改善證券商整體經營風險預警指標與監管品質之探討

為先期發現證券商經營風險，及時提出警訊，以維護證券交易市場之安全，臺灣證券交易所股份有限公司（以下簡稱證交所）於1996年訂定「證券商整體經營風險預警作業辦法」，對若干證券業者風險預警指標出現異常時，能即時發揮預警制度之效益。然而，隨著政府積極開放證券商經營範疇及推動台灣加入世界貿易組織(World Trade Organization, WTO)後，我國證券商之整體經營風險已日趨多樣化及複雜化。此外，歷年來上市(櫃)公司地雷股頻爆，導致客戶鉅額違約交割事件頻繁，而證券商因應整體環境變化的內部控制之制度及風險管理能力卻未見成熟，在日趨複雜的政經環境及金融市場變化中，證券商之經營風險與日俱增。身為證券監管機構之證交所實有必要對當前證券商整體經營風險問題，進行檢討修正，以因應證券商業務經營環境複雜化、金融商品多樣化、證券業組織大型化與國際化之時代潮流。針對我國證券商現階段整體經營環境的快速變化，本文主要目的在現行「證券商整體經營風險預警作業」之架構基礎下，新增四項參考指標，包括：「證券商資本適足比率」、「上市（櫃）公司地雷股警訊指標」、「證券商申報客戶違約交割比率」、「證券商內控內稽缺失總扣分率」。本文預期此四項參考指標應會明顯影響風險預警評等及評分之結果，藉此提升監理品質，相信對證交所積極推動實施之「證券商差異化分級管理」，應能產生正面之實質貢獻。

關鍵字

現行預警制度；經營風險；證券商

並列摘要

In 1996, the Taiwan Stock Exchange Corporation set up the warning system of business risks for securities firms. The system helps securities firms to detect the anomalous risk and has benefits of early warning. Recently, the Taiwan's government decided to liberalize the financial market. Then, the Taiwan's financial market developed very rapidly. For the liberalization and globalization of financial market, business risks faced by securities firms have became diversification and complication. Therefore, the current warning system of business risks for securities firms is inadequate for controlling and managing risks, new procedures must be devised. The trend in many securities firms is to demand more elaborate warning system of business risks. That is, a new early warning system of business risks and how it may affect the securities firm's value or profitability must be supplied. The purpose of this paper is to provide a new warning scheme for modifying the current warning system of business risks by considering another four indicators. We expect that the new warning system will improve the accuracy of warning ability and helpful for the supervision of the Taiwan Stock Exchange Corporation.