Innovation diffusion of financial innovation products- a case study of structured note

• Main Authors: Ma, Chi Shen, 馬濟生
• Other Authors: 許牧彥
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/38782714895634839033

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.