Trust reconfigured: An Ethnographic Study of Financial market in Taiwan

[[abstract]]在傳統的經濟學來說，只要金融市場公開和透明的話，通常能夠取得投資者的信任，進而能讓投資人願意將錢投入這個市場中。在過去的二十年裡，台灣的金融市場一直希望交易系統能夠公開、公平、以及高效，並朝著這樣的方向前進。然而，研究後卻發現，公平公開、或是制度不完善並不是左右投資人進入投資市場的原因；相反地，隨著制度越完善，越來越少的散戶願意進入金融市場裡。 那為何隨著市場越來越公平、公開，但台灣的投資者卻漸漸退出？這有別於一般經濟學的思維，不禁讓筆者思考著，是不是有除了經濟計算之外的因素在背後主導？本文主旨在探討整體環境影響台灣投資者的行為。尤其特別側重於證券界專業人士和投資者之間，當金融市場透明度越來越高的時候，兩者之間信任的改變。 筆者以為，越趨向公開透明的制度，已漸漸孤立了人們，人與人之間原先的信任被轉換了，制度的透明反而打破了投資者和證券營業員之間的信任。在本研究中，筆者觀察證券營業員他們的日常行為，研究他們如何贏得投資者的信任，並對照制度上的改變，試圖耙梳其中的差距。最後，本研究想要指出的是，即使金融市場走向一個更加理性化的系統，但從文化上所建構出的信任，是如何在金融市場中發揮了重要的影響。本研究幫助我們認知與理解，經濟與文化是如何在台灣社會之中鑲嵌的。[[abstract]]An open and transparent financial market usually earns investor’s trusts to invest their money in traditional economics’ thinking. The past decades have seen that financial market in Taiwan has been trying to keep the trading system open,fair, and efficient. However, Taiwanese investors do not just enter the market because of its fair system or open information; on the contrary, less and less individual investors are willing to invest. Why do Taiwanese investors decline to enter the fairer market as expected by the economics’ thinking? There must be factors outside the pure economic calculation. The paper hence aims to explore the holistic milieu that affects Taiwanese investors’ actions. It specifically focuses on the trust among securities professionals and investors that has been modified by the more transparent financial market. I believe the open system has isolated individuals, and broke the trust between securities professionals and investors that has really attracted people to invest in the first place. I shall observe and interview securities professionals at their daily practices so as to examine how they win the trust from investors. I conclude by pointing out that the trust culturally informed plays a crucial role in financial market in Taiwan even when it moves toward a more rationalized system. And this is important for understanding how economics and culture intertwines in society such as Taiwan.[[note]]碩