券商銷售結構型商品創新商業模式─以後金融風暴時期P券商為例

Abstract

2007年全球股市熱絡，包含連動債也為當時市場最火紅的理財商品。同時當年台股多頭氣氛下券商發行的結構型商品也造成熱潮。但是2007年下半年股市遇到次級房貸危機而重挫，2008年更演變成全球金融風暴，所有金融商品銷售陷入冰凍狀態。 不過在市場低迷狀況時，2009年國內券商卻立即調整發行商品的腳步，根據櫃檯買賣中心資料，2009年1-9月的金融機構發行結構型商品總量已經達到562.04億元，而連結台股的非保本型商品發行量高達278.49億，創下了發行以來的高峰。 本研究動機在探討為何金融風暴後的2009年內，當全球投資者都彌漫著悲觀氣氛下，連結台股的結構型商品卻如此的熱賣，並以P券商為例，就商品設計面的轉變、券商從業人員及投資人的教育訓練方向來做分析。 從研究的結果顯示，在商品設計面的改變為：商品的天期變短，流動性及透明度高，客製化量身訂做服務的資產活化術，連結標的轉為單一個股，承做金額門檻變小額投資，以期達到降低風險為目的。 在券商從業人員專業的訓練方面：專業化的訓練，風險告知的強化，再加上熟知投資人交易屬性(KYC)，商品從設計到銷售全為同一券商採直線化生產銷售，從上游到下游一貫化作業，免除了資訊揭露不對稱之風險。 最後在投資人方面：券商投資人交易屬性風險性偏高，當有虧損部位時有另外的調整策略來因應，再加上低利率時代，承做的結構型商品報酬優於銀行定存，結合以上種種論點造成了2009年國內結構型商品熱賣之原因。

Structured note have become the most popular financial product in 2007, the last year of bull market. At the same time, structured products issued by the local securities firms create the fever during the bullish atmosphere. However, stock market crush after the sub-prime bubble burst in 2nd half of 2007, this event soon become a global financial crisis in 2008. The sale of all kinds of financial products falls into anxiously frozen.

Despite the financial market drop into a new low, those domestic securities firms immediately adjust the direction of issuing financial product. According to the data from OTC, the amount of structured products issued by financial institution reach 56.204 billion NTD during January 2009 to September 2009, the amount of equity- linked note which are not principal-guaranteed, and linked to Taiwanese stocks, reach 27.849 billion NTD, sets the record since its first distribution in Taiwan.

This study aims to explore why, in the aftermath of the financial crisis, these equity-linked notes are so popular in such kind of pessimistic atmosphere. Using P Securities company as an example, we analysis from three aspect; the transformation of product designing, the education and training of staff and investors.

The result reveals the following directions of the transformation of product design: the maturity is getting shorter, liquidity and transparency is getting higher; the tailor-made service which can help to re-activate assets; and lower the threshold to adapt smaller investor. All these change is expect to lower the investment risk.

From the perspective of professional training in securities firms, the following results are observed: the professional training; the enhancement in risk disclosure; know their customers well; the vertical integration from product-designing to sale all belong to one firm can avoid the risk of information-disclosure asymmetry.

The last part is about these investors: the customers in securities firms are more risk tolerance and they can have alternative strategy to deal with loss position. Moreover, interest rate is still low; the return of ELN can easily beat the return of bank deposit. All these factors are the reasons to cause a fever in structured products.