Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/122762
|
| Title: | 行為財務學在機器人理財顧問的運用、實務與挑戰
Robo-advisors and Behavioral finance: the application, practice and challenge |
| Authors: | 曹書華
Tsao, Shu-Hua |
| Contributors: | 周冠男
Chou, Robin K.
曹書華
Tsao, Shu-Hua |
| Keywords: | 機器人顧問
行為財務學
行為偏誤
財務顧問
數位財富管理
推力
Robo-Advisors
Behavioral finance
Behavior bias
Financial advisor
Digital Wealth Management
Nudge |
| Date: | 2018 |
| Issue Date: | 2019-04-01 14:44:13 (UTC+8) |
| Abstract: | 全球行動載具的普及，以及大數據分析等數位應用及人工智慧技術越來越進步，自動化的議題已席捲全球的金融產業。而這股浪潮在2008年金融海嘯之後順勢推升了一波金融創新。隨著投資人高風險意識的提升，以及厭惡資產管理業普遍的高費用率卻無法獲得好的投資回報，紛紛將注意力轉向低成本、低門檻、資訊透明、簡便快速的機器人顧問上。加上金融風暴期間爆發的許多弊案，讓投資人對於傳統資產管理產業及財務顧問產生不信任感，使機器人絕對理性、精準不出錯、不受情緒因素干擾的優勢更受到投資人的青睞。2017年諾貝爾經濟學獎得者Richard Thaler教授以長期對行為財務學的貢獻獲得此項殊榮，他主張一般人的有關經濟上的判斷與決策會受到內在、外在一些因素所干擾，而產生偏誤及不理性的行為，這也是人們在做理財規劃時往往最後達不到預期目標及效益的原因。而透過「絕對理性」的機器人顧問是否就可以排除投資人的不理性行為？本文透過綜合歸納前人對於投資人行為偏誤的研究文獻，以及目前機器人顧問使用者的偏誤行為分析，並對照目前市場上較具代表性機器人顧問公司的實務案例，及其如何應用行為財務學概念來管理投資人行為，從中歸納出國內外機器人顧問產業未來可能為面臨的問題與挑戰，並提出相關建言：
(1)行為偏誤很難改變，適當的推力（Nudge）可以順勢誘導，但推力的設計應建立在道德與信任基礎上。
(2)善用機器運算的優勢，透過客戶的行為數據追蹤與分析做好個人化服務。
(3)機器人顧問在產業中的價值定位應更清楚－普惠金融與長期投資最佳工具。
(4)未來機器人顧問公司應更聚焦於降低成本、連結更多元性產品及追蹤個人風險屬性之變動與調整等方向。
Due to the popularity of mobile device, and the digital applications such as big data analytics and artificial intelligence are rapidly developing, the automation concept have brought a significant impact to the global financial industry. After the financial crisis in 2008, with the increasing awareness of high-risk, investors start to doubt the high cost of the asset management which can’t bring them a fair investment return as they expected. The Investors turned their attention to the Robo-Advisors, to seek the benefit of low-cost, low-Account minimums, easy and fast, transparency information. In addition, there were some financial malpractices, like Madoff scandal, erupted during the financial crisis, also made an untrustworthy investment atmosphere in the traditional asset management industry. People are convinced that Robo-advisors’ unique advantage such as absolute rationality, accurate and error-free, no emotion bias can bring them a successful investment. Professor Richard Thaler, the winner of the Nobel Prize in Economics in 2017, won this award for his long-term contribution to behavioral finance. He advocated that the economic judgments and decisions of ordinary people will be interfered by internal and external factors. The irrational behavioral bias are the reasons why people often fail to achieve the expected goals and benefits when doing financial planning. Can the “absolute rationality” Robo-Advisors rule out the irrational behavior of investors? In this paper, we comprehensively summarize many studies and research literature from the issue of investors’ behaviors bias and Robo-Advisory and collect the results of the feedback survey on the current Robo-Advisors’ investors, and the end, we compare the practical cases of some big Robo-Advisors companies on the market, to see how them applies behavioral finance concept in the business. We find that Robo-Advisors can manage the investors’ bad behavior by using some special strategies and designs in the service platform but may still faces a lot of problems and challenges in the future. Therefore, we come out the following suggestions and hoping to add some contribution to the industry:
(1)Human’s behavioral bias is difficult to change, an appropriate Nudge may able to lead the behaviors back on the track, but the designing of Nudge should be based on morality and trust.
(2)Fully utilize the advantages of machine arithmetic, and to do the better individualized service by through customer behavior data tracking and analysis
(3)The value proposition of Robo Advisory in the industry should be set more clearer– the best tool for inclusive financing and long-term investment.
(4)Robo-Advisory company should put more effort on costs reducing, increase the number of the products, tracking and adjusting the potential variability in individual’s risk tolerance. |
| Reference: | 參考文獻與附表
（1） Brett King, 2012, Bank 3.0：Why Banking Is No Longer Somewhere You Go, But Something You Do.
（2） RPSeawright.com, 2014/4/26, Five Good Questions with Terry Odean
https://rpseawright.wordpress.com/2014/04/16/five-good-questions-with-terry-odean/
（3） Tom Davenport & Jim Guszcza, 2016/6, Effecting behavior change in a world of automated financial advisors
（4） Deloitte, 2016, The expansion of robo-advisory in wealth management
（5） Investopedia, 2017/7 updated, High Earners, Not Rich Yet – HENRYs
https://www.investopedia.com/terms/h/high-earners-not-yet-rich-henrys.asp
（6） Morningstar, 2018/7, The Evolution of Robo-Advisors - An updated look at the landscape of automated wealth management,
（7） Larry Ludwig, 2018/11/7, Investor Junkie：The Rise of the Robo Advisors – Should You Use One?
https://investorjunkie.com/35919/robo-advisors/
（8） Tara Siegel Bernard, 2018/9/7, The New York Times：Robots Can Manage Your Money. But Even They Need Humans
https://www.nytimes.com/2018/09/07/business/roboadvisers-financial-planning-betterment.html
（9） KPMG, 2017, ROBO Advising
（10） Richard Thaler,2015, Misbehaving : The Making of Behavioural Economics
（11） Richard Thaler，Werner De Bondt，1985, Does the stock market overreact?
