兩岸金融總體審慎監理之研究─兼論臺灣銀行業中國曝險之監理

The Study on Cross-Strait Macroprudential Supervision of Financial Institutions：Supervision of Taiwan Banks'Exposure to China

黃信瑋(Hsin-Wei Huang)

指導教授 ： 陳櫻琴

中原大學/法學院/財經法律研究所/碩士(2016年)

https://doi.org/10.6840/cycu201600227

摘要

大陸金融市場規模隨著經濟成長不斷擴張，在兩岸當局陸續簽訂相關合作協議後，臺灣金融業者對大陸投資比重亦不斷快速攀升。然而，我國監理機構似乎未隨著業者步伐緊跟在後，尤其臺灣銀行業於大陸地區暴險部位逐年上升，但現行規範似乎仍未揭露全部風險，亦未對大陸金融環境建立風險預警機制，尤其大陸地區系統性風險疑慮正隨經濟發展逐漸升溫，風險威脅範圍靠著經濟影響力逐漸擴散至臺灣與亞洲等區域。
在全球歷經2008年金融海嘯造成的經濟損失後，系統性風險帶來的破壞力已無庸置疑，為防範類似風險再次發生，國際監理機構與歐美金融大國紛紛研擬建構總體審慎監理機制。而我國政府面對日漸升溫的大陸地區系統性風險，與臺灣銀行業於大陸地區暴險部位增加的風險疑慮，應如何建構總體審慎監理機制及目前對相關風險如何進行監理，係為本文主要研究方向。
本研究係透過蒐集兩岸相關碩博士論文、機構研究報告、機關人員出國報告、國際監理機構與兩岸官方網站公布之相關統計資料，就研究主題加以整理歸納，並以比較、分析及歸納等方式進行研究。本文首先介紹金融監理與總體審慎監理之概念，並說明總體審慎監理與個體審慎監理之差異性，再簡介總體審慎監理相關架構。其次參酌主要國際監理機構為防範系統性風險提出之總體審慎監理策略，並借鑿當前美國、英國與歐洲之金融監理改革內容與總體審慎監理架構，以作為臺灣總體審慎監理制度之藍圖。
本研究並藉由觀察兩岸金融市場沿革，瞭解兩岸金融監理制度發展脈絡與兩岸監理機構目前採行之總體審慎監理措施，及就我國金融監理制度如何因應大陸地區系統性風險提出相關建議。同時，本文亦探討對臺灣銀行業於大陸地區暴險之監理議題，簡析臺灣目前對相關風險之規範與監理措施，並建議對該等暴險監理措施及風險評估方式進行全面性之檢討與改善。最後，本文根據研究結果，提出我國政府可建構跨部會「總體審慎政策委員會」、並設立「系統性風險研究辦公室」與「金融風險預警辦公室」之總體審慎監理專責機構，以因應我國所面臨之系統性風險威脅。

關鍵字

金融監理 ； 總體審慎監理 ； 系統性風險 ； 兩岸金融 ； 大陸地區暴險

並列摘要

The Chinese financial market size continues to expand following economic growth. After the Cross-Strait authorities have signed relevant memorandum of agreements, Taiwan’s financial industries’ investment proportion in China also surges quickly and drastically. Nonetheless the supervisory institutions in Taiwan have not seemed to follow the steps of the industries closely. Particularly, Taiwan banks’ exposure to China rises annually but the current regulations do not reveal all risks or establish a risk pre-warning mechanism for the financial environment in China. Moreover, the concerns over systematic risks in China eventually heat up following the economic development while the scope of risk threats relying on the economic influence gradually spreads to Taiwan and other regions in Asia.
After the world has suffered the economic loss caused by financial tsunami in 2008, the destruction brought by such systematic risks is unquestionable. To prevent the reoccurrence of similar risks, international supervisory institutions, U.S. and major European countries are now analyzing and establishing macro prudential supervision mechanisms. In midst of the increasingly rising systematic risks in China and the concerts over Taiwan banks’ exposure to China, the study emphasizes on how Taiwan Government should establish macro prudential supervision mechanism and how to supervise current relevant risks.
The study collects relevant master thesis and doctoral dissertations from the Cross Straits, research reports from institutions, overseas survey report by government agency personnel, international supervisory institutions and the relevant statistics announced by the Cross-Strait governmental websites, to consolidate and draw conclusion based on the study topic, in addition to compare, analyze and induce the results of study. The paper first introduces the concept of financial supervision and macro prudential supervision, in addition to explaining the difference between macro prudential supervision and micro prudential supervision, followed by briefly introducing the relevant framework of macro prudential supervision. The paper then refers to the macro prudential supervision strategies proposed by major international supervisory institutions in prevention of systematic risks, in addition to applying the current content of reforms for financial supervision and the framework of macro prudential supervision in U.S., England and Europe, as the blueprint for Taiwan to develop macro prudential supervision system.
The study also observes the history of Cross-Strait financial market to understand the development of Cross-Strait financial supervision system and macro prudential supervision measures currently adopted by Cross-Strait supervisory institutions, as well as how Taiwan’s financial supervision system cope with the systematic risks in China through relevant proposal. Furthermore, the paper discusses the supervisory issues of Taiwan banks’ exposure to China with analysis on Taiwan’s regulations and supervision measures for relevant risks, in addition to suggesting the comprehensive review and improvement for the supervision measures to exposure and risk assessment approach. Finally, the paper proposes Taiwan government to form an inter-sectoral “Macro Prudential Policy Committee” based on the study results, and establish special macro prudential supervisory institutions such as “Office of Systematic Risk Research” and “Office of Financial Risk Prewarning” to cope with the threats from systematic risk faced by Taiwan.

並列關鍵字

Financial Supervision ； Marco Prudential Supervision ； Systematic Risk ； Cross-Strait Financing ； Exposure to China

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