探討不同風險屬性客戶購買共同基金商品之評估準則：以F銀行為例

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Title:	探討不同風險屬性客戶購買共同基金商品之評估準則：以F銀行為例 Assessment Criteria Used by Investors with Various Risk Tolerance Levels When Purchasing Mutual Funds: A Case Study of Bank F
Authors:	張富雄
Contributors:	企業實務管理數位碩士在職專班
Keywords:	共同基金風險屬性層級程序分析法德菲法決策實驗室法 Mutual Fund Risk Toleranc Analytical Hierarchy Process Delphi Method Decision Making Ttrial and Evaluation Laboratory(DEMATEL)
Date:	2017
Issue Date:	2017-10-11 13:20:02 (UTC+8)
Abstract:	銀行是提供共同基金投資的一個交易平台，然而「基金」有風險等級，「人」有投資屬性，在不了解每位客戶的投資屬性的狀況下，銀行端只能就大方向提供投資配置建議。而今投資人面對日趨複雜的金融商品與決策上的困頓，投資人因風險屬性的差異不同其交易策略考量因素為何?在實務上也需要有賴於系統性的探討。　　本研究運用層級程序分析法、德菲法、決策實驗室法以及20位專家及90位投資人問卷評估分析，探討投資人採取的交易策略及考量因素架構與不同風險屬性的投資人在投資之考量因素權重。　　研究結果顯示在主準則方面保守型較著重於「風險層面」考量，穏健型較著重於「報酬層面」考量，積極型較著重於「資金流動性層面」考量，次準則保守型較優先著重於「考量短期風險」考量，穏健型較優先著重於「過去短期績效表現」考量，積極型較優先著重於「贖回方便性」考量。　　本研究從保守型、穏健型、積極型銀行之共同基金投資人三方觀點探討，除了做為投資人依照風險屬性的類型參考其交易策略考量優先順序之外，並為銀行之投資實務業者整理出有系性的架構，因而提供三類型投資人在交易策略考量因素權重參考，可為未來投資商品之設計以期許更加符合銀行之投資人更適切的商品與提供予此三類的投資人。 Banks are a trading platform that enables customers to make mutual fund investments. However, risk levels vary among mutual funds and risk tolerance varies among investors. Without knowing the risk tolerance of the customers, banks can only offer general investment advices. Systematic discussions should thus be held to identify the factors considered by investors (of all risk tolerance levels) when devising trading strategies to respond to increasingly complex financial products and decisions. In this study, a hierarchical analysis, the Delphi method, and the decision-making trial and evaluation laboratory method were used to analyze the questionnaires completed by 20 experts and 90 investors. The results were used to explore trading strategies adopted by investors, factors that they considered, and the weights assigned to the factors by investors with various risk tolerance levels. The study results for primary criteria showed that conservative, moderately conservative, and aggressive investors pay more attention to risks, rewards, and capital liquidity, respectively. In terms of secondary criteria, conservative, moderately conservative, and aggressive investors pay more attention to short-term risks, past short-term performance, and the ability to buy back, respectively. In this study, conservative, moderately conservative, and aggressive mutual fund investors were examined; the factors considered by investors with various risk tolerance levels when devising strategies were investigated, a systematic structure for investment banks was developed, and the weights of the factors considered by investors with various risk tolerance levels were revealed. These results enable banks to design investment products that better match the demands of the three types of investors.
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