| 姓名 |
陳慧珍(Hui-Chen Chen)
查詢紙本館藏 |
畢業系所 |
財務金融學系在職專班 |
| 論文名稱 |
金融業軟錢研究
(The Study of Soft Dollar in the Finance Industry)
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| 相關論文 | |
| 檔案 |
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| 摘要(中) |
本文藉由軟錢(soft dollar)文獻探討，解析國外金融業分析師、基金經理人與經紀商之間的利害關係，研究是否間接影響投資人的信託品質。同時檢視台灣因2008年雷曼兄弟投資銀行破產，引發全球海嘯，進而衍生海外結構型商品不當銷售的糾紛，其中牽涉到經紀商向金融機構提供的「通路服務費」(即所謂的「軟錢」)。軟錢在美國證券交易法規(SEC)28(e)的規範流於形式，在台灣的經紀商亦以各種形式提供軟錢。作者以軟錢的優劣點檢視，認為軟錢雖提供了基金經理人額外的受惠管道，但它亦與基金績效呈顯著的正相關，使基金經理人有積極性管理的動機。論文最後探討因損及投資人的利益，國內外之軟錢收受判決案例，建議因有可行的金融法制，避免淪為道德危機，以投資人信託權利、福址為最大考量。
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| 摘要(英) |
This essay first analyzes the literature about soft dollars in order to dissect if the relationship and the stakes between foreign financial analysts, fund managers and brokers indirectly affect the investment quality of the investors. At the same time examine the sale dispute (which involved the commissions the brokers offer to the financial institutions, the so called ‘soft dollar’) derived from improper sales of overseas structured products caused by the bankruptcy of Lehman Brothers in 2008, which trigger the global financial tsunami. The regulation about soft dollar under the US Securities & Exchange Commission (SEC)28(e) is mere formality. The brokers in Taiwan provide soft dollar in various forms. Next, examining the advantages and disadvantages of soft dollars has lead to the result that although soft dollar had provided the additional channel for bonus to fund managers, it also showed a positive correlation with the fund performance. Therefore, it gave fund managers a motive towards a more aggressive management. Finally, considering there are domestic and international ruling cases against acceptance of soft dollar for it endangers the investor’s interest, it is highly recommended to have an executable financial legal system with the investors’ rights and welfare in mind and avoid falling into moral crisis.
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| 關鍵字(中) |
★ 軟錢
★ 經紀商
★ 美國證券交易法規
★ 道德危機
★ 分析師
★ 雷曼
★ 信託 |
關鍵字(英) |
★ Lehman Brothers
★ investors’ rights
★ SEC
★ soft dollar
★ broker
★ interest.legal system
★ 28(e) |
| 論文目次 |
目 錄
中文摘要 …………………………………………………… i
英文摘要 ………………………………………………… ii
誌謝 ………………………………………………… iii
目錄 ………………………………………………… v
圖目錄 …………………………………………………… vii
表目錄 ………………………………………………… viii
第一章 緒論 ………………………………………… 1
第一節 研究背景與動機 ……………………………… 1
第二節 研究目的與方法 ……………………………… 4
第二章 軟錢文獻探討…………………………………… 5
第一節 軟錢的法規背景…………………………… 5
第二節 軟錢疑慮 ……………………………… 8
第三節 軟錢的正面意義：分析師背後的推手…… 11
第四節 軟錢的負面效果：喪失客觀性與獨立性… 38
4-1 安隆(Enron)分析師事件 ……………… 39
4-2 美國電話電報公司（AT&T）分析師事件 40
第五節 軟錢的倫理問題…………………………… 42
第三章 臺灣的軟錢現象……………………………… 47
第一節 國內軟錢法規…………………………… 47
第二節 軟錢形式………………………………… 51
2-1 財富管理部門的通路費用…………… 51
2-2 贊助海內外研習營…………………… 55
第三節 國內判決案例…………………………… 58
第四節 國內法規更新…………………………… 60
第四章 結論與建議…………………………………… 63
參考文獻………………………………………………… 65
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| 參考文獻 |
參 考 文 獻
〔1〕史綱等合著，公司理財的13堂課，初版，財團法人臺灣金融研訓院，台北市，民國九十七年十二月。
〔2〕邱慈觀編著，公司治理，初版，臺灣培生教育出版股份有限公司，台北市，民國九十六年二月。
〔3〕覃正祥、郭土木合著，懲與治—美國華爾街共同基金與分析師弊案剖析，初版第1刷，元照出版有限公司，台北市，2004年7月。
〔4〕臺灣臺北地方法院民事判決98,訴,261及97,訴,5116。
〔5〕中華民國證券投資信託暨顧問商業同業公會，淺談基金產業中的「軟錢」運用，SITCA國際動態，2007年3月。
〔6〕 The Office of Compliance, Inspections and Examinations U.S. Securities & Exchange Commission ,"Inspection Report on the Soft Dollar Practices of Broker-Dealers, Investment Advisers and Mutual Funds"，September 22, 1998.
〔7〕Michael T. Cliff and David J. Denis，"Do Initial Public Offering Firms Purchase Analyst Coverage With Underpricing? "The Journal Of Finance. Vol. Lix, No.6，December 2004
〔8〕Tim Loughran and Jay R. Ritter，"Why Has IPO Underpricing Increased Over Time? "，March 2002
〔9〕 Stephen M. Horan and D. Bruce Johnsen, "Soft Dollar Brokerage, Portfolio Management, And Private Information: Agency Theory And Evidence"，July 2000
〔10〕Stephen M. Horan and D. Bruce Johnsen, "The Welfare Effects of Soft Dollar Brokerage:Law and Economics"，The Research Foundation of AIMR，May 2000
〔11〕 Stephen M. Horan and D. Bruce Johnsen, "Portfolio Management, Private Information, And Soft Dollar Brokerage: Agency Theory And Evidence"，July 1999
〔12〕 Stephen M. Horan and D. Bruce Johnsen, "Does Soft Dollar Brokerage Benefit Portfolio Investors: Agency Problem Or Solution?"，Law And Economics Working Paper Series，July 1999
〔13〕CFA Institute Soft Dollar Standards, "Guidance for Ethical Practices Involving Client Brokerage"，November 2004
〔14〕 Marshall E. Blume, " Soft Dollars and Brokerage Industry "，August 1992
〔15〕 Alan C. Porter and Andras P. Teleki, "A Hard Look at Soft Dollars"，Vol. 12, No.7,July 2005
〔16〕Bibb L. Strench and Thomas E. Bisset, "SEC Adopts New Soft Dollar Guideliness"，Vol. 13, No.9, September 2006
〔17〕Pickard and Djinis LLPt, "The Alliance in Support of Independent Research"，May 2008
〔18〕 Don Trone，"Broker/dealer relationships: a conflict of interest? "，Global Pensions,May 2005
〔19〕Gilad Livne and Brett Trueman, "The Impact of Soft Dollars on Market Equilibrium and Investors’ Profits"，February 2002
〔20〕 Amanda Cowen、Boris Groysberg and Paul Healy, "Which Types of Analyst Firms Make More Optimistic Forecasts? ", April 14, 2004
〔21〕 Michael T. Cliff and David J. Denis，"Do IPO Firms Purchase Analyst Coverage With Underpricing? "，September 2003
〔22〕 Yaman Ö. Erzurumlu and S. Sinan Erzurumlu，" Determinants of Soft Dollar Arrangements; Do Shareholders Benefit From Them? "，January 2006
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| 指導教授 |
邱慈觀(Tzu-Kuan Chiu)
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審核日期 |
2010-7-26 |
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