「境外結構型商品管理規則」修訂對投資人投資影響之探討

An Analysis on "Regulations Governing the Administration of Offshore Structured Products"- The influence about its’revision to the investors'' behavior

陳欣慧(Hsin-Hui Chen)

指導教授 ： 鄒建中

朝陽科技大學/管理學院/財務金融系/碩士(2010年)

摘要

2007年9月起，全球經濟陷入史上最大規模的金融海嘯危機。這場百年難見的全球金融海嘯，影響所及遍步全球五大洲經濟體，無論是已開發至開發中國家，甚至是新興國家無一倖免。
在這次的金融海嘯中，台灣的投資人也損失慘重，甚至求償無門。由於近年來衍生性金融商品連動式債券市場的快速成長，再加上整個連動式債券的架構並非完全透明化，致使投資大眾在資訊不對稱的情況下，未能得到充足的訊息，而購買連動債、結構型債券等金融商品，導致損失慘重。有鑑於此，在全球性金融海嘯過後，各國金融監管當局都把加強金融消費者、投資者保護當成改革重要內容，台灣政府也以保障投資大眾權益為前題下，訂定了「境外結構型商品管理規則」。
　本篇論文主要針對「境外結構型商品管理規則」為主要核心條文，提出對發行機構、銷售機構及投資人的影響，最後提出本人對此規範下之結論與建議，供相關單位做為日後修訂之參考。

關鍵字

境外結構型商品管理規則

並列摘要

Summary of September 2007, the global economy into the history of the largest financial tsunami. Rare to see in this century the global financial tsunami, the impact of economies on five continents over the step, both the developed to developing countries, even emerging countries spared.
In this financial tsunami, Taiwan investors have suffered heavy losses, claims or nowhere to turn. As in recent years, derivatives-linked bonds market, rapid growth, coupled with whole-linked bonds is not completely transparent structure, causing the investing public in the case of asymmetric information, the message has not been enough, but buying linked debt, structured debt and other financial products, resulting in heavy losses. In view of this, the global financial tsunami, the world''s financial regulatory authorities regard the strengthening of financial consumer and investor protection as an important part of reform, the Taiwan government to protect the interests of the investing public for the background, set the " Regulations Governing the Administration of Offshore Structured Products "
This research focuses on " Regulations Governing the Administration of Offshore Structured Products " as the main core of the provisions made on the issue of institutions, sales organizations and investor influence, and finally I have put forward conclusions and recommendations under the standard for the unit as the future Amendment of reference.

並列關鍵字

Offshore Structured Products

參考文獻

定與重建工程」，台灣經濟研究月刊第32 卷第5 期，2009年5 月。

9、張傳章，「業界重啟銷售結構型商品之鑰－境外結構型商品管理規則草案」，全文轉載自證交資料568期，2009年09年01。

4、台灣經濟研究院， 「專題探索：寒夜中的曙光-金融海嘯後的經濟穩

IMF（2008a），”Global Financial Stability Report.”

Harriman House Ltd, UK.