目前證券巿場之風險管理策略係由全體證券商及證券交易所提撥共同責任制交割結算基金,以維證券交易之信用並保障投資人,惟共同責任制交割結算基金整體制度具有諸多缺失,又依違約交割風險之風險特性對照風險管理決策法則,保險應為較佳之風險管理機制,且主管機關及學界已有以保險替代共同責任制交割結算基金之想法,但傳統保險較不適宜承保違約交割風險,因此本研究擬以新興風險移轉技術中之雙起賠點保單取代證券商所提撥之共同責任制交割結算基金部分。 本研究係採質性研究方法針對共同責任制交割結算基金與雙起賠點保單,依企業選擇風險管理工具之標準再以證券商之立場採用SWOT分析以評估何者較適合作為證券商之風險管理策略;最後所得之結論為,雙起賠點保單在證券交易違約交割風險管理上為一較佳風險管理策略,最後就上述的探討,提出結論與建議,以期經由證券巿場風險管理策略之改善,使證券交易運作更加順暢,進而使經濟發展更加穩定。
In order to secure the credit of stock transactions, the risk management policy of securities houses in Taiwan is originated from a Joint Clearing and Settlement Fund of Securities Houses and Stock Exchange corporation. Generally speaking, the policy of Joint Clearing and Settlement Fund still causes several disadvantages of risk management, especially in default risk and cost effective issues. From the point of risk management, the alternative solution-insurance policy had been widely discussion to replace the Joint clearing and Settlement Found policy, except that the definition and implementation of corresponding insurance should be investigated and researched in more detail. In this study, I am trying to explore the possibilities of activating an insurance policy of Dual-Triggers Model for the current default risk management of securities houses using self funding by using qualitative approaches and SWOT analysis. According to my observation, the Dual-Triggers Model insurance policy is quite suitable to be used for securing and protecting the stock transactions and investigators rather than Joint Clearing and Settlement Fund. Also, it is believed that the insurance-based risk management policy can help securities houses running their business effectively and smoothly.