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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/150179


    Title: 海外期貨投資行為與顧客風險管理
    Investment Behavior and Customer Risk Management of Overseas Futures
    Authors: 游涴喻
    Yu, Wan-Yu
    Contributors: 謝明華
    李震華
    Hsieh, Ming-Hua
    Li, Chen-Hua
    游涴喻
    Yu,Wan-Yu
    Keywords: 美國期貨市場
    投資行為
    風險管理
    U.S. Futures Market
    Investment Behavior
    Risk Management
    Date: 2023
    Issue Date: 2024-03-01 13:46:09 (UTC+8)
    Abstract: 在當今全球金融市場迅速發展的背景下，台灣交易人越來越多地轉向海外期貨市場，尋求更高的利潤和風險分散的機會。本研究深入探討了2013年至2022年間台灣交易人在海外期貨市場的投資行為，尤其集中在美國期貨市場。研究發現，台灣交易人的投資行為以投機為主，其中以美國指數類期貨最為普遍，主要在於該商品流動性極高，同時也反映了他們對於快速盈利機會的偏好。
    自2018年起，台灣交易人的交易習慣逐漸轉向投資於美國交易所的各種商品期貨，這一轉變可能是對市場波動性的回應，也可能是尋求更高風險調整後回報的策略。值得注意的是，製造商在這一過程中扮演了重要角色，他們通過對白銀或鈸金等原物料的投資，來達到避險和風險管理的目的。這一策略不僅有助於保護他們免受價格波動的影響，也為他們在不確定的市場條件下提供了一定程度的保障。本研究揭示了台灣交易人在海外期貨市場的複雜投資行為，並強調了適當的風險管理在維持投資穩定性和保障利潤中的重要性。這些發現對於理解台灣交易人的市場行為，以及制定有效的交易策略和風險管理措施具有重要意義。
    Against the backdrop of the rapidly evolving global financial markets, Taiwanese traders are increasingly turning to overseas futures markets in search of higher profits and opportunities for risk diversification. This study delves into the investment behaviors of Taiwanese traders in the overseas futures markets from 2013 to 2022, with a particular emphasis on the U.S. futures market. It has been found that the investment behaviors of Taiwanese traders are primarily speculative, with a significant focus on U.S. index futures, primarily due to their high liquidity and reflecting their preference for quick profit opportunities.
    Since 2018, there has been a noticeable shift in the trading habits of Taiwanese traders towards investing in various commodity futures traded on U.S. exchanges. This shift might be a response to market volatility or a strategy to seek higher risk-adjusted returns. Notably, manufacturers have played an important role in this process. They have been investing in raw materials like silver or palladium for hedging and risk management purposes. This strategy not only helps to protect them from the impact of price fluctuations but also provides a certain degree of security under uncertain market conditions. This study reveals the complex investment behaviors of Taiwanese traders in overseas futures markets and emphasizes the importance of appropriate risk management in maintaining investment stability and securing profits. These findings are significant for understanding the market behaviors of Taiwanese traders and for developing effective trading strategies and risk management measures.
    Reference: 參考文獻
    書籍:
    1.John C. Hull (1999) Fundamentals of Futures and Options Markets
    2.高政煌，(1997).期貨百科-金錢文化
    3.陳昆仁，(2023).交易期貨的第一本工具書，聚財資訊

    論文及專刊:
    1.陳思涵.(2013).行為財務：不同風險情況下面臨獲利和損失之決策行為，國立臺灣科技大學管理學院MBA碩士論文
    2.葉雁甄.(2003).國際大宗商品期貨之操作制度，東吳大學法律學系碩士論文
    3.吳佩穗，(2021).原油期貨負價格事件對期貨交易市場影響研究，輔仁大學金融碩士在職專班碩士論文
    4.Jamie Ziegler ,Jim Ware and Liz.(2013).Alexandre Aidov-Three Essays on Market Depth in Futures Markets- Florida International University FIU Digital Commons
    5.中央銀行年報(2020).
    6.何富雄、邱仕敏.(2004).發展成功衍生性商品市場的重要因素.台灣期貨市場雙月刊
    7.台灣金融研訓院教育訓練計畫總覽.(2023).台灣金融研訓院
    8.永續金融評鑑作業手冊.(2022).金融監督管理委員會

    網路資源:
    1.台灣期貨交易所網站https://www.taifex.com.tw/cht/index
    2.行政院金融監督管理委員會證券期貨局網站https://www.sfb.gov.tw/ch/index.jsp
    3.美國期貨協會網站https://www.fia.org/fia/etd-tracker
    4.CME 網站 https://www.cmegroup.com/
    5.CBOT 網站https://www.cmegroup.com/company/cbot.html
    6.NYMEX 網站https://www.cmegroup.com/company/nymex.html
    7.一文看懂美股熔斷機制: https://www.moomoo.com/hant/news/post/5101125?level=1&data_ticket=1708064736508947
    Description: 碩士
    國立政治大學
    國際金融碩士學位學程
    111ZB1055
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0111ZB1055
    Data Type: thesis
    Appears in Collections:[國際金融碩士學位學程] 學位論文

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