（12） James Montier, 2010, The Little Book of Behavioral Investing: How Not to be Your Own Worst Enemy
（13） Paul Resnik & Stuart Erskine, 2015/11, The Robo Revolution：Robo-Advice market commentary and analysis, FinaMetrica
（14） A.T. Kearney, 2015, Robo-Advisory Services Study：Hype vs. Reality: The Coming Waves of “Robo” Adoption, UK）
（15） Thalma Lobel, 2014, Sensation: The New Science of Physical Intelligence
（16） Steph Hay, 2017/10/24, Capital One Tech：Even Bots Need to Build Character
（17） Richard Thaler & Cass R. Sunstein, 2008, Nudge：Improving Decisions About Health, Wealth, and Happiness.
（18） Mike Brown, 2017/9/19, Robo Advisors vs. Financial Advisors – Millennials Still Prefer Real-Life, LendEDU Survey
（19） Thesis (M.A.), 2013, An Investigation of the “Flash Crash” of 2010 using the principles of behavioral finance
（20） Riza Demirer、Karyl B. Leggio、Donald Lien, 2018/10, Herding and Flash Events: Evidence from the 2010 Flash Crash
（21） Minerva Lending, 2017, Robo-Advisors Shunned by High Net Worth Investors
（22） Capital Group：Ultra-High-Net-Worth Investors Express Optimism in Our Exclusive Survey, 2017
（23） LinkedIn（LNKD）, 2017, How Wealthy Clients Use Robo-Advisors to Invest
（24） My Private Banking Research, 2016, Investors’ attitudes towards Robo-Advisors
（25） Betterment Resource Center, Behavioral Finance
https://www.betterment.com/category/behavioral-finance/
（26） Wealthfront Investment Methodology White Paper
https://research.wealthfront.com/whitepapers/investment-methodology/
（27） Vanguard Advisor’s Alpha, Conway Wealth Group：Coaching Clients Through Financial Planning - How Advisors Add Value By Managing Behavior?
（28） Harry Terris, 2017, Financial Planning Tech Survey - Power tools: How new tech will upend wealth management
https://www.financial-planning.com/news/mobile-ai-and-microinvesting-tech-survey-2018
（29） Jessica Mathews, 2018, Financial Planning Tech Survey: Mobile is No. 1 — again. Why is adoption still slow?
https://www.financial-planning.com/news/tech-survey-compliance-cost-slows-mobile-adoption-for-financial-advisors-and-clients
（30） Tolga Bolukbasi, Kai-Wei Chang, James Zou, Venkatesh Saligrama, Adam Kalai, 2016, Man is to Computer Programmer as Woman is to Homemaker?
（31） Healy Jones, 2017, Use 401(k) features to nudge employees toward a successful retirement
（32） Richard Thaler, 2015/10, The Power of Nudges, for Good and Bad，The New York Times
（33） John Rekenthaler, 2016/5/9, 基金成本持續下降的原因,Morningstar
https://tw.morningstar.com/ap/news/%E5%B8%82%E5%A0%B4%E5%8B%95%E5%90%91/149463/%E5%9F%BA%E9%87%91%E6%88%90%E6%9C%AC%E6%8C%81%E7%BA%8C%E4%B8%8B%E9%99%8D%E7%9A%84%E5%8E%9F%E5%9B%A0.aspx
（34） 陳清龍, 1989, 投資人人格特質，投資型態與投資績效關係之研究
（35） 黃玉婷, 2009, 投資者風險偏好與理財滿意度之關聯性－以動態能力為中介變數
（36） 證交資料593期－各國場外交易之歷史回顧、發展歷程與啟示
（37） 美國金融監管局FINRA, 2016
（38） 翁禮祺觀點, 2016/7/4, 財管市場新寵兒 – 亨利族與理財機器人， 風傳
（39） 黃良瑞、林郁珊 2016/10, 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)
（40） 微笑投資法，資料來源：投信投顧公會
（41） 投資人情緒與股價之正向關, 2013/3, 今周刊
（42） 投資人在股市的過度反應與追漲殺跌, 瑞士信貸
（43） 臧倩, 2014, 信任和情绪在不同情境下對决策的影響, 吉林大學
（44） 史燕偉、徐富明、羅教講、李燕、劉程浩, 2016/1/3, 行為經濟學中的信任：形成機制與影響因素，
（45） 李顯儀, 2012, 各類基本面分析指標與基金從眾行為 之關聯性
（46） 王道銀行「O！My Robot！」使用心得分享, 論壇網址：https://www.mobile01.com/topicdetail.php?f=291&t=5329060&p=2
（47） 復華投信「強勢通」使用心得分享, 論壇網址：https://forum.fundhot.com/viewtopic.php?t=5433
（48） 財團法人金融消費評議中心年報, 2017 |
| Description: | 碩士
國立政治大學
經營管理碩士學程(EMBA)
105932147 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0105932147 |
| Data Type: | thesis |
| DOI: | 10.6814/THE.NCCU.EMBA.057.2019.F08 |
| Appears in Collections: | [經營管理碩士學程EMBA] 學位論文
|
Files in This Item:
| File |
Size | Format | |
|---|
| 214701.pdf | 1620Kb | Adobe PDF2 | 177 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
