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題名 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作者 莊子郁
Chuang, Tzu-Yu貢獻者 王儷玲
Wang, Li-Ling
莊子郁
Chuang, Tzu-Yu關鍵詞 金融科技
理財機器人
金融監理
FinTech
Robo-Advisors
Financial Regulation日期 2019 上傳時間 5-Sep-2019 15:47:48 (UTC+8) 摘要 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.參考文獻 一、 英文部分AdvisoryHQ. (2016). How Much Does A Financial Advisor Cost? Average Ria & Financial Advisor Fees In 2016.Agarwal, S., Driscoll, J. C., Gabaix, X., & Laibson, D. (2009). The Age Of Reason: Financial Decisions Over The Life Cycle And Implications For Regulation. Brookings Papers on Economic Activity, 2009(2), 51-117.Authority, F. C. (2016a). Business Plan 2016/17.Authority, F. C. (2016b). Financial Advice Market Review Fianl Report.Authority, F. C. (2019a). Business Plan 2019/20.Authority, F. C. (2019b). Global Financial Innovation Network (GFIN). Retrieved from https://www.fca.org.uk/firms/global-financial-innovation-networkAuthority, F. I. R. (2016). Report On Digital Investment Advice.Baker, T., & Dellaert, B. (2017a). Regulating Robo Advice Across The Financial Services Industry. Iowa L. Rev., 103, 713.Baker, T., & Dellaert, B. (2017b). Regulating Robo Advisors: Old Policy Goals, New Challenges.Baker, T., & Dellaert, B. G. (2018). Behavioral Finance, Decumulation and the Regulatory Strategy for Robo-Advice.Bank, D. (2017). Robo-Advice: A True Innovation In Asset Management.Betterment. (2016). How And When Is My Portfolio Rebalanced? Retrieved from https://support.betterment.com/customer/portal/articles/987453-how-and-when-is-my-portfolio-rebalanced-Betterment. (2017). White Paper: Tax Loss Harvesting. Retrieved from https://www.betterment.com/resources/research/tax-loss-harvesting-white-paper/Betterment. (2018). Where In The World Are You Invested? Retrieved from https://www.betterment.com/resources/portfolio-diversification/Betterment. (2019). Retrieved from https://www.betterment.com/Black, F. (1986). Noise. The journal of finance, 41(3), 528-543.Black, F. (1992). Beta and return. Journal of portfolio management, 1.Bodie, Z., Mitchell, O. S., Hammond, P. B., & Zeldes, S. (2002). Innovations In Retirement Financing: University of Pennsylvania Press.Brinson, G. P., Diermeier, J. J., & Schlarbaum, G. G. (1986). A Composite Portfolio Benchmark For Pension Plans. Financial Analysts Journal, 42(2), 15-24.Brinson, G. P., Singer, B. D., & Beebower, G. L. (1991). Determinants Of Portfolio Performance II: An Update. Financial Analysts Journal, 47(3), 40-48.C Lopez, J., Babcic, S., & De La Ossa, A. (2015). Advice Goes Virtual: How New Digital Investment Services Are Changing The Wealth Management Landscape. Journal of Financial Perspectives, 3(3).Callaway, J. (2018). FinTech Disruption: Opportunities to Encourage Financial Responsibility.Company, M. (2015). The Virtual Financial Advisor: Delivering Personalized Advice in the Digital Age.EY. (2015). Advice Goes Virtual: How New Digital Investment Services Are Changing The Wealth Management Landscape.Fama, E. F. (1970). Efficient market hypothesis: A review of theory and empirical work. Journal of Finance, 25(2), 28-30.Fama, E. F., & French, K. R. (1992). The cross‐section of expected stock returns. The