結構型商品之評價及分析-以匯率及股權連結型商品為例

本篇論文分析了三檔結構型商品，分別為保息不保本(彰銀雙元)、保本不保息(星展)、不保本不保息(兆豐證股權連結)等三項結構型商品,本文運用歷史模擬法、回溯測試、蒙地卡羅模擬法、敏感度分析法為其做評價與分析。本文所選擇評價之分析之三項商品,以模擬測試而言,投資人之勝率都高,但仍需注意,衍生性商品雖可提供投資人各式各樣的報酬型態,能在期末享有高報酬,也可以有提前出場的機制，更能夠在期末保本讓自己不至於損失過大,但是我們必須謹記2008年金融海嘯的教訓，在進行投資之前必須對自我進行風險承受度的評估，切記不要因為有高報酬而一眜去追求，因為享有高報酬的同時，投資人同樣也必須承擔高風險，因此本篇論文透過介紹商品以及分析商品，讓投資人多了解不同型態的金融商品，希望能夠達到傳達訊息的效果，讓高風險高報酬的理念灌輸到社會大眾，以免再次發生2008年金融海嘯危機。

關鍵字

結構型商品

並列摘要

Nowadays, there are plenty of financial product called “structure product”. With structure product, investors can have any kinds of payoff if they want. In this paper, I analyze different type of product and demonstrate the payoff under different scenarios. The principal guarantee note(PGN)、high-yield note(HYN) and the product not belonged to PNG and HYN. All the result by Monte Carlo Simulation、backtest and historical simulation yield high possibility of gaining money. However, the higher chance to win, the higher risks you have to take. Do not forget the lessons from the tragedy in 2008 financial crisis. The ultimate goal of my research is to deliver the fact that those products are not as good as they look like. In summary, each investors should do risk examination before buying the product so that the tragedy of financial crisis would not happen again.