摘要(英) |
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.
|
參考文獻 |
中文文獻
〔1〕張傳章,期貨與選擇權,雙頁書廊,民國95年。
〔2〕陳松男,結構型金融商品之設計及創新,新陸書局,民國93年。
〔3〕朱浩民,衍生性金融商品,智勝文化,民國99年
〔4〕邱慈觀,「台灣零售結構型商品的資訊揭露」,台灣財務金融季刊,第十輯第二期,1-40頁,民國98年。
〔5〕鄭昭佑,「自動提前贖回型結構商品之評價與分析-以CMS連結債券及股權連結債。
券為例」,國立政治大學,碩士論文,民國97年。
〔6〕張以威,「結構型商品的金融監理」,國立中央大學,碩士論文,民國98年。
〔7〕劉昌運,「結構型商品的資訊操作議題」,國立中央大學,碩士論文,民國98年。
〔8〕叢宏文,「商業方法專利之研究-以新金融商品為中心」,國立成功大學,碩士論文,民國94年。
〔9〕賴馨寧,蔡明誠,「金融創新之法律保護方式分析」,Journal of Futures and Options,Vol.2 No2,Nov 2009。
〔10〕潘智義, 「台證期局:投信基金創新商品保護半年」,大紀元,民國96年10月10日。
英文文獻
〔1〕Chance Don M. , John B. Broughton, “Market index depository liabilities:
Analysis, interpretation, and performance“, Journal of Financial Services
Research, Vol. 1, No. 4 pp.335-352, 1988.
〔2〕Chen K. C. and R. Stephen Sears , “Pricing the SPIN”, Financial Management
AssociationInternational, pp.36-47, 1990.
〔3〕Chou Yuan.K., ”Technological Revolutions and financial Innovations, The
University of Melbourne, Department of Economics, Feb. 2004.
〔4〕Jameson, M. ,Dewan,S .,and C. F. Sirmans, “Measuring welfare effects of
"unbundling" financial innovations: The case of collateralized mortgage
obligations”, Journal of Urban Economics, Volume 31, Issue 1, January
1992, pp 1-13.
〔5〕Perez,C., Technological Revolutions and Financial Capital: The Dynamics
of Bubbles and Golden Ages, Cheltenham: Edward Elgar, 2002
|