{"error":false,"id":["149969"],"data":{"IVOD_ID":149969,"IVOD_URL":"https://ivod.ly.gov.tw/Play/Clip/1M/149969","日期":"2024-03-18","會議資料":{"會議代碼":"委員會-11-1-20-4","會議代碼:str":"第11屆第1會期財政委員會第4次全體委員會議","屆":11,"會期":1,"會次":4,"臨時會會次":null,"種類":"委員會","委員會代碼":[20],"委員會代碼:str":["財政委員會"],"標題":"第11屆第1會期財政委員會第4次全體委員會議"},"影片種類":"Clip","開始時間":"2024-03-18T10:35:55+08:00","結束時間":"2024-03-18T10:48:06+08:00","影片長度":"00:12:11","支援功能":["ai-transcript","gazette"],"video_url":"https://ivod-lyvod.cdn.hinet.net/vod_1/_definst_/mp4:1MClips/14550b3f67fe733a3424099813443d521b0cd19bcd66f1b3f8ba9b0039caa7a689e2bfcd57ebc68f5ea18f28b6918d91.mp4/playlist.m3u8","委員名稱":"羅明才","委員發言時間":"10:35:55 - 10:48:06","會議時間":"2024-03-18T09:00:00+08:00","會議名稱":"立法院第11屆第1會期財政委員會第4次全體委員會議（事由：邀請金融監督管理委員會黃主任委員天牧率臺灣證券交易所股份有限公司林董事長修銘及財團法人中華民國證券櫃檯買賣中心陳董事長永誠、中央銀行分別就「從ETF熱賣看政府如何健全投資管道引導民間游資，避免熱錢過度投入房市」進行專題報告，並備質詢。\n【3月18日及20日二天一次會】）","gazette":{"lineno":533,"blocks":[["羅委員明才：（10時36分）主席、各位委員、出列席官員大家好。主席，請黃主委，等一下再請央行以及證券交易所陳董事長。"],["主席：有請黃主委。"],["黃主任委員天牧：召委早。交易所董事長去招商，不好意思。簡總經理……"],["羅委員明才：請另外一位陳董好了，陳永誠。"],["主席：櫃買中心陳董事長。"],["羅委員明才：對，好，謝謝。主委，我想請教一下，ETF究竟是什麼形式、從什麼時候開始在臺灣募集、販售？一般民眾、小白可不可以下去買？最少的單位大概要多少錢？"],["黃主任委員天牧：ETF的介紹在報告第1頁都有說，臺灣是92年開始有第一檔ETF。到現在發展起來，大概有48檔，以股票為標的的ETF大概一兆四千、五千億左右。"],["羅委員明才：總共現在加起來的規模是多少？"],["黃主任委員天牧：加上債券應該差不多是四兆左右。"],["羅委員明才：有四兆多？"],["黃主任委員天牧：對。"],["羅委員明才：我們看到網紅說，這是可以打敗定存的。請問主委有沒有買？"],["黃主任委員天牧：我沒有買。"],["羅委員明才：現在定存的利率是多少？"],["黃主任委員天牧：好像1.5%至1.6%吧？最高應該不到2%，我沒有特別注意。"],["羅委員明才：如果不到2%，ETF會不會倒？"],["黃主任委員天牧：要看是什麼ETF。如果各位記得2020年有一個槓桿反向基金，後來因為追蹤標的的問題下市。至於股票的部分，其實我也有報告風險，這都是風險之一，只是相對發生的機率大不大。"],["羅委員明才：可是一般民眾都不瞭解啊，特別是那麼亮麗的宣傳，唯一可以打敗定存的，哇！好像跟神一樣。因為這一次的情況是這樣，很多人都沒有買到台積電，主委，你有買到台積電嗎？"],["黃主任委員天牧：我什麼都沒有。"],["羅委員明才：對啊，我周邊很多人都沒有，特別是小白，哇！好緊張啊、無所適從。所以很多人、定存族存在銀行的老本500萬、1,000萬全部趕快解約，甚至連房子沒有貸款的趕快去做信貸、趕快去質押貸款，拚啦！大家一窩蜂最後一次機會，台積電都錯過了、ETF不能再錯過啊！