證券商作業風險探討-以有價證券融資融券業務為例

A study on Trader Operational Risks-using Security Trading, Margin Purchases, and Short Sales Businesses as an example

周秀鈴(Shiow-Ling Chou)

指導教授 ： 林鳳儀

國立臺北科技大學/管理學院/管理學院經營管理EMBA專班/碩士(2012年)

摘要

證券市場在國際化與自由化之趨勢下競爭激烈，加上網際網路(Internet)與電子商務（Electronic Commerce）快速發展，徹底顛覆了傳統下單模式，使得證券商紛紛祭出低價競爭策略。由於作業風險事件層出不窮，為公司帶來鉅額的損失，而「人為」因素是造成作業風險的主要來源。
本研究藉由問卷調查法，透過因素分析與二因子變異數分析法，研究關於證券商業務人員對於作業風險的知覺程度。結果發現：
1.業務人員在性別、年齡、學歷、工作年資、工作性質、前工作經驗、月平均收入、取得證照數等人口統計變項，對於作業風險知覺皆有顯著差異。在性別、年齡、工作年資、月平均收入、取得證照數等人口統計變項，同時對於認知風險亦有顯著差異。
2.在作業風險知覺構面中，風險損失之「嚴重程度」與「控制程度」是影響業務人員風險知覺的主要因素。
本研究透過統計分析調查問卷，獲得影響證券商業務人員的主要作業風險要因，提供給管理單位作為加強人員訓練參考，進而防範「人為」作業風險事件之發生。

關鍵字

融資融券 ； 作業風險 ； 風險知覺

並列摘要

The stock trading market becomes highly competitive under the trend of internationalization and liberalization. Due to the rapid development of internet and electronic commerce, the traditional model of placing orders is subverted. The stock traders need to take low trading price for the competitive maket. As operation risk results in huge loss for stock traders, human factor is one of the primary sources causing operational risks.
In this study, key findings regarding the operational-risk perceptions of operational staffs in securities dealers, which surveyed by quantitative questionnaire investigation through factor analysis and two-way ANOVA analysis, have shown as follows:
(1)Significant differences are identified for the operational staff on perception of operational risk among gender, age, education, seniority, nature of work, former work experience, average monthly income, number of qualifications, and other demographic variables. Significant differences on topic of risk consciousness are also observed in gender, age, seniority, average monthly income, number of qualifications, and some other demographic variables.
(2)In the perceptual dimension of operational-risk perception, the severity degree and controllable degree for the risk of loss play the dominative factors affecting operational staff to perceive risks.
This study examines the key factors which affects operational staff of securities dealers in operational-risk perception issues through statistical analysis of the questionnaire investigation. The results of this study can strengthen personnel training and discipline, thereby to prevent potential “Human“ Operating risk.

並列關鍵字

Margin purchase and short sale ； operational risk ； risk perception

參考文獻

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