我國金融控股公司之經營綜效及金融跨業經營之相關法律問題之研究

A study of operational synergy of financial holding companies in Taiwan and related regulatory issues of financial cross-sector business

葉淑莉(Shu-Li Yeh)

中原大學/商學院/財經法律研究所/碩士(2012年)

https://doi.org/10.6840/cycu201200455

摘要

中文摘要

我國於2002年加入WTO後，金融服務業面臨全球之開放競爭。政府或業界亦體認到此一產業變化與調整之迫切性，遂於2000年通過金融機構合併法，企圖透過合併減少銀行家數，擴大個別銀行之經濟規模。又於2001年通過金融六法，其中之金融控股公司法准許設立金融控股公司，允許金融業務跨業經營，試圖藉此增加金融服務業之競爭力。但金控成立是否能有效回應整體的挑戰？是否就能發揮綜效（synergy）達到所謂之三C效果- Cross selling（交叉行銷），Cost saving（成本效益），Capital deployment（資本配置）效果？是個十分值得探討之問題。
金融跨業經營之模式，可分為策略連盟、轉投資子公司、綜合銀行及金融控股公司等模式。而我國之金融控股公司法承襲美國1999年「金融現代化法案」之架構，採取金融控股公司模式。金融控股公司法制定後，自2001年第一批金融控股公司申請設立迄今，已經十年，目前已有十六家金融控股公司成立，以立法所欲達之金融政策及目標和未來改進方向是本文之研究重點，故本文特以我國金融控股公司之經營綜效及跨業經營作為主題。
本文內容分為六章，第一章提出本文之研究動機與研究方法，建立議題之範圍與問題之核心；第二章提及金融業之管制與整合之沿革，以了解金融管制之背景；第三章介紹美、日、英等先進國家跨業經營之法制架構，來作為我國立法之借鏡；第四章概述我國金融控股公司法之內容及特色，以及說明我國金融控股公司經營綜效之實證研究結果；第五章探討與金融業跨業經營相關之法律問題，如強制轉換之規定、產金分離原則、併購之爭議、個資法之衝擊及監理法制之漏洞等；最後，提出結論與個人建議-未來我國政府應開放不同之跨業經營模式，以提升國內金融控股公司之競爭力。

關鍵字

金融控股公司 ； 跨業經營 ； 綜合銀行 ； 經營綜效

並列摘要

Abstract

After joining the WTO in 2002, the Financial Institutions in Taiwan has to face global competition. Both the government and the business sector understand the urgency in facing the changes and the importance of making adjustment of the financial industry. As a consequence, the Financial Institutions Merger Act was enacted in 2000 for the purpose of expanding the economies of scale of local banks through merger and acquisition. In addition, six other financial-related laws were amended or enacted in 2001. Among them, the Financial Holding Companies Act (hereinafter referred to as “FHCA”) provides that financial holding companies may be set up and cross-sector business activities may be engaged for the purpose of enhancing the competitiveness of financial institutions. However, the existence of financial holding companies can really meet the overall challenges and respond effectively? Can it bring the effects of synergy into full play and achieve the so called 3C effects, cross selling, cost saving and capital deployment? It is a very interesting question worth in depth discussion.
The cross-sector operating models in the financial industry may be divided into four types: strategic alliance, establishment of subsidiary, universal banking, bank holding company or financial holding company. The FHCA in Taiwan is modeling after the structure of U.S. Financial Modernization Act of 1999. It has been ten years since the enactment of FHCA. Sixteen financial holding companies have been established under the FHCA. Does the financial policy and goal of FHCA have been served? Does the content of FHCA require further amendment? The main topics of this thesis will be concentrated on the operational synergy and cross-sector business of Financial Holding Companies.
This thesis is divided into six parts. Chapter I deal with the motivation and research methods of this thesis. Chapter II brings up the history of regulation and de-regulation of the financial industry for the purpose of understanding the background we discussed. Chapter III introduces the legal structure of cross-sector operating models of the financial industry in U.S., Japan and United Kingdom. Chapter IV illustrates the contents and the characteristic of FHCA and reviews the effects of the profit-making synergy of the Taiwanese financial holding companies. Chapter V considers the relevant legal issues caused by cross-sector operation, such as the compulsory transformation, separation of banking and commerce, merger and acquisition, enforcement of the Personal Information Protection Act and loopholes in the relevant laws and regulations in the supervision of financial institutions. At the end of this thesis, several suggestions are made, recommending that Taiwan should adopt different cross-sector operating models to strengthen the profit-making synergy and competitiveness of Taiwan’s financial holding companies.

並列關鍵字

operational synergy ； cross-sector business ； universal banking ； financial holding company

參考文獻

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