因為這些人的恐懼跟驚慌，主委，你不懂他們的心。"],["黃主任委員天牧：報告委員，台積電也有零股，其實也是可以買的，我們有零股交易。"],["羅委員明才：我周邊沒有人買台積電，只有一個人買，是投信的一個董事長，而且買了好幾千億，名字我就不說了。問題就是當資訊不正常對等，當所有小白在這樣一個貧富懸殊很大的場境、在這種環境之中，他沒辦法、沒得選擇啊！","他跟我講，很多的年輕人本來很想買虛擬貨幣，在美金一枚大概6,000塊的時候很多年輕人就問我說，哇！股票台積電我買不起、也不曉得怎麼買；然後很多人就說虛擬貨幣是年輕人的最後一個機會，有人沒辦法，就跳上車啊。可是央行從幾年前……央行今天也來了，央行也一起上來，副總裁，你們總裁一直說那個風險很大、叫人家不要買，很多人聽總裁的話都沒有買，結果今天證明……請問一下副總裁，現在比特幣一枚多少錢？"],["嚴副總裁宗大：比特幣過去的價格……"],["羅委員明才：今天、大概、最近，最近一枚多少錢？"],["嚴副總裁宗大：過去我知道是接近七萬多，然後……"],["羅委員明才：七萬多的美元？"],["嚴副總裁宗大：對。"],["羅委員明才：是美元。所以你想想看，已經差了10倍，副總裁，年輕人不希望年輕被留白，更重要的是大家會怕，在這個時代他是不是野蠻生存遊戲中最後被淘汰的那個人？大家都在撐啊！","主委，我剛請教你，一般小白可不可以買ETF？它的最低的額度是多少？"],["黃主任委員天牧：我很久沒有買這些東西了，我不曉得。"],["羅委員明才：請櫃買。"],["主席：請陳董事長。"],["羅委員明才：陳董事長，這個應該是你們在管的，是不是？"],["陳董事長永誠：我們主要是債券的ETF，股票的……"],["羅委員明才：好，債券的ETF，從你這邊開始，它最低的購買的額度是多少？每個人是不是都可以買？還有從這幾年、九十幾年到現在，買的人有沒有虧過錢？"],["陳董事長永誠：每個單位的價格不太一樣，有的40塊、有的30塊、有的15塊。"],["羅委員明才：所以最低的入門門檻是多少？不然這樣，請簡總經理好了。"],["主席：簡總請。"],["簡總經理立忠：我想10塊錢以上到……看他背後一籃子股票的組成，到一百多塊、兩百多塊都有。"],["羅委員明才：所以他只要出一百多塊就可以買這個股票？"],["簡總經理立忠：那個一百多塊要再乘以1,000啦，單位是1,000。"],["羅委員明才：因為一張是1,000股嘛。"],["簡總經理立忠：對！"],["羅委員明才：所以剛剛你這樣講，可能他幾萬就可以入門了。"],["簡總經理立忠：最近新發行10塊錢的話，那就是1萬塊一個單位。"],["羅委員明才：難怪啊！主委，這個問題就出現了，多好的機會！而且你告訴我，這十幾年來如果他買了不賣，有沒有虧錢的案例？"],["黃主任委員天牧：這個我不太清楚，但是我想股票有漲有跌，它的成分股有漲有跌，但他是不是一定都賺？我不曉得，要從實證研究……"],["羅委員明才：它現在變成是一種全民運動，特別是空手的、是小白的，他覺得一定要跟上這個風潮啊，這個大浪來他不跟上去，那他怎麼辦？也許就被淘汰掉了。主委，我想請教一下，你對這些小白有什麼話說？用力買還是不要買、還是通通不要碰？"],["黃主任委員天牧：ETF應該是一個庶民可以去投資的商品，但是必須自己要瞭解這個商品的特質，當然監理機關這邊就要責成投信公司必須要善盡告知投資人這些商品到底是什麼商品，在這些公開說明書中都要詳細的跟投資人解釋清楚；同時也不可以像您剛才所說的，在行銷手法上拿去跟定存比，甚至暗示投資人這個一定會超過定存的利率、甚至有一種一定會實現相當利潤的期待，這是不對的！因為它牽動到成分股的漲跌，怎麼可以去跟定存比，這個是不妥當的。"],["羅委員明才：所以你們準備怎麼做？"],["黃主任委員天牧：第一個，投信公司在通路銷售這個商品的時候一定要正確告知投資人商品的特質，投資人自己要去瞭解這個商品適不適合他的風險；同時在行銷手法上，尤其是跟網紅合作上，這也是我們現在要強化規範的地方，不可以誤導投資人。"],["羅委員明才：主委，請問一下，買的機會都是一樣嗎？會不會因為他是大咖、會不會因為他是市場的老手因此他買得到，小白都買不到啦？"],["黃主任委員天牧：這應該是券商這邊……初級市場部分都是從券商這邊的通路讓大家去做申購。"],["羅委員明才：好，謝謝。