SPSS version 20.0.
1. Cronbach's Alpha reliability test
Table 1. Interpretation of Cronbach’s Alpha
Source: Field Survey, June, 2019
Table 1 shows that w88 link w88 moi nhat Cronbach’s Alpha of all independent and dependent variables are higher than 0.7. It proves that all variables are reliable and able to be used in w88 link w88 moi nhat next step of statistical analysis.
2. Testing w88 link w88 moi nhat factor loading coefficient of w88 link w88 moi nhat independent variables
Table 2. Rotated component matrixa of w88 link w88 moi nhat independent variables
Source: Field Survey, June, 2019
Table 2 shows w88 link w88 moi nhat final result of Exploratory Factor Analysis. w88 link w88 moi nhat scale of w88 link w88 moi nhat seven independent variables were rotation converged in 3 iterations. As a result, item 1 and item 3 of Interface Design; item 1 and item 2 in w88 link w88 moi nhat construct of Learning experience were deleted because their factor loading coefficients were lower than 0.5. Besides, there were 2 items which experienced cross loading. Item 2 of Interface Design moved to Perceived Ease of Use and item 3 of Learning Experience moved to Attitude Towards. w88 link w88 moi nhat author decided not to rename these two factors since w88 link w88 moi nhat added items did not change w88 link w88 moi nhat meaning of w88 link w88 moi nhat factors. w88 link w88 moi nhat number of factors generated after w88 link w88 moi nhat analysis is only five (Interface design and Learning experience were removed) with a total of 19 items.
3. Adjusted models
Through testing scale by EFA and Cronbach's’ Alpha reliability, w88 link w88 moi nhat author will adjust w88 link w88 moi nhat original theoretical research model into following model including 5 factors that affect w88 link w88 moi nhat Intention to Use E-stock with 19 observation variables.
Figure 2: w88 link w88 moi nhat adjusted research model
Sources: Developed for w88 link w88 moi nhat research
And w88 link w88 moi nhat study gives out following new research hypotheses:
H1: Perceived Usefulness positively affects w88 link w88 moi nhat students’ Intention to Use E-stock in Duy Tan University.
H2: Perceived Ease of Use positively affects w88 link w88 moi nhat students’ Intention to Use E-stock in Duy Tan University.
H3: Perceived of Interaction positively affects w88 link w88 moi nhat students’ Intention to Use E-stock in Duy Tan University.
H4: Attitude Towards positively affects w88 link w88 moi nhat students’ Intention to Use E-stock in Duy Tan University.
H5: Website Design positively affects w88 link w88 moi nhat students’ Intention to Use E-stock in Duy Tan University.
4. Testing w88 link w88 moi nhat correlation coefficient (R value)
w88 link w88 moi nhat Multiple Regression Analysis is used to determine w88 link w88 moi nhat significant relationships between independent and dependent variable.
Table 3. Model Summary
Source: Field Survey, June, 2019
In w88 link w88 moi nhat Model Summary Table 3, w88 link w88 moi nhat Adjusted R Square for this model is 0.567. It means that w88 link w88 moi nhat variation of w88 link w88 moi nhat students’ Intention to Use E-stock can be explained 56.7% by w88 link w88 moi nhat independent variables.
5. Testing w88 link w88 moi nhat Anova
Table 4. Anova
Source: Field Survey, June, 2019
Table 4 shows that F value of w88 link w88 moi nhat model is 42.110, higher than 5. and w88 link w88 moi nhat p-value is 0.00 which is less than 0.05 (p< 0.05) so significant at w88 link w88 moi nhat 0.05 level. w88 link w88 moi nhat significance value is less than 0.05, an indication that w88 link w88 moi nhat model is significant. In overall, w88 link w88 moi nhat regression model with those five independent variables (Website Design, perceived of Interaction, perceived Usefulness, Attitude Towards, perceived Ease of Use) is suitable for explaining w88 link w88 moi nhat variation in intention of students.
6. Develop regression equation with standardized coefficients
Table 5. Coefficients
Source: Field Survey, June, 2019
Perceived of Interaction is rejected since its Sig. (0.225) is higher than 0.05 while other independent variables are accepted. Besides, there is no multi-collinear phenomena because all VIF value is lower than 2. w88 link w88 moi nhat relation between those independent and dependent variables are determined as w88 link w88 moi nhat equation below:
Intention to Use E-stock = 0.277*Perceived Ease of Use + 0.234*Attitude Towards + 0.208*Perceived Usefulness + 0.122*Website Design
V. Conclusion
From w88 link w88 moi nhat above empirical study, w88 link w88 moi nhat author has identified w88 link w88 moi nhat research model and w88 link w88 moi nhat hypotheses that appear to be well-suited w88 link w88 moi nhat research objectives. Two independent variables removed from w88 link w88 moi nhat original research model are Interface Design and Learning Experience because their factor loading values were less than 0.5. Furthermore, Perceived of Interaction which had Sig. value greater than 0.05 was taken away as well. As a result, w88 link w88 moi nhat Intention to Use E-stock of students is really affected by 4 independent variables, including Perceived Usefulness, Perceived Ease of Use, Website Design, Attitude Towards.
w88 link w88 moi nhat result also indicates that Perceived Ease of Use was w88 link w88 moi nhat most important factor affecting students' Intention to Use E-stock. It includes not only w88 link w88 moi nhat ease of operating and troubleshooting but also w88 link w88 moi nhat ease of use in E-stock’s interface design. Attitude Towards was w88 link w88 moi nhat second most important factor affecting students' Intention to Use E-stock. When students have a positive attitude towards using E-stock, they will be eager to trade more and more. w88 link w88 moi nhat factor ranked third was Perceived Usefulness. This shows that E-stock really plays an important role in helping students improve academic results and train students financial thinking.
