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標題: | 銀行銷售理財商品流程與商品適合度政策探討 Study on the investment sales process and product suitability policy in consumer banking |
作者: | Hsiu-Tai Lin 林秀黛 |
指導教授: | 黃恆獎(Heng-Chiang Huang) |
關鍵字: | 風險傾向,風險知覺,風險揭露,問題框架,資產配置,平衡計分卡,商品適合度政策, Risk propensity,Risk perception,Risk disclosure,Problem framing,Asset allocation,Balanced scorecard,Product suitability policy, |
出版年 : | 2009 |
學位: | 碩士 |
摘要: | 2008年全美第四大投資銀行雷曼兄弟 ( Lehman Brothers )宣佈破產,引爆了百年罕見的金融海嘯,這波危機讓全球自此陷入一個惡性循環;尤其是民眾因為投資虧損、工作不保或被降薪,消費更為謹慎緊縮,導致全球性的經濟衰退與負成長。但如果說這是無法避免的系統風險,為何仍有這麼多投資人不甘損失?究其原因正是投資銀行的財務槓桿日益擴張,理財商品的複雜度提升,銀行無法真正為客戶把關,而客戶在投資之際也未能提高風險警覺,才引發一連串的銷售爭議。
從大到一個國家政府,小到一家投資銀行、一個投資人,在這整個風暴中「風險」因為被低估甚至忽略,以致最後面臨無法收拾的局面。因此本研究試圖將範圍從探討金融海嘯的成因,到如何了解投資人的風險屬性,進而檢討國內金融主管機關所訂定的商品適合度政策,以及提供建議給國內銀行銷售理財商品之參考,期能避免不適當的商品銷售與日後的客訴爭議與損失。 透過理論的驗證,本研究發現在目前各銀行所使用的「客戶投資風險屬性問卷」或評量表,確實存在著過於簡化或有失偏頗的問題:基於客戶投資經驗的成敗與風險傾向之間有正向關係,問題框架的影響也與風險知覺有正向關係,因此應該加強在此部分的問卷設計,以分析出客戶真正的風險屬性;主管機關甚至可以主導設計一標準問卷與評量方法要求銀行遵循。另外在銷售流程上,提供客戶相關資訊與風險揭露能夠幫助客戶對未來的預期報酬與風險認知更正確,同時協助客戶做長期資產配置的投資才能夠真正分散風險。最後,針對落實銀行銷售流程與商品適合度政策的重要角色理財專員,建議透過平衡計分卡以及與客戶資產成長連結的獎勵制度來達到真正管理理專銷售行為與考核績效的辦法,以提供真正適合客戶風險屬性或需求的理財商品建議,建立銀行與客戶長期良好的信賴關係。 In year of 2008, Lehman Brothers Holdings Inc., the fourth major investment bank in US, released the adjudication of bankruptcy which has ignited the financial tsunami for a century. The crisis pulls the whole world into a vicious circle. Especially people’s investment loss, job discontinuity or payroll cut down make the consumption more prudently and tightened and which also cause the global economy recession and decline. But if this is an unavoidable systematic risk, why still have unwilling losses from so many investors. It is exactly caused by the financial leverage expanded by those investment banks and the complexity of investment products has been increased day by day. The agent banks did not play the role properly of managing product risk and customers also failed in the investment risk vigilance, which result a sequence of selling disputes. From big as a national government to even as small as an investment bank or an investor all finally have to face such uncontrollable and unsettled situation because the “risk” is underestimated and neglected in this crisis storm. The research attempt to probing from the origin cause of financial tsunami, to the risk attribute of investors, and then discuss the investment product suitability policy required by Financial Supervisory Commission of MOF and Bankers Association of R.O.C. The last is to provide reference and suggestions for investment sales of domestic banks to prevent customer disputes and losses from inappropriate sales. Through the theory verification, this research discovered the problem of “customer risk attribute questionnaire” currently used by banks is over-simplified or biased. In order to receive the true survey result for customer risk attribute, the design of questionnaire should be re-evaluated and modified due to the positive correlation between past investment experience and risk propensity, and the positive correlation between problem framing and risk perception. Even Financial Supervisory Commission of MOF or Bankers Association of R.O.C. should take the leader role to set up a standard questionnaire and measurement method for all banks complying with. In terms of sales process, providing relevant information and risk disclosure can help customers to be more correct in return expectation and risk perception. At the same time, asset allocation for long term investment also can assist customers to disperse the risk. Finally, to the important role of personal banker who implements the investment sales process and product suitability policy, the research propose the method of balanced-scorecard and AUM linked incentive plan for managing the personal banker’s behavior and evaluating the sales performance. These all aim at offering the right products to right customers and meeting customer’s financial needs for establishing the long term relationship and trust between the bank and customers. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/26170 |
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顯示於系所單位: | 國際企業管理組 |
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