衍生性金融商品目標可贖回遠期契約資訊不對稱與監理之探討

A Study on Information Asymmetry and Supervision of Target Redemption Forwards of Financial Derivatives

陳詩蓉(Shih-Jung Chen)

指導教授 ： 陳顯武

國立臺灣大學/社會科學院/國家發展研究所/碩士(2021年)

https://doi.org/10.6342/NTU202104518

摘要

2014年3月我國爆發TRF事件，造成金融市場之動盪，TRF事件肇因於衍生性金融商品具高度複雜性，銀行與客戶間有資訊不對稱之情形，客戶多進行投機交易，銀行銷售TRF商品未能落實適合度義務及說明義務，致客戶承受高於其所能負擔之風險，造成重大虧損；銀行因須承擔客戶不履約之信用風險，亦面臨鉅額呆帳損失，恐引發系統性風險。
　　針對上開衍生性金融商品資訊不對稱所引發之系統性風險及商品銷售問題，金融監理上又該如何防範及因應，本文就金融監理機關之監理分工及銀行對衍生性金融商品之銷售義務進行探討，了解監理機關之職責與現行監理分工情形，以及就銀行銷售義務之規範，比較外國法與我國法之差異，並分析我國司法判決對銀行銷售義務之判斷標準。
　　金融監理機關之合作仍需加強，以因應個別金融機構發生問題所生之系統性風險，並達成金融穩定之職責；我國說明義務之規範可更加細緻化，且法院對於說明義務之掌握及運用宜再加強，以改善金融服務業與金融消費者間資訊不對稱情形，促使金融服務業於銷售金融商品時更加謹慎，進而保障金融消費者之權益。此外，金融主管機關可提升投資人之自我責任意識，但不宜捨棄既有之紛爭解決機制，介入金融業者與投資人間之爭議，方有助於我國金融市場之發展。

關鍵字

衍生性金融商品 ； 資訊不對稱 ； 金融監理 ； 系統性風險 ； 適合性原則 ； 說明義務

並列摘要

The TRF incident broke out in March 2014 and caused turmoil in the financial market. The TRF incident was due to the complex financial derivatives and the information asymmetry between banks and customers. A lot of customers engaged in speculative transactions. When selling TRF, banks failed to implement suitability and the duty of disclosure. It made customers bear higher risks than they could afford and have significant losses. Having to bear the credit risk of non-performance by customers, banks faced huge losses of bad debts which may cause systemic risks.
How to prevent and respond to the systemic risks and sales problems caused by the information asymmetry of financial derivatives in financial supervision? This study discusses the responsibilities of supervision agencies and the sale obligations of banks. Moreover, this study compares foreign laws with Taiwan’s laws on sale obligations, as well as analyzing the standards of Taiwan’s judicial judgments.
Financial supervisory agencies should strengthen their cooperation to respond to the systemic risks and achieve financial stability. The duty of disclosure of Taiwan can be more detailed. The courts should thoroughly comprehend the duty of disclosure to improve the information asymmetry, make the financial institutions more careful and protect financial consumers. In addition, financial authority should enhance investors’ self-responsibility that contributes to the development of financial market.

並列關鍵字

Financial Derivatives ； Information Asymmetry ； Financial Supervision ； Systematic Risk ； Suitability ； Duty of Disclosure

參考文獻

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李榮謙(2019)。《貨幣金融分析：理論、實證與政策》。臺北：智勝文化。