證券商違規案件分析與提昇監理效果關係之研究

近年來證券商違規案件層出不窮，一方面可能導致證券商本身的財務風險外，另一方面也將影響市場秩序，造成投資人蒙受損失。所以值得深入探討其內涵及影響關係，探討之主要影響因子為證券商本身之內控機制以及主管機關監理制度。健全有效的風險管理與控制制度可以提昇個別證券商及整個產業的穩定性，進而增加投資大眾的信心，因之所有的證券公司都有經濟及商業動機來建構一個有效的風險管理內部控制系統。如果沒有此一控制系統，公司勢必無法有效因應各種風險的發生。證券商若能夠認真執行具體有效的風險管理與控制，當可促進整個金融體系的安定。本研究透過龐大資料的收集，來分析國內較為知名證券商所出現的違規案例，從中找出較為關鍵的地方，供主管機關加強監理效果。本文針對證券商常見違規之龐大累積案件，利用證券商內控查核之分類查核方式，進行違規方式之統計分析，結果發現近年來政府機構對監理制度之加強，確實有助於違規案件的降低。但仍有較為明顯的違規個案出現，顯示證券商內控機制尚需配合政府監理制度，加強人員訓練與嚴格執行，才能把違規案件降低至理想水準之內。

關鍵字

證券商；風險內控；違規案件；監理制度

並列摘要

The irregularities of the Securities Firms emerges in an endless stream in recent years. On one hand, it may cause the securities’ financial risk, and will even influence the market order to make investors to suffer losses on the other hand. Therefore it’s worthy to probe into its intension and influence the relation thoroughly. The main influence factor probed into the internal control mechanism of the Securities Firms and competent authority's supervision system. Perfecting effective risk management and controlling the system can promote the stability of specific Securities Firms and whole industry, and then increase the confidence of the public, because all Securities Firms have their own economic and commercial motive to build up an effective risk management internal control system. Without the internal control system, the Securities Firms will undoubtedly unable to encounter with all different risks. If the Securities Firms can carry out concrete and effective risk management and control conscientiously, the stability of whole financial system will be substantially promoted .This research analyses the domestic irregularities that appear for more famous Securities Firms through the collection of the huge materials, and finds out the comparatively key points from it, for the competent authority to strengthen their supervisory management. This research focus on the common huge accumulation cases in irregularities of Securities Firms, using the method of classification of the internal control forms, carrying on the statistical analysis of the irregularities. It was found that the enhancement of government’s supervision system really contribute to the reducing of the irregularities. But comparatively obvious cases in irregularities appear, it betrays that the internal control mechanism of the Securities Firms still need to cooperate with the government’s supervision system. To strengthen personnel's training and carry out the internal control mechanism strictly could reduce the irregularities to the ideal level.

並列關鍵字

Securities Firms ； Risk and Internal Control ； irregularities ； supervision system

參考文獻

8.許秋瑩，「平衡計分卡應用在我國證券商風險管理之研究」，私立元智大學管理研究所碩士論文，民國94 年8 月。

1.Dimson, E. and Paul Marsh, 1995, “ Capital Requirements for Securities Firms,”Journal of Finance, 50, 821-851

2.International Organization of Securities commissions, 1998, “ RiskManagement and Control Guidance for Securities Firms and TheirSupervisors,”A Report by the Technical Committee, Montreal, Canada.

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證券商違規案件分析與提昇監理效果關係之研究

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