【作者】 叶添财；

【导师】 景维民；

【作者基本信息】 南开大学 ， 政治经济学， 2012， 博士

【摘要】 近十余年来全球进入负利率时代,“利率低、物价涨”，其可预见的结果是实际利息所得会被通货膨胀给吞噬，导致投资者积极理财，寻找合适的投资商品；传统经验理财为保值增值,因此必须从投资稳健性出发，若投资于股市,起伏太大,充满不确定性变量；投资房地产金额过高又变现性不足；适时银行推出衍生性等保本型商品(Principal Guaranteed Product),标榜本身具备有保障全数或大部分本金的特性,选择较为稳定保守投资,诉求比固定利率好,且可保证一定比例的获利或孳息,且对投资额度没有限制，进而满足投资人追求。因而金融市场中出现的新资本主义期待的投资商品--“连动债”就迅速被“金融创新”出来。连动债原始设计为相当复杂的金融商品，由于美国华尔街金融投资银行贪婪无度的财务杆杆化的操作,包装成更新的衍生性商品,追求高报酬,使财务信用扩张放大夸张到百倍、千倍，造成“多米诺骨牌效应（Domino Effect）”，瞬间巨额亏损,影响金融秩序，形成2007年的次级房贷及2008年雷曼兄弟公司连动债事件，让全球金融市场垮台，酿成金融海啸；各国为增加人们对金融机构的信心与解决其经济危机，才会有更大的“虚拟经济”操作来减低银行的资金压力，「无中生有」自印钞票，提高货币供应的“量化宽松”货币政策显现。逝者已矣,来者可追，现在金融海啸已然过往,经济学者专家应更积极去了解连动债事件发生原因，是金融产品设计、金融监管体制、银行销售、投资人消费等亦或是法律规定等问题引起,以期能防范金融海啸再次降临。本文在此背景下，进行研究，具体章节共分为六章，先由“导论”引述，再论述连动债的理论基础与分类、形成衍生性金融商品结构、选择权契约、连结标的、保本商品与不保本商品等；后续才撰写台湾发生的连动债事件始未、学术界及金融业界从法经济学的角度对连动债相关法令，对台湾的连动债从产品设计环节、风险管理、银行推荐销售环节，尤其是中英文契约翻译，特定金钱信托，投资消费争议，金融监管及连动债事件争议解决处理机制等方面进行详细的法经济学综述和评析。此次台湾会发生雷曼连动债事件，暴露出台湾对于连动债监理及法律规范不足，是故，着重阐述剖析连动债投资、消费与信托法律纠纷、金融主管机关监管失灵，继而再解析解决连动债危机处理争议机制与连动债跨海求偿等责任归属；特别是作者作为连动债受害人之一，除了担任自力救济总召集人外，亦亲自参与诸多台湾连动债事件评议机制及金管会等机构的解决方案会议，确实有许多机密相关资料、投资人受害实证及法院诉讼案例可供论述，但碍于论文篇幅及个资法等规定，仅择具有代表性范例，罗列于附录，可供本文内容参照左证属实。本研究总结，就在论述贡献和发现；借鉴国外解决金融消费纷争经验，连动债法经济相关规定与诉讼判例及和解策略，为台湾连动债事件找到合理的解决办法。本文发现并采用Ball和Brown（1968）以及Beaver(1968)开创性“事件研究法”分析，发现台湾雷曼连动债事件的后续对台湾地区房地产及选举产生极大影响。对于启示，亦针对法律公权力的执行、补救措施等给主管机关提出理性意见与修法建议，期许对未来金融商品立法、监管的启示、金融消费保护等有所参酌引用；最后提出建议，建立替代性连动债商品绩效评分机制，规范代理人业绩计量方式。通过本文的研究，探讨在未来全球经济与金融市场的相互冲击问题越来越复杂情况下,金融海啸后续发展，对世界各国政府如何携手合作分析讨论,剖析海峡两岸加入“世界贸易组织”后金融监理法制与施行“新巴塞尔资本协议”及台湾金融相关主管单位处理、解决连动债事件方式及投资受害人等对应策略,评论对连动债给台湾金融市场带来的影响、省思与建议,警惕未来不要再陷入诸如连动债等其它金融商品陷阱与全球金融风暴事件。更多还原

【Abstract】 In the past decade, the global economy has been challenged by negative interestrates. As such, investors turned to “principal guaranteed products”, which areproducts that provide a more competitive rate, secure all or a significant percentage ofthe initial principal, and guarantees a certain percentage of profit. This thesis paperdiscusses the legal and economic issues regarding one of such products,“StructuredNotes”, with the purpose of understanding and avoiding similar problems that hascaused the financial crisis from arising again in the future.Prior to the financial crisis of2008, Wall Street investment banks have adaptedover-leveraging policies to secure higher returns in their investments. Thisphenomenon has led to over-extension of credit to many companies, causing a“Domino Effect” when companies started to default on their debt. An example ofsuch is the fall of Lehman Brothers, which created a downward spiral in the globaleconomy and gravely impacted the structured notes market worldwide.Though the financial crisis has passed, investors’ trust in the financialinstitutions has yet to recover, and researchers are actively trying to understand thecrisis to prevent a similar mishap in the future. The paper begins with an introductionof structured notes, the theories behind its design, as well as the different categoriescurrently available in the market. Next, to better understand the actual performance ofstructured notes in the market, as well as the related legal and economic issues, thepaper evaluates the current structured notes market in Taiwan. The paper analyzes thecurrent risk management policies of structured notes both in Taiwan and othercountries worldwide, and uses the Taiwanese market to examine the controversialissues revolving around structured notes, such as questionable sales practices andrating mechanisms.The paper also evaluates the current legal procedures available as well aspossible legal adjustments that may potentially solve the previously mentioned issues.The paper references the adjustments made to financial laws in China and Taiwanafter the joining of WTO and after the negotiation of the “New Basel Accords (BaselII)” as an example for such. Finally, the paper concludes with a reflection upon the problems caused by the rise of structured notes worldwide, discusses the developmentof structured notes post-2008’s financial crisis, and provides suggestions to avoidmishaps from arising due to the same issues.更多还原