機器人投資顧問法制之建構－以行為經濟學為觀點

Abstract

近年來金融科技發展快速，其中的機器人投資顧問更成為眾所矚目的焦點。機器人投資顧問是透過自動化、數位化方式，提供投資人投資組合建立與資產配置建議的金融服務，相關服務除在美國成長迅速外，亦已成為我國主管機關重要的政策方向，惟相關研究仍付之闕如。因此，本研究除將探索機器人投資顧問發展的背景驅力外，亦援引行為經濟學理論，探索如何應用行為經濟學以改善投資人行為，並提升數位化金融服務環境的監理效能。 本研究指出，透過分析美國代表性業者案例，發現行為經濟學可以用於改善投資人行為，讓投資人更容易達成財務目標。除此之外，本研究亦歸納出行為經濟學進一步的應用可能，包括利用投資人注意力有限、選擇性關注、框架效應、稟賦效應等特性，機器人投資顧問服務平台都可以有效影響投資人的決策過程。然成敗蕭何，如何防止業者惡意使用行為經濟學研究成果，以不良設計誘導投資人進行不利於己的決策，亦為主管機關監管制度上需要思考的重要方向。

Due to the maturity of technology, digitalized financial advisory platforms have emerged in these years. There is no doubt that 'Robo-advisor' is the most shining star in this area. Robo-advisors provide objective, fast, inexpensive and high-quality financial services, loved by the young. However, due to its own limitations and that its legal positioning is unknown, the authorities are struggling to govern and supervise these services. . Compared to the United States, the cost of fund is relatively high in Taiwan. The high cost of fund give great opportunities for robo-advisors providers. The industry may take the advantage, rethink the business models with behavioral economics to provide customers with low-cost but high-quality advisory services, and continue to deepen the breadth of merchandise. To promote the development of Robo-advisors, the article suggests the government should remove barriers, releasing guidelines and policy. Besides, the government should also pay attention to how information are framed and choices are structured to build a well-established digital finance environment.