探討動態決策作業輔助評估顧客風險承受等級之準確性：以愛荷華賭局作業與氣球模擬風險作業為例

How the dynamic decision-making tasks can assist to evaluate the customers risk-tolerance-levels：A study utilizing Iowa gambling task and balloon analogue risk task

林敬仁(Ching-Jen Lin)

指導教授 ： 林錦宏

高雄醫學大學/人文社會科學院/心理學系碩士班/碩士(2020年)

摘要

為保障金融商品消費者之權益，臺灣金融監督管理委員會於2011
年頒布相關法規，規範銀行業及證券期貨業須建立「充分瞭解客戶
(Know Your Customer, KYC)」之流程，於銷售前評估顧客風險承受等
級並推薦適合的金融商品給投資人。然而，部分研究指出KYC 評估所
存在之議題：(1)同一投資人，在不同機構間評估結果不一致；(2)投資
人知行不一之現象。即使有法律的規範，投資人仍可能因機構的評估
結果（風險承受等級）與其投資行為不一致而衍生金融消費糾紛。
本研究嘗試整合多家金融機構的KYC 問卷，相對全面地評估投資
人的風險承受等級，並以動態決策行為(IGT、BART)與模擬投資行為
(UDQ)作為輔助指標，探討KYC 問卷分數、動態決策行為與模擬投資
行為彼此之關係，減少投資人在「知」與「行」的落差。
以目前KYC 問卷總分(KYC-T)為基礎，愈偏積極型的參與者，在
不確定性情境(IGT)下愈偏好高立即報酬且高風險的選擇(IGT-A)；而
KYC 所量測的風險承受等級則與風險承受程度(BART-S)無關。此外，
風險承受等級(KYC-T)指標可能僅能評估特定漲跌情境之模擬投資行為
(如：UDQ 上漲10%的情境)，若納入動態決策行為(IGT、BART)作為
輔助指標，則能夠評估參與者在其它漲跌情境時的投資行為。
綜上所述，本文可能為少數同時嘗試解決上述兩議題之研究。針
對議題(1)，本研究提供一份新的KYC 問卷，相對全面地評估風險承受
等級，以避免投資人在不同金融機構被評估為不一致的風險承受等級。
針對議題(2)，嘗試採用動態決策行為指標輔助評估顧客的投資行為，
或許可些微提升預測之準確性，減少「知行不一」之現象。藉由整合
KYC 問卷題目，分析其與動態決策作業(IGT、BART)及模擬投資行為
問卷(UDQ) 三項輔助評估投資行為工具之關係，本文嘗試提供金融機
構「充分瞭解客戶」的額外行為資訊與降低金融消費糾紛之可能作法。

關鍵字

風險承受等級 ； 風險偏好 ； 充分瞭解客戶 ； 動態決策作業 ； 投資行為 ； 愛荷華賭局作業 ； 氣球模擬風險作業 ； 漲跌買賣行為問卷

並列摘要

In order to protect the rights of investors, the Taiwan Financial
Supervisory Commission promulgated laws in 2011, and stipulated banks and
securities firms must establish evaluative processes to verify their customers,
also called “Know Your Customer” (KYC) processes. KYC processes are
used to evaluate customers’ risk-tolerance-levels before selling and
recommend suitable finance products to them.
However, some studies have pointed out the issues during KYC
processes: (1) for a single investor, inconsistent evaluation results conducted
from each institution, and (2) investors’ investment behaviors inconsistent
with the result of KYC evaluation. Namely, the customers’ risk-tolerancelevels
are not consistent with their investment behavior, so these may
derivative financial consumer disputes, even if there are legal regulations.
This study attempts to integrate the KYC questionnaires of many
financial institutions to comprehensively evaluate the risk-tolerance-levels of
investors relatively. In order to reduce inconsistent of KYC evaluation and
investors’ investment behaviors, by utilizing dynamic decision-making (IGT,
BART) and simulated investment (UDQ) tools as auxiliary indicators, this
study investigate the relationship between instruments above.
Base on the KYC questionnaire, the results reveal “aggressive”
participants are more likely to choose options with high immediate return and
high risk (IGT-A) under the simulated uncertain situations. Nevertheless,
participants’ risk-tolerance-levels are unrelated to risk tolerance index
(BART-S). In addition, the risk-tolerance-levels distinguishment (KYC) may
only be revealed in certain situation (e.g. 10%-up situation, UDQ) during
evaluating the simulated investment behaviors. Furthermore, incorporate
behavioral indicators of dynamic decision-making tasks (IGT, BART), which
could assist to evaluate the investment behaviors in other up-down situations
(UDQ).
Briefly, this article may be one of the few studies that attempted to
simultaneously investigate both issues: For issue (1), this study provides a
relatively comprehensive KYC questionnaire for assessing risk-tolerancelevels,
in other words, the newly integrated KYC questionnaire, which could
avoid inconsistencies during risk-tolerance-levels evaluation by different
v
financial institutions. For issue (2), the present study attempted to apply
dynamic decision-making behaviors as auxiliary indicators may slightly
improve the predictive accuracy when evaluating customers' investment
behavior. By integrating the KYC questionnaires, analyzing its relationship
with decision-making tasks (IGT, BART) and simulated investment tool
(UDQ), this study provides methodological attempts that making financial
institutions could recollect more behavior information about their customers
and decrease the occurrence of financial consumer disputes.

並列關鍵字

risk-tolerance-levels ； risk preference ； know your customer ； dynamic decision-making tasks ； investment behavior ； Iowa gambling task ； balloon analogue risk task ； up-down trading behavior questionnaire

參考文獻

余佩娟(2010)。投資人風險偏好程度及投資報酬率決定因素探討-國內

某銀行之個案研究（ 碩士論文） 。取自

https://hdl.handle.net/11296/y9y3p7。

林宛姿(2007)。財富管理商品與客戶風險屬性之適合度研究：以共同基

金為例（碩士論文）。取自https://hdl.handle.net/11296/grvk98。