- 學位論文
連動債投資風險探討--C銀行一年期高收益型連動債個案研究
A Study on the Risk Factors of Structured Note-A Real Case for High-Yield Notes
摘要
發展財富管理業務是當下國內多數銀行的策略重心，而連動債更是架上普遍可見的主要商品之一，連動債雖有其誘人之處，卻具有架構複雜、型式多變、資訊不對稱，以及流動性受限等問題，風險屬性與傳統的投資工具差異極大，因此投資運用上應以審慎嚴格的態度處理之。自2008年伊始，國內連動債的虧損事件逐一爆發，並衍生大量客訴糾紛，突顯連動債之運用過程仍存在若干缺失；本研究之目的即為藉由真實個案探討，從中透析問題之癥結，以汲取寶貴的經驗，為往後連動債投資及財富管理業務提供實務面與研究上的助益。 由C銀行一年期高收益型連動債個案中得知，此類型連動債商品隱含高度市場風險，惟國內監理環境欠缺完善，投資人自身疏忽，加上投資流程中諸多瑕疵，使連動債的風險被明顯輕忽，並導致運用失當之情事，當中投資人、銀行，以及主管機關三方都不能說無關其責。倘若國內相關規範及監理環境完善，銀行端確實以客戶利益為優先，建構完善的管理制度以阻止過度銷售或不當銷售等扭曲行為，而投資人自身亦具備足夠風險認知，則相關情事應可避免。 前述缺失應即著手修正改善，包括主管機關應儘速提升自身監管能力，要連動債資訊的揭露須公正、完整、清晰，督促銷售單位確切遵守自律規範，對銀行業務疏失之懲戒應加重以嚇阻弊端再犯，並加強投資人對風險暨理財觀念的教育與輔導。上述事項亦可參考國外之相關革新與作法，我們相信惟有建置更完善的市場環境，才有利國內財富管理業務之永續發展。
並列摘要
Wealth management business is the strategic focus of most banks within the country at this time. Among various investment vehicles, structure notes have gained great popularity due to custom-made and/or yield-enhance advantages. Nevertheless, retail investors are advised to be specifically prudent and selective when considering investing in such products given their several handicaps such as complexity, information asymmetry, and insufficient liquidity. We’ve seen certain cases of dispute between customers and distributors for improperly allocation of structured notes that caused huge damage to clients’ portfolio. This thesis explores and analyzes relevant aspects with structure note investment through a real case, so that the problems could be identified and lessons could be learned. It is concluded that all the authority, distributors, and retail investors should thoroughly conform to their respective roles and obligations to make things right. The authority should build up supervisory capability for itself, and increase penalties for misconduct of distributors in order to protect the interest of public investors, as well as put into the practice of the self-discipline regulation to achieve fair treatment of customers from both product providers and distributors. Distributors should communicate information in a way that is clear, balanced, faired, transparently, and not misleading. At the same time, investors should also be more educated for sense of risk management and proper asset allocation.