| Summary: | 碩士 === 輔仁大學 === 財經法律學系碩士班 === 106 === This thesis was inspired by one of the press reviews published in the Financial Times on February 7, 2017, entitled as "Sell-side Research Would Be Miss Missed", indicating that the sell-side securities analyst career will be on the road to a dead end. The comment mentioned why the sell-side analysts will gradually disappear. On the one hand, the investment bank is strictly managed by the financial supervision authority, also the revenue of the investment bank is gradually declining, resulting in a decrease in manpower demand; the other hand is due to the sell-side securities analysts often provide false and false research reports, causing losses to the investors. The United States and the United Kingdom have experienced serious malpractices of securities analysts since 2000, causing investors to distrust securities analysts, and the occurrence of related frauds were caused by the conflicts of interests and roles of securities analysts in the market.
Therefore, this thesis begins with an explanation of the background and role of the securities analyst. The securities market is full of information. If the investors do not have sufficient expertise and knowledge, they will not be able to analyze or use the information in the market. This condition will cause the economic dilemma of information asymmetry in the securities market, which will lead to adverse selection and moral hazard. With a role as a securities analyst, through his professional competence and knowledge, he can research and analyze relevant information for clients, which will help clients to know relevant information as the basis for investment decisions. On the other hand, because of the diversified functions of securities analysts and the nature of their business, they will be in contact with different securities service providers and their employees. If the rules of behavior are not defined, how can securities analysts avoid various conflicts of interest and achieve their role functions. So the second half of this thesis mainly explains the rules for securities analysts' behavior, and studies how the United States and the United Kingdom government have established and revised their respective supervisory regulations since the occurrence of serious securities analysts' defects, and used the foregoing as a reference to the revision for the regulations to securities analysts in Taiwan.
This thesis is divided into six chapters. The first chapter introduces the research motivation, purpose, method and structure. The second chapter introduces the operation mode of the securities market and the role of securities analysts. The third chapter explains the types of securities analysts in Taiwan and compares the financial supervision regulations in the United States and the United Kingdom. The fourth chapter introduces the conflicts of interest and related prevention measures for securities analysts. The fifth chapter explains the shortcomings and improvement suggestions of Taiwanese regulations for preventing conflict of interest for securities analysts. Finally, the conclusions and recommendations are presented in Chapter six. This thesis hopes to analyze the regulations to securities analysts' supervision by comparing American law, British law and Taiwanese law, and then try to put forward relevant suggestions for revising the regulations in Taiwan.
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