非金融機構在網路金融業務監理風險之探討－以中國大陸電子商務公司為例

The Supervisory Risk of Internet Finance on Non-bank-The Case of E-commerce in China

柯瓊鳳(Chiung-Feng Ko) ； 黃一敏(I-Min Huang)

《兩岸金融季刊》 4卷3期 (2016/09) Pp. 109-139

摘要

網路金融業務發展，帶給電子商務公司不但避開金融監理規範，又得以便宜的交易管道，從事小額貸款、證券經紀業務、理財和支付等金融業務。此類網路技術創新不僅威脅既有的銀行、證券、基金、清算等業務，也可能引發快速的金融風險或危機，因為大部分的金融監管機構尚未做好網路金融相關規範。本研究主要在研究經營互聯網金融商品之電子商務公司，其營運是否同時符合Basel II 資本適足率、槓桿比率的監理規範？其次，在瞭解風險資本意涵之後，其相關風險應如何因應？本研究擬採用中國大陸三大互聯網企業(或稱電子商務公司)，百度、阿里巴巴、騰訊為個案研究對象，利用情境研究分析之結果，發現三大互聯網企業在投資規模不斷增加的情況下，其市場風險亦隨之增加，可能致使資本適足率不足。阿里巴巴在2013 年將買回之普通股註銷導致累計虧損，造成第一類資本大幅降低，甚至導致當年最低資本適足率小於零，槓桿比率為負，二者皆未達巴賽爾協定之規範。另外，本研究也發現可變利益實體(Variable Interest Entity, VIE)可能受到法規、資訊揭露、市場開放等限制，亦成為互聯網金融重大風險之一。

並列摘要

The growing innovations not only let E-commerce companies enter in the financial area, such as online loan services, retail brokerage, wealth management and e-Payment, with cheaper cost but also absolve them from financial supervision. The advent technological innovation not only threatens the existing businesses such as banking, securities, funds, settlement, may also spread financial risk or crises faster since most of the financial regulators are not ready for Internet finance. This study is to investigate the e-commerce companies how to ensure the coherent operation of Internet finance will meet the Basel II required on capital quality and leverage ratio? We propose a risk response of Internet finance extended from the traditional financial market. This paper penetrates the financial statements of top three e-commerce companies in China, there are Baidu, Alibaba, Tencent (also known as BAT) via scenario analysis to figure out whether they all meet the capital accord of Basel II. The results find that the BAT's market risks are increased as their investment scale increased. Owing to execute its share repurchase program in 2013, Alibaba got net losses even when result in its tier one capital reduced, the capital adequacy ratio is less than zero and its leverage ratio was negative, both of which neither meet the Basel II Requirement. Moreover, the Variable Interest Entity, (VIE) may be subjected to regulations, information disclosure, market liberalization and so on in China that result in the service of Internet finance has become one of the major financial risks.

並列關鍵字

Internet Finance ； Capital Adequacy Ratio ； Leverage Ratio ； Net Stable Funding Ratio ； Variable Interest Entity

參考文獻

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