本國金融業發展境外財富管理業務
(Offshore Wealth Management)之探討

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姓名

楊健民(Chien-Ming Yang) 查詢紙本館藏

畢業系所

財務金融學系在職專班

論文名稱

本國金融業發展境外財富管理業務 (Offshore Wealth Management)之探討
(The Discussion of Developing Offshore Wealth Management for Domestic Banking Industry )

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摘要(中)

近年來，財富管理業務無疑地已繼企業金融、消費金融之後成為金融業的主要戰場。各家金控公司皆投入大量資金在軟硬體及人才招募上。但是深入去了解其提供之財富管理服務後，發現大部分皆仍以各種金融商品的銷售為主要模式。此一模式很明顯地將無法滿足可運用資金數千萬元以上之高淨值人士(HNWI)，因高淨值人士關切的議題在於政治風險、資產保護、資產移轉、稅務規劃等，而非僅限於投資理財。因此若要達到前述之需求，必須以全球化的財富管理平台進行全球化的資產配置。目前為止可提供此高規格高技術門檻之服務僅限於UBS、花旗、高盛等國際級私人銀行。本文於探討國內外文獻後認為我國金融業應將財富管理服務提升到更全面性之「境外財富管理」並以「境外信託」作為客戶全球化的財富管理平台，而「境外信託」項下之投資組合管理應採用「絕對報酬投資策略」(特別是市場中立型策略)來達到信託財產穩定增值之效果。

摘要(英)

It’s no doubt that wealth management has been playing a major role in the businesses for domestic banking industry recently. Every financial holding company (FHC) has invested considerable capitals in establishing systems and in recruiting financial consultants for wealth management. However, when you tried to understand more deeply in the services pattern they provided for the wealth management, we found most of those services were still focusing on the marketing of the varieties of financial products. It’s obvious that this pattern cannot be satisfactory to high net worth individuals (HNWIs)，while HNWIs need not only an investment tool but also concern on the issues such as political risk, asset protection, asset conveyance and tax planning. Therefore, in order to reach the needs for HNWIs, it’s essential to structure a globalize platform for wealth management which can provide a global asset allocation. For the time being, such high-leveled services can only be offered by international private banks such as UBS, Citigroup and Goldman Sachs, etc. This study suggests that domestic FHC should upgrade their services of wealth management to include the offshore wealth management by structuring an offshore trust as a global wealth management platform for HNWIs. Owing to pursuing stable profit, this study also suggests that trustee bank should adopt an absolute return investment strategy (especially a market-neutral strategy) while managing the trust asset portfolio.

關鍵字(中)

★ 絕對報酬
★ 避險基金
★ 境外金融
★ 境外信託
★ 境外財富管理

關鍵字(英)

★ wealth management
★ offshore trust
★ offshore finance
★ absolute return
★ hedge fund

論文目次

目錄
第一章緒論
第一節研究背景與動機…………………………………………1
第二節研究範圍與目的…………………………………………3
第三節研究方法與步驟…………………………………………5
第二章文獻回顧
第一節境外金融與境外信託…………………………………6
第二節絕對報酬投資與避險基金……………………………9
第三章最佳之資產保護機制一境外信託（Offshore Trust）
第一節境內信託與境外信託…………………………………12
第二節境外資產保護信託（OAPT）之適合對象……………14
第三節境外資產保護信託之架構……………………………16
第四節債權人危機……………………………………………21
第五節稅賦中立性……………………………………………27
第六節道德上之考量…………………………………………29
第七節境外資產保護信託之未來……………………………30
第四章境外信託投資組合之運用原則－絕對報酬原則
第一節絕對報酬概念之歷史…………………………………33
第二節絕對報酬經理人之投資哲學…………………………34
第三節絕對報酬與相對報酬…………………………………36
第四節風險與報酬之錯覺……………………………………39
第五節管理波動性……………………………………………42
第五章絕對報酬投資組合與相對報酬投資組合
第一節前言……………………………………………………44
第二節 Alpha值的論點……………………………………….44
第三節投資多角化的論點……………………………………46
第四節績效的差異……………………………………………47
第五節避險基金與共同基金之績效比較……………………49
第六節下檔風險之保護………………………………………55
第七節績效的衡量……………………………………………57
第八節指標指數的難題………………………………………58
第九節未來展望………………………………………………61
第十節報酬率來源之分析……………………………………65
第十一節法律規範……………………………………………66
第十二節小結…………………………………………………68
第六章境外信託創造絕對報酬之核心策略－市場中立策略
第一節前言……………………………………………………72
第二節市場中立策略之概念…………………………………73
第三節關連性投資……………………………………………76
第四節市場中立策略之操作原理……………………………77
第七章結論及建議
第一節結論…………………………………………………82
第二節後續之研究建議……………………………………85
.
參考文獻……………………………………………………….87

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指導教授

邱慈觀(Tzu-Kuan Chiu)

審核日期

2005-2-1

推文