Comparing Investment Performance between Equity-based and Interest-rate-based Insurance Products─ A Case Study Approach

[[abstract]]為因應快速變化的金融環境，銀行過去賴以賺取的存放款利差空間縮小，另一方面；銀行存戶的利息所得也因全球低利環境，逐漸減少，為了因應此一劣勢，銀行將策略轉向手續費的收取上，靠著為客戶量身訂做資產配置，進而賺取手續費收入。銀行業依據金管會於 2005年2 月發布之「銀行辦理財富管理業務應注意事項」，針對高淨值客戶，透過理財業務人員，依據客戶需求作財務規劃或資產負債配置，提供銀行經核准經營業務範圍內之各種金融商品及服務，以增高銀行收益。 鑑於金融經營的困境、政策的開放、金融同業的競爭，以及不斷推陳出新的金融商品，各金融機構為創造利潤，透過電腦科技設計發展出各式各樣的衍生性金融商品，針對不同投資人進行財務規劃，希冀透由資產配置，幫投資人獲取比無風險報酬更高之商品，讓投資人與銀行共創雙贏局面。故銀行紛紛設置財富管理部門，加強對理財業務人員的專業訓練，希望由第一線接觸客戶的理財人員，在符合主管機關規範，本著善良管理人之責，認識了解客戶KYC(Know Your Coustomer)的前題下，給予投資人合宜的財務投資建議。本研究以法商巴黎人壽「電力無限十年期美元結構債」及中泰人壽「利竿見盈十年期美元結構債」為研究個案，比較二個不同連結標的投資型保單之內容、特色、 過往報酬及相關風險分析，並以投資時點之環境與目前結構債現況是否與當初投資預測相符，藉以提出嗣後建議投資人如要投資類似商品，應注意事項。[[abstract]]In response to a rapidly changing financial environment, the banks’ return is reducing which due to his narrowing spread from deposits and loans. On the other hand, interest income of depositors is gradual decreasing what is caused by the global low rate of interest. For above mentioned disadvantages, the banks will shift their policy to make fee income instead of Net Interest Income (NII), what the banks are relying on the tailor-made asset based allocation. The Banks are abided by the “Notification of dealing with wealth management business” which be released from FSC in February 2005, developing wealth management business for their high net worth clients. In according to customers’ demand of those financial planning as well as portfolio allocation, the banks are providing the scope of various financial products and services to increase their revenues through authorized wealth relationship managers. Given the difficulties of operation, government policy, opening up competition, and the steady stream of new financial products in the financial services sector, financial institutions create their profits in a wide range of derivatives through the design of computer technology. All purposes of different investment planning for clients are to assist them get a higher return than the risk-free financial products, therefore they makes clients and banks a win-win situation. Banks have set up department of asset management as well as relationship managers of wealth management to strengthen their professional knowledge and skill. They intend to provide adequate financial advises through those relationship managers in line with the competent authority norms, the duty of good administrator, and KYC (Know Your Customer). In this study, we compared with two products of insurance linked to the different content. Analysis of past returns, the associated risks, and investment in point of time whether the consequent of the current debt structure is consistent with the original forecast. Thus we make subsequent recommendations to investors who should notice in similar products in future.[[note]]碩