journal of finance, 47(2), 427-465.Fama, E. F., & French, K. R. (1993). Common risk factors in the returns on stocks and bonds. Journal of financial economics, 33(1), 3-56.Fama, E. F., & French, K. R. (1995). Size and book‐to‐market factors in earnings and returns. The journal of finance, 50(1), 131-155.Fama, E. F., & French, K. R. (1996). Multifactor explanations of asset pricing anomalies. The journal of finance, 51(1), 55-84.Fein, M. L. (2015). Robo-Advisors: A Closer Look. Available at SSRN 2658701.Fisch, J. E., Labouré, M., & Turner, J. A. (2018). The Emergence of the Robo-advisor.Fisch, J. E., Turner, J. A., & Center, P. P. (2017). Robo Advisers vs. Humans: Which Make the Better Financial Advisers. University of Pennsylvania Law School, 29.Forum, W. E. (2015). The Future of Financial Services.FutureAdvisor. (2017a). How Can Tax Loss Harvesting Improve Your Returns? Retrieved from https://www.futureadvisor.com/content/resources/getting-started/portfolio-strategy/tax-loss-harvestingFutureAdvisor. (2017b). Why Is Tax-Efficient Asset Placement So Important? Retrieved from https://www.futureadvisor.com/content/resources/getting-started/portfolio-strategy/why-is-tax-efficient-asset-placement-so-importantFutureAdvisor. (2019). Retrieved from https://www.futureadvisor.com/Grossman, S. J., & Stiglitz, J. E. (1980). On the impossibility of informationally efficient markets. The American economic review, 70(3), 393-408.Hodge, F. D., Mendoza, K. I., & Sinha, R. K. (2018). The Effect of Humanizing Robo-Advisors on Investor Judgments.Institute, I. C. (2019). 2019 Investment Company Factbook.Kendall, M. G., & Hill, A. B. (1953). The analysis of economic time-series-part i: Prices. Journal of the Royal Statistical Society. Series A (General), 116(1), 11-34.KPMG. (2016). China Leading Fintech 50.KPMG. (2018). The Pulse of Fintech 2018.Lam, J. W. (2016). Robo-Advisors: A Portfolio Management Perspective. Senior Thesis, Yale College.LCP. (2015). LCP Investment Management Fees Survey 2015.Lieber, R. (2014). Financial Advice For People Who Aren’t Rich. The New York Times, B1.Lintner, J. (1965). Security prices, risk, and maximal gains from diversification. The journal of finance, 20(4), 587-615.Lusardi, A., & Mitchell, O. S. (2014). The Economic Importance of Financial Literacy: Theory and Evidence. Journal of economic literature, 52(1), 5-44.Malkiel, B. G., & Fama, E. F. (1970). Efficient Capital Markets: A Review Of Theory And Empirical Work. The journal of finance, 25(2), 383-417.Mark Nicoll, B. D. (2015). LCP Investement Management Fees Survey 2015.Markowitz, H. (1952). Portfolio Selection. The journal of finance, 7(1), 77-91.Markowitz, H. M. (1991). Foundations of Portfolio Theory. The journal of finance, 46(2), 469-477.Moulliet, D., Majonek, A., Stolzenbach, J., & Völker, T. (2016). The Expansion of Robo-Advisory in Wealth Management. Retrieved May, 3, 2018.Philippon, T. (2016). The Fintech Opportunity. Retrieved fromPhoon, K., & Koh, F. (2017). Robo-Advisors And Wealth Management. The Journal of Alternative Investments, 20(3), 79-94.PwC. (2017). Sizing the prize: What’s the real value of AI for your business and how can you capitalise?Schwab. (2017). Schwab Intelligent Portfolios Asset Allocation White Paper. Retrieved from https://intelligent.schwab.com/public/intelligent/insights/whitepapers/asset-allocation.htmlSchwab. (2019). Retrieved from https://intelligent.schwab.com/Sharpe, W. F. