在金融海嘯後，結構型商品令許多散戶投資者血本無歸，有許多文獻中探討到，市場在不效率性與不完美下，促使金融創新興起改善了市場缺陷，而散戶投資者也對金融創新普遍存在著好觀感。發行機構利用了金融創新為散戶投資者量身打造金融商品，事實上只為了從中獲取更高額的報酬，在這客製化金融商品的背後都存在著黑暗面。而金融商品零售價格複雜化，更使散戶投資者對金融商品的認知與議價能力降低，投資者所購買到的金融商品往往訂價過高，商品的報酬率甚至低於無風險利率，很難理解投資者的購買動機究竟為何？ 本文以臺灣本土財富管理銀行理財專員實際操作案例來分析，本土結構型商品現況，並多方面收集各財富管理銀行對於理財專員的培育計劃、教育訓練項目、考核制度與薪酬制度，詴著找出影響金融商品銷售的因素，來解釋散戶投資者之購買行為。 研究發現，散戶投資者會因理財專員影響其購買行為，而理財專員因發行機構與財富管理銀行提供了高額的銷售獎勵金，而有了不斷推薦特定金融商品給顧客的動力。本文最後也建議散戶投資者應慎選金融商品，評估之後再投入。 After the global financial crisis happened, structural merchandises caused many private investors to lose their money quite a lot. From passages of many literatures, under the inefficient and imperfect market, financing creations would improve the market defects, and private investors also had positive expression on financial innovation. The issuing institution used such financing innovation to specifically design financial merchandise for those private investors, in fact, the real intention of the issuing institution was trying to acquire higher rewards from them; the dark side always existed in the back of such merchandise. Moreover, the complex pricing lessened the understanding and price-negotiation ability of private investors who always bought with over-high price, but the rewarding rates were even lower than the non-risk interests, as a result, it is very hard to realize their motives to buy such merchandises. This article used the real operating project of wealth-management specialist in local bank for further analysis; it expansively collected the information, like the training course of such specialist, education subjects, examination system and pay-roll, trying to discover the influential factors and explain the buying behaviors of private investors. The research discovers that the private investors would be affected by the wealth-management specialists, who would be constantly powered by the great sales bonus offered by the bank, to convince customers to buy more merchandises, finally the article also recommended that those private investors should carefully choose among financial merchandises and act after precise assessment has been well done.
