摘要
台灣權證市場多年來在各方努力進行教育宣導、同時積極修訂不合時宜之相關法令後，從上市初期，發行檔數不多、交易量稀少和投資人大幅虧損的青澀階段轉變成為社會大眾熱門投資選項之一，且市場近年來發展迅速，權證發行成為證券業積極發展之重要業務。 台灣權證市場逐漸活絡，已漸跟上香港之腳步，惟權證交易量占證券總交易量之比例仍僅達約2%～3%，與香港20%~25%仍有極大差異，顯示台灣權證市場近年來雖成長快速，但仍有很大的成長空間，是證券商應積極發展的市場，如何活化證券商之避險操作是亟待探討之議題。 本研究經檢視目前權證發行業者對避險部位經營現況與法令，同時透過與國內權證業者實地訪談，參考香港權證市場制度與發展經驗，發現目前法令造成台灣證券商避險操作資金成本，與相關稅負高過香港甚多。根據現行法規，權證經營須以高額之資金進行避險，但避險專戶內之現貨卻不得辦理質押與出借，形成大幅避險部位閒置，對證券商之資金調度與經營成本造成頗大壓力，此外台灣的證券市場稅負繁重，券商因造市責任與避險操作，需承擔所產生之交易費用與交易稅負，因此證券商對於權證業務之經營實充滿壓力。 依據研究發現，分就政府部門、權證經營業者及投資大眾提出相關建議，期望對市場之進步有所助益。
並列摘要
Under efforts on education and advocacy while amending inappropriate relevant laws, over the past few years the warrant market in Taiwan became a popular option of investment from a stereotype of having only few choices, low trading volume, and a bad target for investors. Besides, the market grows rapidly in recent years, issuing warrants also became a important business to progressively develop new markets by the securities industry. The trading volume of warrant market in Taiwan is gradually increasing, and even following up the scale of market in Hong Kong. However, trading volume of warrant within the total trading volumes of securities still counts only 2%~3%, which causes a significant difference with the 20%~25% in Hong Kong. This shows, although there is a rapid growth of warrant market in Taiwan, there is still a large room for growth and securities firms should focus on developing in it. Therefore, now how to activate securities firms’ hedge operations is a critical issue. Through inspecting current operation status and laws of hedge parts by securities issuers, interviewing with domestic securities firms, and referring to market system & development experiences of warrant market in Hong Kong, this study found that the current regulations brings much higher costs and relevant taxes of hedge operations for securities firms in Taiwan compared to ones in Hong Kong. According to current regulations, the operation of warrant requires a large amount of capital to process the hedge, but stocks in hedge account are not permitted to be applied for pledging and lending. This causes a large hedge part lay aside and a huge pressure onto securities firms’ funding and operating costs. Moreover, taxes in Taiwanese securities market are varied and burdening, securities firms have to pay large amounts of trading fees and taxes due to market manipulation and hedge operation, which also brings a huge pressure on their operation of warrant. This study aims at proposing relevant advices to government sectors, warrant firms and general investors based on our study results, wishing to make a contribution on the progressing market.