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| Title: | 理財機器人於台灣理財市場之適用探討
Research on Robo-Advisor Solutions for Financial Planning Market in Taiwan |
| Authors: | 莊子郁
Chuang, Tzu-Yu |
| Contributors: | 王儷玲
Wang, Li-Ling
莊子郁
Chuang, Tzu-Yu |
| Keywords: | 金融科技
理財機器人
金融監理
FinTech
Robo-Advisors
Financial Regulation |
| Date: | 2019 |
| Issue Date: | 2019-09-05 15:47:48 (UTC+8) |
| Abstract: | 在金融科技趨勢發展之下，「理財機器人」（Robo-Advisor）此一新形態之商業模式在近十年如雨後春筍般在市場興起。理財機器人因為自動化的特性，對於金融服務業者而言可以大幅降低其管理的成本；而對於投資人而言，低費用、低門檻、透明等特性更能吸引散戶投資人將其資產交給理財機器人管理。
雖然理財機器人在美國、英國等國家蓬勃發展中，在台灣卻仍處於起步的階段。本研究希望探討我國之理財機器人在投資執行面和監理政策面上如何精進，使理財機器人之服務能更好的適用於台灣的理財市場，藉此推廣理財機器人在台灣的發展。本研究在投資執行面上，希望探討理財機器人使用何種投資方法可以在台灣的金融市場得到最好的績效，以及理財機器人所提供之加值服務是否符合能為投資人帶來更好多好處；在監理政策面上，希望探討我國之理財機器人應在何種監理環境下會有更好的發展。
實證結果發現，本研究設計使用Fama-French三因子模型之理財機器人投資表現相對使用CAPM模型的理財機器人好，顯示Fama-French三因子模型在本研究假設下較適合台灣的市場；而在理財機器人機制下加入自動再平衡、定期定額投資方式，更能彰顯其協助消費者做好投資理財的價值，應可作為國內業者和投資人之參考；本研究分析結果也發現，目前台灣理財機器人受於現行法規影響，在資本額門檻、全權委託業務等法規上無法突破，此應為政府未來之重點修法方向，尤其ETF市場之規模亦是我國為來發展理財機器人市場之一大挑戰。
Under the trends of FinTech, the new form of business model "Robo-Advisor" has sprung up in the market in the past decade. Thanks to feature of automation, financial service providers are able to reduce their cost of management by applying Robo-Advisors. For investors, features like low cost, low requirement and transparency significantly attract retail investors to transfer their assets to Robo-Advisors.
Although Robo-Advisors are booming in countries like United States, United Kingdom, it is still early stage in Taiwan. This paper hopes to explore how Robo-Advisors can be improved through better investment execution and regulation policies, so that the service of Robo-Advisors can be better applied in Taiwan. On the investment execution side, this paper hopes to discuss the investment methods used by Robo-Advisors to obtain the best performance in Taiwan`s financial market, and whether the value-added services provided by Robo-Advisors are in line with the benefits of investors; On the side of regulation policy, this paper hope to explore a better suitable regulation environment to develop Robo-Advisors in Taiwan.
The empirical results show that the financial investment performance of the Robo-Advisors applying the Fama-French three-factor model is better than that of the one using the CAPM model under the assumptions of this paper, and the Robo-Advisors featuring the automatic rebalancing and regular saving plan shows better value, which is very suitable in retirement planning. This paper also found that the development of Robo-Advisors in Taiwan is restricted by the current regulation rules. The regulations on capital requirement and discretionary entrustment should be the first priority of the government`s reform, and the limited scale of the ETF market is also one of the greatest challenges for developing Robo-Advisor in Taiwan. |
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| Description: | 碩士
國立政治大學
風險管理與保險學系
105358021 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0105358021 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU201900665 |
| Appears in Collections: | [風險管理與保險學系] 學位論文
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