金融商品的模仿－以股權連動債為例 ; The Imitation of Financial Products－The Case of Equity-Linked Notes

NCU Institutional Repository > 管理學院 > 財務金融研究所 > 博碩士論文 > Item 987654321/44152

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题名:	金融商品的模仿－以股權連動債為例;The Imitation of Financial Products－The Case of Equity-Linked Notes
作者:	楊雨森;Yu-Sen Yang
贡献者:	財務金融研究所
关键词:	金融模仿;金融創新;結構型商品;financial imitation;financial innovation;structured notes
日期:	2010-07-26
上传时间:	2010-12-08 14:52:13 (UTC+8)
出版者:	國立中央大學
摘要:	結構型商品標榜創新商品與高報酬吸引投資者，然而市面上的商品設計與連結標的卻十分相近，且銀行大多銷售不保本的商品以提高帳面報酬率，將風險轉嫁給投資人。本論文以股權連動債為樣本，研究商品設計條件的相似性，包括商品期限、上下限水準、連結個數與連結股票，發現這幾種條件的設計非常類似。之後將樣本分成資通科技、地產建築、綠能、生技醫藥與科技，進一步分析各產業連結標的的重複比例。另外也對金融風暴對報酬率之影響作探討，除了有保本條件的商品免於虧損外，其於皆為負報酬，且又以連結金融類的連動債所受影響最為迅速。最後本文對國內監理機構出建議以保護商品之創新與金融發展。The structured notes advertise innovations and high return to attract investors, but the designs and underlying assets of the products are very similar. Furthermore, the banks often sell principle guaranteed products with high return yet transfer risk to the investors. This thesis samples equity-linked structured notes and analyzes the similarity of product designs, including maturity, knock-in and knock-out levels, underlying numbers and underlying stocks. The results indicate these products all share many similar conditions. Moreover, the samples are then divided into more categories-information and telecommunication technology, real estate, green energy, medical-drugs and finance-and analyzed in terms of the similarity rates. The return affected by financial crisis is also discussed. It is found the profits are negative except for the products with principle guarantee. The structured products linked financial stocks are also shown to be influenced the fastest of all. Lastly, suggestions for the financial authorizes to protect innovations and development of finance are proposed.
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