目標可贖回遠期外匯(TRF)之衝擊與可行的解決途徑

• Main Author: 郭信男
• Language: 中文
• Published: 國立政治大學
• Subjects: 目標可贖回遠期外匯
• Online Access: http://thesis.lib.nccu.edu.tw/cgi-bin/cdrfb3/gsweb.cgi?o=dstdcdr&i=sid=%22G0104932142%22.

目標可贖回遠期外匯(Target Redemption Forward)簡稱TRF，一個曾經令投資者相當喜愛的產品，幾乎每個月獲利且贖回，讓投資者有持續而且穩定的收入。但就在2015年8月8號中國政府啟動了人民幣匯改，一夕之間匯率反轉。原本固定收益的產品反而成為投資者的揮不去的夢魘，更甚者公司倒閉，投資人流離失所。 TRF影響之深，並非單純是一個數字問題。TRF造成的影響，除了投資者資金本身的虧損，因為槓桿效應導致損失無法計算。銀行業者因為TRF的業務被禁止，造成銀行端TMU(Treasury Marking Unit)的收入大減，縮減裁員時有所聞。代表政府的金管會交付評議中心則焦頭爛額的處理申訴案件，不只衍生出一個不當銷售、投資人金融常識不足的問題，也存在著企業倒閉，員工頓時少了依靠的經濟與社會的問題。 本論文將以事發原由、實際案例、訪談、政府監管的角度下去做探討，同時分析該產品的優劣，因為有需求才會有創造。 選擇權交易對進出口商實有必要之產品，不能因為TRF的風暴因噎廢食，如何讓投資者獲利或避險、銀行業者能有穩定入、金融單位可以強力監管之下，使這類的產品發揮最大的效益。 === Target Redemption Forward (TRF) was once popular among investors since it provided stable monthly income to investors. However in 2015/8/8 the Chinese government triggered a new currency policy that sent the CNY exchange rate plummeting overnight. A product that once provided a stable revenue stream became a nightmare for investors as some lost their homes while companies were driven out of business. The damage goes beyond conventional investment losses. TRF was a financial leverage tool with a potential to bring forth huge losses far beyond the initial principal investment. Banks were also affected as TRF products were subsequently banned by the government and resulted in huge revenue loss for their Treasury Marketing Units (TMU) that led to layoffs and reorgs. The Financial Ombudsman Institution received and processed numerous appeals on behalf of the government and acknowledged that the event was triggered by a combination of unethical and improper selling tactics coupled with a lack of financial knowledge on the investor's side, which in the end drove companies out of business and people losing jobs, evolving into a general economic and social problem. This essay will cover the root cause of the event, stories and interviews with affected individuals, a perspective from governmental supervision principles and an analysis on the product itself, since a demand is always behind a creation. Although the TRF incident was a major blow, option trading is critical to importing and exporting businesses and cannot be ignored. The challenge would lay on how to ensure an effective supervising policy from governmental agencies and foster a healthy relationship allowing both investors and banks to profit, thus maximizing benefit to all parties.