金融控股公司治理構面之探討

GOVERNANCE DIMENSIONS RESEARCH TOWARDS FINANCIAL HOLDING COMPANY

賴勇誌(YUNG-CHIH LAI)

指導教授 ： 陳明惠

元智大學/管理學院/管理研究所/碩士(2004年)

摘要

金融控股公司治理構面之探討
學生：賴勇誌 指導教授：陳明惠博士
元 智 大 學 管 理 研 究 所
摘 要
國際金融環境蛻變,於1999年11月12日，美國通過「金融服務現代化法案」,開啟了金融服務業以控股型態集中多角化經營之新營運模式。而我國經濟在面臨全球化效應所帶動的經濟發展與轉型及金融改革等目標下，亦於2001年11月通過「金融控股公司法」成為我國金融控股公司設立之法源基礎。金融控股公司採取以母集團控股旗下子公司股權進行跨業經營機制之運作，在結合多樣化金融商品，其經營風險更趨複雜;再者,金融控股公司由於廣納社會大眾存款及投資資金,其資產規模甚鉅、股權集中,財務槓桿風險高,其社會責任性之確保,相較於其他產業更突顯其重要性。所以,金融控股公司及其旗下子公司一旦發生財務危機,連鎖效應將嚴重影響整體社會金融秩序及阻礙總體經濟之發展。而公司治理制度之落實執行,遂成為控制上述經營風險之良策。另外,隨著資本市場全球化,公司治理已漸成為國際性議題,該國政府及企業之公司治理良善與否已成為國際間投資環境優劣及企業赴海外籌資取得低資金成本之關鍵性指標;自「股份有限公司」發展至「控股公司」經營型態,其原本既存之公司治理問題更趨高度複雜;而公司治理的目的在於建立一個均衡的法規環境與市場運作機制,保障股東及利害關係人之合法權益,所以,除了企業藉重自律性之決策體質與運作機制,強化企業永續經營能力外,外部機制更扮演著推動國家與企業整體治理發展之要角。
本論文為了瞭解台灣金融控股公司之公司治理構面,透過金融跨業經營模式下所衍生之風險管理及社會問題分析,進而採取政策性研究方法,並輔以個案研析,探討國內外公司治理制度之相關政策及措施,歸納分析出台灣金融控股公司治理發展構面,以期提出務實行動措施,進而改善這些基本社會問題。根據台灣金融控股公司之產業特性,研究結論歸納出金融控股公司治理制度發展之五大構面,分為董監事、股東及利害關係人權益、資訊揭露與透明化、內部控制與內部稽核及外部機制。本文第一章為緒論,包括研究背景與動機、研究目的;第二章為文獻探討,包括金融控股公司跨業經營機制下風險管理及其公司治理機制;第三章為研究方法與研究架構,包括研究定義、方法及架構;第四章為金融控股公司之構面研究,包括控股公司之概念、金融控股公司制度及其治理構面;第五章為韓國與台灣金融控股公司治理構面之分析,並以本研究架構-金融控股公司治理五大構面,歸納出倆國治理構面之政策差異,期能藉其近年來治理經驗,作為台灣金融控股公司治理制度改善之參考;第六章為結論與建議。
關鍵字: 控股公司、金融控股公司、公司治理、巴賽爾資本協定、交叉持股、金字塔結構、資訊不對稱、代理問題。

關鍵字

控股公司 ； 金融控股公司 ； 公司治理 ； 巴塞爾資本協定 ； 交叉持股 ； 金字塔結構 ； 資訊不對稱 ； 代理問題

並列摘要

GOVERNANCE DIMENSIONS RESEARCH
TOWARDS FINANCIAL HOLDING COMPANY
Student： Yung-Chih Lai Advisors：Dr. Ming-Huei Chen
Graduate School of Management
Yuan-Ze University
ABSTRACT
The international finance environment transformation, to November 12, 1999, US passes "the financial service modernization bill", has opened the financial service industry holding condition centralism multangular management the new transport business pattern. But our country economy in faces goal and so on under economical development and reforming and financial reform which the globalization effect leads, also passes "the financial holding company law" in November, 2001 to become law origin of foundation our country finance holding company establishment.The financial holding company adopts by the female group holding under the subsidiary company stockholder''s rights carries on operate inter-industrially operation the mechanism, in the union diversification finance commodity, its management risk hastens complex; Furthermore, financial holding company because broad natrium society populace deposit and investment fund, its property scale really great, stockholder''s rights centralized, the financial release lever risk is high, the its social responsibility guaranteeing of, compares to other industries suddenly reveals its importance. Therefore, under the financial holding company and its the flag the subsidiary company once has the financial crisis, the chain-like effect seriously will affect the overall social finance order and development the hindrance overall economy. But the company governs realization execution the system, then becomes brilliant plan of the control above management risk. Moreover, along with the capital market globalization, the company governs has gradually become the international subject, company of this country government and the enterprise governs kindhearted or not has become the international investment environment fit and unfit quality and the enterprise goes to the overseas to finance obtains the low fund cost the crucial target. From "the limited liability company" the development to "the holding company" the management condition, it originally already saves the company to govern the question to hasten highly complex; But the company governs the goal lies in establishes a balanced laws and regulations environment and the market operation mechanism, safeguards the shareholder and the formidable sponsor the legitimate rights and interests, therefore, the enterprise penetration autonomy decision-making of physique and the operation mechanism except, the strengthened enterprise continues forever outside the business capacity, exterior mechanism acts the impetus country and the enterprise whole government development wants the angle.
The present paper in order to understand company of the Taiwan finance holding company governs the construction surface, under the penetration finance operate inter-industrially pattern grows the risk management and the society problem analysis, then adopts the policy research technique, and auxiliary grinds by a document analyzes, discusses the domestic and foreign companies to govern correlation of policy and the measure the system, the induction analyzes the Taiwan finance holding company to govern the development construction surface, to the time proposed the practical motion measure, then improves these basic social questions. Industry of characteristic according to the Taiwan finance holding company, the research conclusion induces the financial holding company to govern fifth the big constructions surface system development, divides into the Dong supervisor, the shareholder and the formidable sponsor rights and interests, the information exposition and transpire, the internal control and the interior audit and exterior mechanism。The this article first chapter is an introduction, including research background and motive, research goal; Second chapter is the literature discussion, the risk management and its the company governs the mechanism including the financial holding company operate inter-industrially mechanism under; Third chapter for research technique and research overhead construction, including research definition, method and overhead construction; Fourth chapter construction surface research for financial holding company, concept of, financial holding company system and its government construction surface including the holding company; Fifth chapter governs analysis the construction surface for South Korean and the Taiwan finance holding company, and governs five big constructions surface by this research overhead construction - finance holding company, induced policy of difference the pairs country government construction surface, the time can affiliation its recent years govern the experience, governed reference the system improvement as the Taiwan finance holding company; Sixth chapter for the conclusion and the suggestion。
Essential character: The Holding Company、The Financial Holding Company、Corporate Governance、The Basel Capital Accord、Cross Holding the Stock、The Pyramid Structure、 Asymmetric Information、Agent Principal。

並列關鍵字

HOLDING COMPANY ； FINANCIAL HOLDING COMPANY ； CORPORATE GOVERNANCE ； BASEL CAPITAL ACCORD ； CROSS HOLDING ； PYRAMID STRUCTURE ； ASYMMETRIC INFORMATION ； AGENT PRINCIPAL

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