請問簡總。"],["簡總經理立忠：委員好。"],["羅委員明才：買得到的人就是一些老面孔，有很多人買不到啊，那你會不會開一個特別的窗口給這些買不到的人優先來承購？"],["簡總經理立忠：跟委員報告，其實ETF是跟一般股票一樣，掛上來以後在我們這一個交易所、OTC的集中交易市場上面去做撮合，所以它是很方便交易，就類似股票一樣。委員提到：有的買到、有的沒有買到，這是開始在申購的時候、成立的時候……申購的時候有一定的限制或有一定的地方，那這個還沒有掛上去，掛上去以後隨時可以在交易所或OTC的市場上面買得到。"],["羅委員明才：對，那個是在市面上，當然你就是用撮合的嘛，對不對？現在問題就是你要掛、還沒掛上去的時候，為什麼張三、李四他可以買，這些小白通通買不到呢？"],["黃主任委員天牧：委員，我再跟您報告一下，它也有一些……通路在決定是不是要賣給特定投資人，也要看KYC、也要認識客戶，這個客戶是不是屬於自身風險屬性跟這個商品是相同的，所以不是隨便誰要買都可以買，券商這邊也有KYC的程序要去做。"],["羅委員明才：主委，這個承銷制度是不是有問題啊？如果在這種既定的遊戲規範當中，小白永遠出不了頭啦！"],["黃主任委員天牧：不會，有不同類型的ETF，他都可以自己去做選擇。"],["羅委員明才：就最近最火紅的這一檔。"],["黃主任委員天牧：您說的小白到底……也許他也有一些投資的經驗，我不太清楚。"],["羅委員明才：主委，可不可以這樣──這些買不到的人我們立法院這邊來登記，然後拜託主委優先讓他們買？"],["黃主任委員天牧：最近這一檔上禮拜就已經結束了吧。"],["主席：上禮拜五截止了啦。"],["羅委員明才：上禮拜五截止，為什麼有人買得到、有人買不到？"],["主席：他去找元大啦。"],["羅委員明才：對，這就是一個不公平性嘛。"],["黃主任委員天牧：實務上可能就像召委說的，可能要問發行……"],["羅委員明才：請主委要注意一下，在現有的遊戲規則當中，強者恆強，所有的新手、所有的弱勢、所有的小白永遠是人為刀俎、我為魚肉，希望主委可以打破這一個不公平的制度！這麼「好空」為什麼你不給這些人？為什麼都是這些老面孔？不信你把資料全部調出來，有多少的集中度、百分比多少？就是那些人，好的通通都拿去、壞的要承銷，這個買不到，不然你去買另外一個，買了就套、套了就慘！主委，這個制度是不公平的。"],["黃主任委員天牧：委員您提醒我們的，我們會在制度上去做一些研究，謝謝委員。"],["主席：謝謝羅委員的質詢。","我們剛剛會議已經有宣布休息10分鐘，請2位委員稍候，休息10分鐘。","休息（10時48分）","繼續開會（10時58分）"],["主席：繼續開會。","接著請黃珊珊委員質詢。"]],"agenda":{"page_end":214,"meet_id":"委員會-11-1-20-4","speakers":["郭國文","林德福","吳秉叡","李彥秀","賴士葆","賴惠員","羅明才","黃珊珊","顏寬恒","伍麗華Saidhai‧Tahovecahe","王鴻薇","陳玉珍","李坤城","洪孟楷","王世堅","林楚茵","牛煦庭","徐巧芯"],"page_start":147,"meetingDate":["2024-03-18"],"gazette_id":"1131601","agenda_lcidc_ids":["1131601_00004"],"meet_name":"立法院第11屆第1會期財政委員會第4次全體委員會議紀錄","content":"邀請金融監督管理委員會黃主任委員天牧率臺灣證券交易所股份有限公司林董事長修銘及財團法\n人中華民國證券櫃檯買賣中心陳董事長永誠、中央銀行分別就「從 ETF 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那請那個櫃買"},{"start":327.657,"end":328.978,"text":"每個單位的價格不太一樣有的40塊、有的30塊、有的15塊"},{"start":356.743,"end":373.516,"text":"最低的入門門檻是多少有些發行價格15或10塊不然這樣請李總經理好了李總請簡總我想10塊錢以上到看他背後的一攬子股票的組成到100多塊200多塊都有"},{"start":375.407,"end":403.938,"text":"所以他只要出一百多塊他就可以買這個股票那個一百多塊是等於是要再乘以一千一張是一千股嘛對對對所以剛剛你這樣