台灣銀行、證券及保險業從事財富管理業務之比較研究

A Comparison Study of Wealth Management Business among Banks, Securities Houses and Insurance Companies in Taiwan

胡馨文(Hsing-Wen Hu)

指導教授 ： 邱顯比

國立臺灣大學/管理學院/財務金融組/博士(2008年)

https://doi.org/10.6342/NTU.2008.10487

摘要

不論國內外之研究報告及學者專家，皆一致看好台灣地區財富管理之發展。許多外資並以實際行動，參與台灣地區財富管理之發展。
現階段台灣區金融機構，先後遭遇經營環境丕變，如銀行業因新銀行之開放及政府鼓勵信用合作社改制，導致銀行家數過多，競爭激烈，使得銀行獲利能力大幅下降。相繼又發生1997年亞洲金融風暴及1999年地雷股事件，造成許多銀行大量逾期放款及呆帳。證券業則由於價格競爭及法人比重增加，使證券商經營面臨經營結構上之挑戰。保險業則受困於利率下跌導致傳統壽險保費激增，影響保單買氣，及近來因匯率變動面臨巨額匯率損失之窘境。現階段不論銀行、證券及保險業，經營策略上皆將發展財富管理視為突破目前困境之藍海策略。
然而不論銀行、證券及保險業，皆有其發展財富管理之有利及不利因素，亦皆有其獨特之利基。本研究，分別就法規面、產品面及稅務面作一橫向之比較分析。
本研究結論，於法規面而言，銀行、證券及保險業所受之規範大體而言大致相同，但立法上仍有努力之空間。產品面則可提供之產品亦不盡相同，但也提供各自發展財富管理差異化之空間。然而在稅法上，三行業所受到之待遇差異頗大，尤其在於遺產稅有不同之稅後效果。
本研究建議如下：
一、 主管機關繼續消弭銀行、證券及保險業有關財富管理之規範之不平等，使從事相等業務者，能於相同之規範下競爭。
二、 銀行、證券及保險財富管理各自發展其利基領域之產品及服務。
三、 稅務單位通盤檢討贈與稅及最低稅負有關海外所得部份之規定。

關鍵字

財富管理 ； 銀行 ； 證券 ； 保險 ； 比較分析

並列摘要

Both domestic and international scholars and research papers have unanimously shown an optimistic view on the development of wealth management in Taiwan. Many foreign banks also support this optimism with enthusiastic participation in Taiwan’s wealth management markets.

Taiwan’s financial industry has currently been experiencing severe changes. On the banking side, the government has been encouraging the establishment of new banks, as well as credit cooperatives reform. Due to fierce competition, over banking has resulted, thus reducing the earning capacity of banks. Furthermore, the Asian financial circus and a series of incidents thereafter took place in 1997 and 1999, respectively, caused a large amount of overdue loans and bad debt. With regards to securities houses, price competition and an increased number of institutional investors in the stock market have created pressure for structural change. Insurance companies, on the other hand, are suffering in the drop of interest rates, which has dramatically increased the premiums on traditional life insurance. In addition, fluctuation of foreign exchange rates has also negatively impacted their overseas investment holdings. Banks, securities houses and insurance companies, all regard the development of wealth management as a “Blue Sea Strategy” for the current predicament.

All of the above industries have their own strengths and weaknesses in the wealth management market. This research will do a comparative analysis on wealth management regulations, products and tax treatments among the three industries.

After examining the wealth management regulation of banks, securities houses, and the insurance companies, one can conclude that they are quite similar, but improvements can still be made on the legislation side. Regarding products, these three industries may offer similar products, however they provide the room of differentiation. Based on the tax treatment, there are distinct and separate treatments for each of the three industries, especially in the area of inheritance tax.

According to my research, I propose the following:

First, it is vital to prevent the bank, securities houses and insurance companies from experiencing inequality within regulations concerning wealth management. This will enable the industries to compete under the same norm.

Secondly, banks, securities houses and insurance companies should develop its niche products and services to create differentiation with one another.

Lastly, the regulations regarding the minimum taxation on overseas income, as well as the inheritance and donation tax should be re-examined to keep large proportions of capitals from flowing out of the country.

並列關鍵字

Wealth Management ； Banks ； Securities Houses ； Insurance Companies ； Comparison Study

參考文獻

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