請用此 Handle URI 來引用此文件:
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/1379
標題: | 從消費者保護談臺灣的銀行代銷國外衍生性金融商品的妥適性 Consumer Protection Perspectives on Appropriateness of Underwriting Foreign Financial Derivatives in Taiwan's Banks |
作者: | Su-Yun Hsiao 蕭素雲 |
指導教授: | 張清溪 |
關鍵字: | 連動債,衍生性金融商品,結構型商品,消費者保護, structured notes,derivative financial products,structured financial instruments,consumer protection, |
出版年 : | 2018 |
學位: | 碩士 |
摘要: | 美國自2001年「911」事件後, 因低利環境, 游資無處消化, 因而推升房價, 住房市場瀰漫過度樂觀的氛圍, 導致投機氣氛濃厚。2001年至2006年期間, 不受美國金融監理法規監管, 且長期以高度槓桿操作著稱的對沖基金及投資銀行, 打著金融創新旗號, 藉由金融資產證券化, 將不動產抵押擔保證券(MBS)包裝成債務抵押債券(CDO), 並結合信用違約交換(CDS), 創造出極其複雜的新型態衍生性金融商品。包括協助承諾保證這類衍生性金融商品流動性的保險公司, 自己也跳進去大買這類商品。
2005年起, 美國名目利率反轉上升, 美國房地產價格開始下跌, 房貸市場的信用風險浮現, 而偏離正軌發展的房貸證券化市場的系統性風險終於爆發, 進而波及全球相關金融機構與投資人; 臺灣因而在2008年發生「連動債」事件。 雖然臺灣與美國都進行相關的金融改革, 尤其是金融消費者保護部分。但臺灣未如美國訂立專法, 成立消保專責機關; 而是由金融監督管理委員會訂定〈金融消費者保護法〉, 以強化金融機構對金融商品內容及風險等資訊揭露措施, 並建立相關管理機制。但這類由美國投資銀行等創新研發的極具複雜且高風險的衍生性金融商品, 在臺灣卻是開放由一般銀行接受民眾委託代為投資, 其妥適性值得探討。 此外, 臺灣〈消費者保護法〉在金融業已採跨業經營模式, 以及國際金融改革確立金融消保的重要性下, 研議將銀行銷售境外衍生性金融商品納入〈消保法〉範疇, 也是值得關切的議題。 Since the 9/11 attack in 2001, the low-interest environment and floating money that has no where to be digested has resulted in increased housing prices, while the overly optimistic atmosphere of the housing market has led to a strong speculative atmosphere. From 2001 to 2006, hedge funds and investment banks not bound by US financial supervision regulations long known for their high-leverage operations were under the banner of financial innovation. With the security of financial assets, Mortgage-Backed Securities (MBS) have been packaged into Collateralized Debt Obligations (CDO), which along with Credit Default Swap (CDS) have generated extremely complex new types of derivative financial products. Insurance companies committed to ensuring the liquidity of such derivative financial products included have also jumped into buying such goods. Since 2005, US nominal interest rates reversed upwards, the US real estate prices have begun to fall, and credit risks in the mortgage market emerged, eventually leading to the outbreak of systematic risks of the mortgage securitization market deviated from normal development, affecting the global financial institutions and investors. As a result of this, the “structured notes” incident broke out in Taiwan in 2008. Although Taiwan and the United States have carried out relevant financial reforms, especially the financial consumer protection part, Taiwan does not have a special law like that of the United States and has not set up a special department dedicated to consumer protection. Instead, it is through the Financial Consumer Protection Act set up by the Financial Supervisory Commission R.O.C. (Taiwan) that strengthens financial institutions’ information disclosure, including financial instrument contents and risks and establishment of related management mechanisms. However, such complex and high-risks derivative financial instruments developed by US investment banks and through other innovative R&D are open to the general banks who accept investments from the general public in Taiwan, and these ways are worth exploring their appropriateness. In addition, Taiwan’s Consumer Protection in Taiwan has adopted the cross-industry management mode. Taking into account the importance of international financial reform to establish financial consumer protection, the discussion on the inclusion of banks’ sale of oversea derivative financial instruments into the scope of the Consumer Protection Act is also an issue of concern. |
URI: | http://tdr.lib.ntu.edu.tw/handle/123456789/1379 |
DOI: | 10.6342/NTU201803277 |
全文授權: | 同意授權(全球公開) |
顯示於系所單位: | 經濟學系 |
文件中的檔案:
檔案 | 大小 | 格式 | |
---|---|---|---|
ntu-107-1.pdf | 3.56 MB | Adobe PDF | 檢視/開啟 |
系統中的文件,除了特別指名其著作權條款之外,均受到著作權保護,並且保留所有的權利。