| Summary: | 碩士 === 國立政治大學 === 科技管理研究所 === 98 === In recent years, many kinds of financial innovation products have been invented
in response to the rising demands of corporate financing, financial institutions’
hedging, and personal financial management of general public. These financial
innovation products can meet different needs of different customers, bring
competitiveness to enterprises, or even help the general public to manage their money
more efficiently, while these are which the traditional financial products cannot
achieve. As a result, the importance of financial innovation goes without saying.
However, in the existing literatures, there are only a few studies concentrated on this
issue.
This study took 2002 to 2008 as the research period, which was from the Taiwan
government first approved the business of selling structured notes to the outbreak of
bankruptcy of Lehman Brother. This study first constructed the research framework
and exploratory hypotheses based on the innovation diffusion theory, then explored
the corresponding answers to the initial exploratory hypotheses through interviewing
workers in banks and insurance companies and formed the research hypotheses, and
finally conducted a questionnaire survey among those first-line sales of structured
notes to test the research hypotheses statistically.
This study found that: (a) financial innovation had the same pattern with the
technological innovation diffusion process, but it was because general customers
needed to see a successful example to pursue themselves to accept that financial
innovation; (b) different groups in the innovation diffusion process had different
features, including the level of risk tolerance, the amount of money used to invest, and
the knowledge of investing structured notes, and the level of these features will
gradually decrease as the time point of their acceptance; (c) there also existed a chasm
in the financial innovation diffusion process as the technological innovation diffusion,
and the key to cross the chasm was the price of each product; (d) the acceptance of
earlier customers in the process of financial innovation diffusion did not mean that the
risk of the products had reduced, which was quite different from the technological
innovation diffusion process, and later customers usually perceive lower risk than it
actually was and borne more risk than they actually can afford without knowing the
above difference.
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