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. The journal of finance, 19(3), 425-442.Sironi, P. (2016). FinTech Innovation: From Robo-Advisors To Goal Based Investing And Gamification: John Wiley & Sons.Tillmans, S. (2017). Rabo-Advisors: How Can Automated Investment Advice Change Risk Profiling Practices.Vukovic, A., & Bjerknes, L. (2017). Automated Advice: A Portfolio Management Perspective on Robo-Advisors. NTNU,Wealthfront. (2014). Engineer Your Portfolio With ETFs. Retrieved from https://www.slideshare.net/wealthfront/engineering-your-portfolio-with-etfs/33-Rebalancing_Considerations_Keep_in_mindWealthfront. (2017a). Wealthfront Investment Methodology White Paper. Retrieved from https://research.wealthfront.com/whitepapers/investment-methodology/#nullWealthfront. (2017b). Wealthfront Tax-Loss Harvesting White Paper. Retrieved from https://research.wealthfront.com/whitepapers/tax-loss-harvesting/Wealthfront. (2019). Retrieved from https://www.wealthfront.com/二、 中文部分中華民國證券投資信託暨顧問商業同業公會. (2016). 機器人投資顧問（Robo Advisor ）國外實務及相關法令與管理措施之研究.方俐潔. (2017). 投資組合績效導入金融科技的機器人理財－以台灣股票市場為例王紹宇. (2016). 智能理財技術崛起對美國及台灣財富管理產業的衝擊李齊良. (2017). 金融科技與投資產業 : 新商業模式邱暉雯. (2017). 傳統理財顧問面對理財機器人挑戰之研究紀宗利. (2018). 我國FinTech 發展之挑戰及因應策略. 財金資訊季刊, No.93, 2-7.許淙茗. (2017). 理財機器人之商業創新模式—以 W 公司為例黃良瑞、林郁珊. (2016). 自動化投資理財顧問（Robo-Advisor）之發展. 證券暨期貨月刊, 第三十四卷(第十期), 16-25.黃俊鴻. (2018). 理財機器人對投顧人力市場影響之探討劉哲宏. (2017). 投資人對機器人理財接受度探討以金融從業人員判斷為例蔡昌儒. (2016). FinTech初探：超漲與超跌股票在處置期間的股價反應與交易策略探討蔡維晉. (2018). 結合基金與策略投資的理財機器人系統開發證券暨期貨市場發展基金會. (2018). 我國發展機器人理財顧問之研究. 描述 碩士
國立政治大學
風險管理與保險學系
105358021資料來源 http://thesis.lib.nccu.edu.tw/record/#G0105358021 資料類型 thesis dc.contributor.advisor 王儷玲 zh_TW dc.contributor.advisor Wang, Li-Ling en_US dc.contributor.author (Authors) 莊子郁 zh_TW dc.contributor.author (Authors) Chuang, Tzu-Yu en_US dc.creator (作者) 莊子郁 zh_TW dc.creator (作者) Chuang, Tzu-Yu en_US dc.date (日期) 2019 en_US dc.date.accessioned 5-Sep-2019 15:47:48 (UTC+8) - dc.date.available 5-Sep-2019 15:47:48 (UTC+8) - dc.date.issued (上傳時間) 5-Sep-2019 15:47:48 (UTC+8) - dc.identifier (Other Identifiers) G0105358021 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/125538 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 風險管理與保險學系 zh_TW dc.description (描述) 105358021 zh_TW dc.description.abstract (摘要) 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。 zh_TW dc.description.abstract (摘要) 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. en_US dc.description.tableofcontents 第一章 緒論 5第一節 研究背景與動機 5第二節 研究目的 8第三節 研究流程 9第二章 理財機器人 11第一節 理財機器人概述 11第二節 國內外理財機器人公司發展現況與案例 24第三節 理財機器人投資方法 29第四節 理財機器人之監理 37第三章 文獻回顧 48第一節 現代投資組合理論 48第二節 理財機器人 50第四章 研究方法 52第一節 理財機器人設計 54第二節 回測方式 57第三節 理財機器人對於退休理財的效益 60第五章 研究結果 62第一節 敘述統計量 62第二節 回測結果 65第三節 退休理財效益分析 70第六章 結論與建議 73第一節 結論 73第二節 建議 75第七章 參考文獻 78 zh_TW dc.format.extent 1317793 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0105358021 en_US dc.subject (關鍵詞) 金融科技 zh_TW dc.subject (關鍵詞) 理財機器人 zh_TW dc.subject (關鍵詞) 金融監理 zh_TW dc.subject (關鍵詞) FinTech en_US dc.subject (關鍵詞) Robo-Advisors