為何二十多年來,利率都自由化了,其他的貸款利息都降了,
唯「二」沒調降的利率是地下錢莊及融資買股
因為會向地下錢莊及券商借錢的人,共同點是不具經濟理性,所以會被吃的死死的。
借款利率應視風險而定,信用風險愈高,則利率愈高。
以融資買股而言,因為有130%的維持率,也就是借100元,抵押資產價值低於130元,
就會被斷頭,所以券商被到債的可能性很低,風險其實很低。
以去年的樂陞案為利,即使買到地雷股,股價腰斬時都還有解套日,券商還能拿回
一部分借款,而且佔整體融資的比重很低,從以前到現在,從沒有一家券商因為遇
到地雷股而有重大損失或倒閉的例子,這表示券商超收借款人的利息。
比較大的信用風險是違約交割,但會違約的都是大戶,大戶都很理性,券商不敢吃
這些人,也就是吃軟不吃硬,只會欺負小散戶。
因為融資買股者不具經濟理性,券商也深知這點,所以硬是不調降融資利率。
會融資者有過度自信的毛病,也有賭徒的性格,這些特質就是常敗軍
所以融資買股是輸家的代表,融資餘額是股市的反指標
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