零售金融商品的資訊議題：以台灣的海外連動債為例

Information Issues of Retail Financial Products—The Case of Structured Products in Taiwan

李孟軒(Moon-Hsien Lee)

指導教授 ： 邱慈觀

國立中央大學/管理學院/財務金融學系/碩士(2008年)

摘要

過去幾年來，隨著金融商品及金融市場的蓬勃發展，結構型商品在美國、歐洲以及台灣等地區銷售都有明顯的成長，結構型商品成為投資人進行資產配置時一種重要的投資組合。近幾年結構型商品在許多地區的銷售金額皆呈現倍數的增長，散戶零售市場的銷售是最主要的推動力量。但是，結構型商品組成複雜，與過去散戶主要的投資工具股票、債券或共同基金等無法相提並論，因而造成了結構型商品在世界各地的散戶零售市場引發了無數的爭議及法律訴訟。在台灣，結構型商品市場非常龐大，近期更不斷爆發爭議，皆因為投資人在做出投資決策時，被銷售機構提供的資訊所誤導。因此，我們有必要了解商品提供者或銷售機構所提供的資訊是否充足？資訊是否可以被投資人清楚並正確的了解？資訊的呈現方式是否會誤導投資人或有任何誇大成分？
本文以結構型商品為例，探討散戶零售市場的資訊議題。第一，介紹目前結構型商品在美國及台灣市場的銷售概況，並說明結構型商品在台灣財富管理業務中的重要性。第二，介紹結構型商品，使投資人更能了解結構型商品的各種特性。第三，探討歐美國家及台灣有關結構型商品之資訊提供的相關法律規範。第四，根據目前台灣結構型商品市場所提供給散戶之廣告文宣、產品說明書等，以案例說明目前的銷售機構所提供資訊是否充足、清楚、平衡且沒有誤導以及資訊能否為投資人所了解？最後，就目前我國銷售機構提供散戶投資人連動債商品資訊時應注意事項提出建議。

關鍵字

結構型商品 ； 資訊揭露 ； 零售投資人

並列摘要

Over the past several years, with the rapid growth in financial markets and in diverse product offerings, there was solid evidence of sales increase in structured products in United States, Europe and Taiwan. Structured products have become a key component in investors’ portfolio allocations. In many regions where structured products growth has flourished, sales to common investors have been an important contributing factor. Compared to stocks, bonds or mutual funds, structured products are far more complex. Thus, their sales have resulted in numerous disputes and law suits globally. In Taiwan, the market for structured products is large and demand for them is high. However, due to their complexity, investors find it difficult to understand the true nature of the products, resulting in the recent uptrend of disputes. Thus, there is a need for investors to figure out whether the product information provided by selling agencies is accurate or not? Could the information be clearly and concisely understood by investors? Could the presentation of product information misled investors or contain exaggerated contents?
This thesis will be focused on structured products and provide details to the following discussion points. First, introduce some market statistics of structure products in both United States and Taiwan and discuss the importance of structure products in Taiwan’s wealth management business. Second, introduce what structure products are and their distinct features, thus enabling better understanding by investors. Third, discuss the regulations of structured products in United States, United Kingdom, Hong Kong and Taiwan. Fourth, using information provided by the structured notes community in Taiwan, discuss whether the information provided are accurate, unbiased and/or easily understood by investors. Finally, provide recommendations to the Taiwan structured notes community on issues of concern when presenting structured products information.

並列關鍵字

structured products ； information disclosure ； retail investor

參考文獻

黃慧如 (2008)，連動債投資風險探討—C銀行一年期高收益型連動債個案研究，碩士論文，國立中央大學財務金融學系碩士在職專班

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李映瑾 (2005)，結構型商品之評價與分析-每日計息雙區間連動及匯率連動債券，碩士論文，國立政治大學金融研究所