銀行理財專員銷售結構型商品 與投資人抱怨發生之關係

Abstract

結構型商品的創新主要是受到金融市場的自由化與國際化，以及銀行服務業間日益增加的競爭壓力等因素的刺激影響而加速。銀行內部粗估，結構型商品2003年至2005年的銷售規模，每年平均高達3000億元以上，2004年更達到4500億元，但過去平均每月動輒300~400億元成交的結構型商品，2005年第1季銷售規模不到1000億元，平均每月只賣了250~300億元；就此推算，2005年全年結構型商品規模恐不到4000億元，較往年榮景驟減至少1~3成。 然投資人抱怨及糾紛不斷迭有所聞，例如匯率波動劇烈，利率走勢持續上揚，投資人獲利目標不如預期；或過去投資長天期的結構型商品的人，有些要等到期才有保本效益；有些則因發現連結投資的標的表現不若預期，擔心保本效益而提前解約；部分銀行在銷售結構型商品時，並未充分告知該商品的風險，導致投資報酬率不如預期，引起投資人購入結構型商品後心生抱怨及投訴糾紛不斷。 一般造成投資人抱怨感主要源自於商品結構設計、理財專員服務品質以及連動標的與市場等因素，因而本研究除說明結構型商品的投資風險以外，也自銀行業者銷售的角度切入，就投資人所重視的理財專員服務品質以及理財專員自己所在意的專業培育、績效管理及商品行銷優勢等因素，經由文獻探討相關理論基礎，以建立研究架構、規劃抽樣方法及範圍，並以問卷蒐集銀行理財專員或行銷人員對於其是否將影響投資人購入結構型商品後產生抱怨之看法，採用敘述性統計分析、信度分析、獨立樣本T檢定、Pearson相關等統計方法進行分析。係將理財專員的服務品質認知、職業證照培育、績效評估與管理與商品行銷優勢等作為自變項，而以投資人抱怨做為依變項進行顯著性關係探討。 從分析結果，本研究支持下列假設命題： 一、 理財專員的服務品質認知與結構型商品投資人抱怨的產生有顯著關係。 二、 理財專員的職業證照培育與結構型商品投資人抱怨的產生有顯著關係。 三、 對理財專員的績效評估與管理與結構型商品投資人抱怨的產生有顯著關係。 四、 理財專員的商品行銷優勢與結構型商品投資人抱怨的產生有顯著關係。

The innovation process of structured notes is stimulated by the deregulation of the financial services industry, globalization and increased competition within the investment banking industry. According to the internal estimation of banking industry, the average market sell scale of structured notes has been reached to more than NT$300 billiion each year from 2003 to 2005, it even reached to NT$450 billion in 2004, in the past the deal amount can be reached easily to NT$30~40 billion every month, now decreasing to less than NT$100 billion in the first quarter of 2006, thus, the aggregate sales of 2006 may be lower than NT$400 billion, to compare with the most flourish situation, it has been reduced 10% ~30%. Investors complaints and dispute about failing to meet the investment returns of investing structured notes can be heard oftenly from time to time, for example, for the foreign exchange rate fluctuate violently、the interest rate on the rise trend reversed from year 2000 ~2003, or the cash flow liquidity problem caused by the long term contract, or some investor advisers didn’t expose clear and complete risk as investors making the decision……etc., these factors lead to structureded notes investors complaints happened. The hot sale of structured notes for the past few years is closely related with the Investors Advisors of commercial bank. Furthermore, their specialized quality is emphasized by investor’s need, relatively the charter certification of professional examination is paid more attention to and emphasized by the lately financial environment. Besides, the marketing strategies and sound performance management system attribute to and stimulate the Investors Advisors marketing promotion. All above descriptions stimulate my study intention. For the practicle marketing experience of Investor Advisors and the designed principle of structured notes, the most likely reason for structured notes investor complaints, could be from the complex structure designed、the service quality of Investors Advisors and the change of object linked, my research object is to study the significant correlation between the Independent Variables and the Derivate Variables. Independent Variables are Cognition of Service Quality, Cultivation of Professional Certification, Performance Management and Advantages of Productes Marketing. And Derivate Variable is Structured Notes Investors Complaints. Base on the results of practicle evidence, we have found the test of hypothesis are all true as follows. Therefore, reference values could be firmly established. 1. Cognition of service quality and structured notes investors complaints have a significant correlation. 2. Cultivation of Professional certification and structured notes investors complaints have a significant correlation. 3. Performance management development and structured notes investors complaints have a significant correlation. 4. Advantages of products marketing and structured notes investors complaints have a significant correlation.