本研究以國內現行主管機關規範制度下，財富管理銀行業者在為客戶進行投資理財以前，依據基金風險報酬等級分類標準，以客戶完成的風險屬性問卷結果，決定可持有符合商品適合度的理財商品。針對承受低度風險程度的客戶，在風險屬性結果的限制下，可選擇標的之長期投資結果，與納入部分比例投資於較高等級風險的投資組合進行分析。在多變的金融環境局勢下，此規範限制低度風險承受度客戶的投資選項，本用意在保護投資人的資產，但以長期的歷史實際績效，卻非為最有效率的方式，且金融業者相關部門對部分商品的風險識別有認定上的差異，亦有潛在的風險存在。有鑑於此，本文以不同風險資產投資組合的差異性，建議修改風險屬性規範的可能性。

Under current domestic regulations, wealth management consultants should consider customers' risk assessment according to the categorized standard of mutual fund risk level before recommending the suitable products to their clients. Customers with lower risk attribute, abide by the limitation of customers risk assessment, we
compare the performance of available long-term investment and portfolio with proportionate higher risk product, and we discover that under the ever-changing financial environment, these regulations, which are supposed to protect investors, narrow the investment option and cause inefficient results for customers with lower risk tolerance, according to the performance of long-run empirical practices. Besides, the relative departments in financial institutions have a diversion on the risk recognition which exacerbates the potential vulnerability on risk management. Therefore, after comparing the risk and return in different combinations of risk assets, this paper provides some suggestions on a better version of risk assessment.

1. 緒論 1
1-1 研究背景 1
1-2 研究動機 1
1-3 本文目的 5
2. 風險屬性評估與ETF介紹 6
2-1 風險屬性定義 6
2-2 ETF 8
2-3 文獻探討 9
3. 研究方法 11
3-1 資料篩選 11
3-2 投資組合分析 11
4. 實證結果分析 14
4-1 第一組資料 14
4-2 第二組資料 14
5. 結論與建議 21
參考文獻 23
附錄1 25
附錄2 29
附錄3 33

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