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題名:台灣財富管理體制的形成及其社會基礎
作者:徐偉傑
作者(外文):Wei-Chieh, Hsu
校院名稱:東海大學
系所名稱:社會學系
指導教授:陳介玄
學位類別:博士
出版日期:2009
主題關鍵詞:財富管理 勞退新制 金融風暴 金融與社會 wealth managementnew public pension systemfinancial stromfinance and society
原始連結:連回原系統網址new window
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  步入二十世紀中葉之後,人類歷史上首次出現伴隨長壽人口結構而來的退休課題。退休儲備做為一種社會需求,雖然烘托出財富管理的意義和重要性,但是並不代表面對退休儲備的社會,可以或者必須孕育形成財富管理系統。而2005年隨著勞退新制的實施,以及財富管理業務納入規範,標示台灣社會建構一個財富管理體制(wealth management regime),援引金融手段,解決包括退休儲備在內的理財問題。但是,透過本文的分析,我們卻看到整個偌大的財富管理體制呈現低度發展。
  在勞退新制部分。個人帳戶制度的實施,將廣大的勞動大眾轉化為投資大眾。雖然相對於舊制,更多勞工能在新制中領到退休金,但卻僅能獲得低度保障。主因是勞監會的金融專業能力不足,以及國庫撥補投資報酬率不及兩年期定存利率的差額。結合了有限的市場能力與國家能力,看似提供保障的制度設計其實僅能提供低度保障。在財富管理產業部分。財富管理業務的出現,反映的是銀行的生存問題,是銀行為日益緊縮的傳統業務找尋新的出口,而非應對社會整體的退休儲備需求。以至於在金融與社會之間扮演重要橋樑的財富管理「客戶需求」,同時被窄化為理財客戶的投資需求,以及銀行和理專的銷售需求。財富管理系統於是淪為金融商品的大賣場,財富交付管理應具備的專業性與知識性,以及背後所欲滿足的社會需求均被刻意忽略。連動債引發的風波正凸顯這般低度發展,以及台灣位居全球金融系統中的邊陲性。
  社會學理論對於財富管理研究的洞見在於,財富交付管理不代表財富的純粹市場化,而是將市場規則交由家庭規則管轄,使其成為一種社會規則,社會需求的滿足因而成為金融發展新的對象物。並且,做為配置財富資源的金融資產不能膨脹實體資產過遠,否則脫離對象物而取得自行增殖的資本運動,將會造成「社會-金融」關係的崩解,進而反噬財富管理本身。
  In the mid-20th century, retirement issues became popular among human longevity trends. Retirement preservation signifies the meaning and importance of wealth management(WM). But the formation of WM system must based on several social needs. The implementing of new public pension system and practicing of WM business in 2005 embodied the constructing of Taiwan WM regime. The financial means were introduced to revolve the problem of retirement preservation. This dissertation is to discuss the underdevelopment of Taiwan WM regime.
  In the new public pension system, individual accounts transfers labors into investors. Although more labors get more pension payment compared to old system, they just can get lower employees’ welfare benefit. The investing capability of Labor Pension Fund Supervisory Committee was insufficient for labor’s needs. And the Treasury shall make up the shortfall in the event of any investment deficiency. Limited market capability coupled with limited state capability paradoxically resulted in the situation of low protection for employees. In the WM industry, the emerging WM business were regarded as the alternative for shrinking traditional business. When “demands of the customer” had narrowed down to only investing needs for customers and selling needs for banks, the WM banks became the shopping mall of financial products. The specialty and knowledge about WM and its specific social function were ignored in this process. The event of structured note reflected this underdevelopment of Taiwan WM industry and its peripheral character in global financial system.
  The insight of sociological theories expresses the following concerns: The operating of WM doesn’t mean the fully marketization of wealth. The market rules must obedient to family rules in order to meet the specific social needs. Therefore, the satisfaction of social needs becomes the new objective of financial development. Importantly, the allocation of wealth resources by WM industry cannot expands far away from physical assets, or the “society-finance” relationshop will be collapsed. The WM and wealth itself will suffer for this damage.
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