en_US dc.subject (關鍵詞) Financial Regulation en_US dc.title (題名) 理財機器人於台灣理財市場之適用探討 zh_TW dc.title (題名) Research on Robo-Advisor Solutions for Financial Planning Market in Taiwan en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、 英文部分AdvisoryHQ. (2016). How Much Does A Financial Advisor Cost? Average Ria & Financial Advisor Fees In 2016.Agarwal, S., Driscoll, J. C., Gabaix, X., & Laibson, D. (2009). The Age Of Reason: Financial Decisions Over The Life Cycle And Implications For Regulation. Brookings Papers on Economic Activity, 2009(2), 51-117.Authority, F. C. (2016a). Business Plan 2016/17.Authority, F. C. (2016b). Financial Advice Market Review Fianl Report.Authority, F. C. (2019a). Business Plan 2019/20.Authority, F. C. (2019b). Global Financial Innovation Network (GFIN). Retrieved from https://www.fca.org.uk/firms/global-financial-innovation-networkAuthority, F. I. R. (2016). Report On Digital Investment Advice.Baker, T., & Dellaert, B. (2017a). Regulating Robo Advice Across The Financial Services Industry. Iowa L. Rev., 103, 713.Baker, T., & Dellaert, B. (2017b). Regulating Robo Advisors: Old Policy Goals, New Challenges.Baker, T., & Dellaert, B. G. (2018). Behavioral Finance, Decumulation and the Regulatory Strategy for Robo-Advice.Bank, D. (2017). Robo-Advice: A True Innovation In Asset Management.Betterment. (2016). How And When Is My Portfolio Rebalanced? Retrieved from https://support.betterment.com/customer/portal/articles/987453-how-and-when-is-my-portfolio-rebalanced-Betterment. (2017). White Paper: Tax Loss Harvesting. Retrieved from https://www.betterment.com/resources/research/tax-loss-harvesting-white-paper/Betterment. (2018). Where In The World Are You Invested? Retrieved from https://www.betterment.com/resources/portfolio-diversification/Betterment. (2019). Retrieved from https://www.betterment.com/Black, F. (1986). Noise. The journal of finance, 41(3), 528-543.Black, F. (1992). Beta and return. Journal of portfolio management, 1.Bodie, Z., Mitchell, O. S., Hammond, P. B., & Zeldes, S. (2002). Innovations In Retirement Financing: University of Pennsylvania Press.Brinson, G. P., Diermeier, J. J., & Schlarbaum, G. G. (1986). A Composite Portfolio Benchmark For Pension Plans. Financial Analysts Journal, 42(2), 15-24.Brinson, G. P., Singer, B. D., & Beebower, G. L. (1991). Determinants Of Portfolio Performance II: An Update. Financial Analysts Journal, 47(3), 40-48.C Lopez, J., Babcic, S., & De La Ossa, A. (2015). Advice Goes Virtual: How New Digital Investment Services Are Changing The Wealth Management Landscape. Journal of Financial Perspectives, 3(3).Callaway, J. (2018). FinTech Disruption: Opportunities to Encourage Financial Responsibility.Company, M. (2015). The Virtual Financial Advisor: Delivering Personalized Advice in the Digital Age.EY. (2015). Advice Goes Virtual: How New Digital Investment Services Are Changing The Wealth Management Landscape.Fama, E. F. (1970). Efficient market hypothesis: A review of theory and empirical work. Journal of Finance, 25(2), 28-30.Fama, E. F., & French, K. R. (1992). The cross‐section of expected stock returns. The journal of finance, 47(2), 427-465.Fama, E. 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