講可能他幾萬他就可以入門啊最近發行的新發行的十塊錢的話那就是一萬塊一個單位難怪啊主委這個問題就出現了多好的機會"},{"start":405.489,"end":433.479,"text":"而且你告訴我這十幾年來如果他買了不賣有沒有虧錢的案例這個我不太清楚但是我想股票有漲有跌他的成分股有漲有跌但他是不是一定都賺我不曉得要從實證研究他現在變成是一種全民運動特別是空手的是小白的但他覺得一定要跟上這個風潮啊這個大浪來你不跟上去那他怎麼辦"},{"start":434.264,"end":446.727,"text":"也許就被淘汰掉了所以主委我想請教一下那你對這些小白有什麼話說用力買還是不要買還是通通不要碰"},{"start":448.451,"end":471.886,"text":"ETF是一個應該是庶民可以去投資的商品但是必須你自己要了解這個商品的特質那當然監理機關這邊就要責成投信公司他必須要善盡告知這些投資人你的商品到底是什麼商品在這些公開說明書中都要詳細的跟投資人解釋清楚同時也不可以像您剛所說的"},{"start":472.566,"end":473.187,"text":"所以你們準備怎麼做?"},{"start":495.489,"end":495.889,"text":"主委請問一下這個買的機會都是一樣嗎?"},{"start":523.348,"end":550.246,"text":"會不會是因為他是大咖會不會因為他是市場的這個老手他買得到小白都買不到啦這應該是券商這邊出行市場部分都是看券商這邊通路上大家去去做申購啦好謝謝那請問那個簡總簡總買得到的人就是一些老面孔有很多人買不到啊"},{"start":550.987,"end":571.986,"text":"那你會不會開一個特別的窗口給這些買不到的人優先來成購跟委員報告其實ETF它是跟一般股票一樣掛上來以後呢在我們這個交易所或OTC的這個集中交易市場上面去做撮合所以它是很方便交易就類似股票一樣"},{"start":572.586,"end":591.708,"text":"那委員有提到說有買到有沒有買到這是在開始在申購的時候他成立的時候申購的時候那他有一定的限制或有一定的地方那這個還沒有掛上去掛上去以後呢你隨時可以在這個交易所這邊或OTC的市場上面買得到"},{"start":592.488,"end":609.594,"text":"對那個是在市面上當然你就是就用撮合的嘛對不對現在問題就是你要掛還沒掛上去的時候那為什麼張三里市他可以買這些小牌東都買不到勒我再跟您報告一下就是"},{"start":611.121,"end":633.591,"text":"他也有一些他在通路在是不是決定要賣給特定投資人也要看KYC也要認識客戶這個客戶是不是屬於他的風險屬性跟這個商品是相同的所以不是說我隨便誰要買都要買券商這邊也要有KYC的程序要去做主委這個承銷制度是不是有問題呀"},{"start":636.223,"end":661.863,"text":"那如果在這種既定的遊戲規範當中那小白永遠出不了頭了啊不會啊他有不同類型的ETF啊他都可以自己去做選擇沒有就最近最火紅的這一黨那您說的小白到底也許他也有一些投資的經驗我不太清楚那主委可不可以這樣這邊買不到的人吼那我們立法院這邊來登記然後拜託主委優先讓他們買"},{"start":663.226,"end":675.384,"text":"最近這一檔上禮拜就已經結束了吧上禮拜五截止了啦上禮拜五截止為什麼有人買得到有人買不到他去找嚴大這個就是一個不公平性嘛"},{"start":677.907,"end":703.956,"text":"這個是實務上可能就像趙偉說的請主委要注意一下在現有的這個遊戲規則當中強者恆強所有的新手所有的弱勢所有的小白永遠是人為刀齒我為魚肉希望主委可以打破這個不公平的一個制度這麼好康你怎麼不給別人給這些人為什麼都是這些老面孔"},{"start":704.98,"end":728.958,"text":"不是你把資料全部調出來有多少的集中度百分比多少就是那些人好的通通都拿去壞的要成銷才不然你這個買不到你去買另外一個買了就套套了就慘所以這個制度是不公平的委員您提醒我們我們會去制度上去做一些研究謝謝委員好 謝謝羅委員的質詢"}]}},"supported_relations":[],"relations":[]}