優利組合帳戶投資行為與績效之研究

Abstract

隨著國際利率走勢的下滑，優利組合帳戶躍身成為財富管理工具中非常重要的一環，而優利組合帳戶的發展歷經更迭，也因為金融海嘯而受到主管機關的高度重視，現在不僅投資人必須要有衍生性金融商品投資經驗且其銀行往來資產也要一千五百萬以上才能投資以往的非保本型優利組合商品，否則就只能投資有保本率百分之七十的保本型優利組合商品；在課稅實務方面也歷經免稅、計入財產交易所得至現今採分離課稅百分之十的修正，可見得該項商品獲得投資人重視的程度。 本研究剖析優利組合帳戶的選擇權理論架構及其商品設計原理，並為投資人提供了數種實用的獲利模型，包括了一、設定兩組以上不同價位、但同天期、同幣別的組合。二、設定兩組以上同價位，但不同天期、同幣別的組合或不同幣別等組合。三、同時持有兩種貨幣對做。四、強勢貨幣與強勢貨幣對做。五、試算不同天期的利率，取得市場偏好。期望可以對投資人在操作優利組合時有所幫助。 而在接下來研究優利組合帳戶投資人行為的過程中，財務行為學是首要了解的學問。本研究除了探討文獻中財務行為理論有關投資人心理偏誤、過度自信、人格特質、人口統計變數對投資人行為的影響，並以深度訪談的方式，研究目前正與銀行往來的投資人其投資行為與其績效的關係。 本研究依據以上方法，觀察到投資人之特質中，人口統計變數及人格特質會影響其投資行為，而其中投資人特質對投資行為的影響分述如下： 一、年齡的高低與投資優利組合帳戶的風險偏好設定有高度關聯性。年紀大的投 資人較偏好保守的投資組合；年紀小的投資人喜歡追求高β值的投資組合。 二、男性的投資行為通常較女性來得積極，女性的投資通常較保守。 三、未婚的投資人通常傾向較積極的優利組合操作方式，已婚的投資人，則會 有保守理財的現象。 四、投資金額的大小與其投資行為並無明顯關聯。 五、投資經驗的多寡會明顯地與投資人的自信程度呈現正比關係。但投資人的自 信程度與其操作的積極程度，則沒有一定的關聯性。 六、從事行業別為專業工作者的投資人，較容易有過度自信的情況 七、已退休人士會選擇較為保守的理財工具，反應在優利組合上，亦即設定較為 保守的條件。 八、所得愈高的人，其操作投資性商品的自信程度及風險愛好程度也愈高。 九、教育程度較高的投資人自信程度較高，自己做投資決定的比例也高。 十、住所與投資行為無關聯性。 十一、內控傾向性格、較自我警覺性格及風險承擔性格、自我肯定性格、Type A性格的投資人，其投資行為較為積極。 特定的投資行為會影響其投資績效好壞。通常與理財專員默契好的投資人績效較佳，而具有過度自信特質的投資人較會自行上網或電話理財中心完成交易，但其操作績效與其過度自信與否並無關聯性。

Premium Account becomes the very important tool as wealth management with the down trend of international interest rate. The development of premium account depends on government authority due to financial tsunami. Investor who has investment experience of derivative financial commodity and total asset under management in on bank over NTD 15,000,000 could invest non-principal-guarantee premium account, the others only invest 70%-principal-guarantee premium account. The regulations of tax also changed by time till 10% separation assessment today. This study provides the design structure of premium account and some modules for investor, such as 1. Set up two portfolios with different price but the same tenor and currencies.2. Set up portfolio with the same price but different tenor and the same currency or different currencies.3. Hold two currencies then one is base currency and the other is alternative currency in two premium accounts.4. Set up two strong currencies as base and alternative currency. Behavioral Finance plays a strong character when study on investor behavior. This study will research the impact of mental bias, over-confidence, personality and population statistic variable for the investor. Depth interview will be applied when study on the relationship between investors behavior and performance. The following are the research conclusions, 1. The risk preference of investor depends on their ages. 2. Male investors are more positive then female investors. 3. Single investors prefer more positive premium account then married ones. 4. The amount of investment is not related to investor’s behavior. 5. Investors’ experience are highly positive related to investors’ confidence, but has not been connected to their positive degree. 6. Professional workers are easy to be over-confidence. 7. The retiree often chose conservative managing finances tools. 8. High obtained and well educated people are also high confidence in investment and prefer make decisions by themselves. The specific investor behavior will influence the performance. Investors who have tacit understanding with their financial planner will also have good performance. Over-confidence investors would like to make transactions via internet banking or phone banking but not inevitably to get good investment result.