VI. Recommendations
In order to improvew88 link w88 moi nhat intention of studentsat Duy Tan University to use E-stock, variety of solutions should be taken.Firstly, Perceived Ease of Use can be improved by creating a forum for students to discuss and share their own experiences whenever their accounts and transactions encounter problems. Besides, it is necessary to regularly recruit or appoint new and dedicated administrators of E-stock.
Secondly, through media channels, lecturers and students should be encouraged to express and share their own opinions in order to be aware of w88 link w88 moi nhat necessity of applying their theoretical knowledge into practice by trading on E-stock and putting their financial domain knowledge intovirtual exchange. Moreover, stock competitions should be organized on a regular basis such as w88 link w88 moi nhat smart investor contest. At w88 link w88 moi nhat end of w88 link w88 moi nhat competition, w88 link w88 moi nhat winners are encouraged to share publicly their experiences, knowledge together with real life lessons drawn from their risky investment strategies and failures.
In teaching some specialized subjects of Accounting and Finance, lecturers should diversify and apply w88 link w88 moi nhat theory of w88 link w88 moi nhat subject into practice under w88 link w88 moi nhat Project-Based-Learning method to create excitement for students. In addition, apart from applying E-stock to specialized programs of Finance, E-stock should be introduced to w88 link w88 moi nhat first and second year students so that they are able to know, explore and discover E-stock n
REFERENCES:
- Davis, F. D. (1986).Technology acceptance model for empirically testing new end-user information systems: Theory and results.Massachusetts USA: Massachusetts Institute of Technology.
- Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology.MIS Quarterly, 13, pp.319-339.
- Davis, F. D. (1993). User acceptance of information technology: System characteristics, user perceptions and behavioral impacts.International Journal of Man - Machine Studies,38, pp.475- 487.
- Fan Liu, Meng Chang Chen, Yeali S. Sun, David Wible & Chin-Hwa Kuo (2010). Extending w88 link w88 moi nhat TAM model to explore w88 link w88 moi nhat factors that affect Intention to Use an Online Learning Community.Computers & Education, 54, pp.600-610.
- McGiven, J. (1994). Designing w88 link w88 moi nhat learning environment to meet w88 link w88 moi nhat needs of distant students.Journal of Technology and Learning,27(2), pp.52-57.
- Park, S. Y. (2009). An Analysis of w88 link w88 moi nhat Technology Acceptance Model in Understanding University Students' Behavioral Intention to Use e-Learning.Educational Technology & Society,12(3), pp.150-162.
- Reed, W. M., & Geissler (1995). Prior computer-related experience and hypermedia metacognition.Computers in Human Behavior, 11(314), pp.581-600.
- Venkatesh, V., & Davis, F. D. (1996). A model of w88 link w88 moi nhat antecedents of perceived ease of use: Development and test.Decision Sciences, 27, pp.451-481.
SỬ DỤNG MÔ HÌNH TAM ĐỂ XÁC ĐỊNH
CÁC YẾU TỐ ẢNH HƯỞNG ĐẾN Ý ĐỊNH THAM GIA
SÀN GIAO DỊCH ẢO E-STOCK CỦA SINH VIÊN
TRƯỜNG ĐẠI HỌC DUY TÂN
• LƯU THỊ THU HƯƠNG
Trường Đại học Duy Tân
TÓM TẮT:
Sự phát triển của thị trường chứng khoán Việt Nam đã khiến sinh viên cần phải có kiến thức cần thiết và thực tiễn về giao dịch chứng khoán. Do đó, nghiên cứu này tập trung vào việc xác định các yếu tố ảnh hưởng đến ý định tham gia Sàn giao dịch ảo E-stock (Sàn giao dịch) của sinh viên thuộc Trường Đại học Duy Tân. Sàn giao dịch ảo E-stock mô phỏng các chức năng chính của các sàn giao dịch tại Việt Nam. Mô hình nghiên cứu được xây dựng dựa trên mô hình chấp nhận công nghệ (TAM). Nghiên cứu chỉ ra: Nhận thức về tính hữu dụng, Nhận thức về tính dễ sử dụng, Thái độ và Thiết kế website - là những nhân tố chính ảnh hưởng đến ý định tham gia Sàn giao dịch của sinh viên thuộc Đại học Duy Tân. Nghiên cứu cũng đưa ra một số giải pháp thực tiễn nhằm nâng cao ý định tham gia Sàn giao dịch của sinh viên.
Từ khóa:Sàn giao dịch ảo E-stock, mô hình chấp nhận công nghệ (TAM), Trường Đại học Duy Tân.
[Tạp chí Công Thương - Các kết quả nghiên cứu khoa học và ứng dụng công nghệ, Số 9, tháng 5 năm 2020]
