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| Title: | 在台發行交易所交易債券之可行性分析
Feasibility analysis of exchange-traded note issuance in Taiwan |
| Authors: | 余佳禹 |
| Contributors: | 江彌修
余佳禹 |
| Keywords: | 交易所交易產品
交易所交易債券
在台發行
可行性分析
Exchange-traded products
Exchange-traded notes
Issuance in Taiwan
Feasibility analysis |
| Date: | 2017 |
| Issue Date: | 2017-07-24 12:02:20 (UTC+8) |
| Abstract: | 本文旨在探討台灣發行交易所交易債券之可行性。台灣近年交易所交易基金發展蓬勃，無論掛牌檔數、資產規模、交易金額皆向上成長，惟根據中華民國證券商業同業公會的統計，台灣證券商受託買賣外國集中市場有價證券之規模亦逐年增加，顯示目前台灣金融交易市場所提供之金融商品並不足以滿足市場需求，仍有發展空間。2016年1月，台灣金融監督管理委員會開放國內證券商接受投資人委託買賣外國交易所交易債券，本文透過闡述交易所交易債券之產品特性及分析各國交易所交易債券之發行及上市規範和稅制，進一步為台灣發行交易所交易債券之相關政策給出具體建議。
This study aims to make practical suggestions on exchange-traded note issuance in Taiwan. Data from Taiwan Securities Association shows that the trading value of securities firms accepting orders to trade foreign securities keeps growing these years, suggesting that the financial product line in Taiwan is not diversified enough to satisfy the market needs. Taiwan Financial Supervisory Commission has announced that securities firms are opened to accept orders to trade foreign exchange-traded notes since January 2016. Before opening domestic exchange-traded note market, related regulations have to be built. Exchange-traded note, the product itself, as well as the issuance and listing rules and taxation in different countries are therefore analyzed in this paper to make further suggestions on exchange-traded note issuance in Taiwan. |
| Reference: | 國內參考文獻
1. 林昱廷，民國一〇二年。黃金ETF於我國上市之可行性研究。證交資料，第613期。14-25頁。
2. 林昱廷，民國一〇三年。期貨ETF於台灣上市之源起及相關規劃。證券暨期貨月刊，第32卷第12期。23-35頁。
3. 林裕崇，民國99年。ETN發展歷程、現況與發行規範之介紹。證券櫃檯雙月刊，第149期。24-41頁。
4. 林裕崇，民國99年。跨越投資藩籬達成資產配置與投資策略之工具 —— ETN簡介。證券暨期貨月刊，第28卷第1期。14-23頁。
5. 游日傑，民國103年。ETF初級與次級市場折溢價套利策略。證券服務月刊，第625期。38-40頁。
國外參考文獻
一、 書籍
1. Groves Francis, (2011). Exchange Traded Funds: A Concise Guide to ETF, Hampshire, Great Britain: Harriman House, Ltd.
2. Lawrence Carrel, (2008). ETF for the Long Run: What They Are, How They Work, and Simple Strategies for Successful Long-Term Investing, New Jersey, United States: John Wiley & Sons, Inc.
二、 期刊
1. Colby Wright, Dean Diavatopoulos and James Felton, (2010). Exchange-Traded Notes: An Introduction, Journal of Investing, Vol. 19 Issue 2, page 27-37.
2. Colby Wright, Dean Diavatopoulos and James Felton, (2011). The Indicative Value – Price Puzzle in ETN: Liquidity Constraints, Information Signaling, or an Ineffective System for Share Creation?, Journal of Investing, Vol. 20 Issue 3, page 25-39.
3. Jeffrey Smith and Kenneth Small (2010). Weighing the Risks: Are Exchange-Traded Notes Right for Your Clients?, Journal of Financial Planning, Vol. 23 Issue 10, page 56-65.
三、 網際網路
1. A Field Guide to Exchange-Traded Products, Retrieved August 2012,
from http://arnerichmassena.com/pdf/white-papers/wp_ETP.pdf
2. Collateral and Exchange-Traded Products, Retrieved April 2009,
from http://www.etf.com/sections/features/5665-collateral-and-exchange-traded-products.html?qt-etf_related_articles=1
3. Lyxor Issues Gold ETN, Plans Single Commodity Range, Retrieved March 2009,
from http://www.etf.com/sections/features/5582-lyxor-issues-gold-etn-plans-single-commodity-range.html
4. Morningstar Warns on ETN Fees, Retrieved March 2012,
from https://www.etftrends.com/2012/03/morningstar-warns-on-etn-fees/ |
| Description: | 碩士
國立政治大學
金融學系
103352018 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0103352018 |
| Data Type: | thesis |
| Appears in Collections: | [金融學系] 學位論文
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Files in This Item:
| File |
Size | Format | |
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| 201801.pdf | 1139Kb | Adobe PDF2 | 93 | View/Open |
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