金融機構健全經營、信用分配決策之公平性，經營階層能否以誠實、正當的方式，信守並履行對客戶之承諾，對人民財產保障、金融秩序穩定、國家經濟發展之影響甚鉅。職是之故，各國金融監理主管機關乃對金融機構的各項營業活動與以監理並採行必要之行政處分或導正措施，甚且於相關法規中，課予其善良管理人之法定義務，以確保民眾之財產權。然而，一家金融機構能否有效健全經營，主要關鍵仍在於經營者之良窳，即其負責人是否具備充足的專業知識與良好的道德品性，因此主管機關對金融機構負責人所訂的「適格性」條件，必然較一般企業的負責人更為嚴格。 本文從金融監理機關之行政處分與爭訟出發，先了解主管機關的組織架構、運作機制及行政權限，進而探討其行政處分範圍。考量行政機關之行政行為必須符合一般法律原則與行政程序法之規定，因此進一步檢視金融處分應如何適用一般法律原則，及如何確保能踐正當法律程序；本文亦從日、德、英、美等四個金融市場發展歷程較久、且法制較為完備的國家，窺探其相關法令中，對於金融機構負責人資格審查之規範重點與實務操作，並與我國相關法規中之規定與監理實務進行比較，冀從中獲得啟發。 為了解相關行政處分之司法實務觀點，進而將透過臺北高等行政法院與最高行政法院，就金融監督管理委員會對金控公司、銀行、保險公司、證券公司之負責人，所作成不適格的若干行政處分案件之司法判決，加以整理。冀能從司法實務中釐清相關爭點。最後擬從主管機關對金融機構負責人適格性審查之前、中、後三個階段，透過相關制度的設計即審查前能建立相關審查原則，且對於若干不確定法律概念之法規要件，力求客觀與明確；於審查時，能就個案事實與法規要件加以調和，作成妥適的行政決定；而對於通過適格性審查後之負責人，其後如有不符合適格性條件，應如何為適當之處置，冀就此一類型之行政事件，建立最佳行政處理程序。

本論文討論國內之營建業者因承包海外工程時所遭遇之特殊財務與融資問題，並對現 行國內金融機構之支援措施與各先進國家之支援措施作一比較分析。 第一章：緒論：包括研究動機、研究範圍、資料收集及分析、論文架構及研究限制等 。 第二章：承包海外工程之特殊財務處理。 第一節：投標條例及工程契約。 第二節：承包商之履約保證。 第三節：業主付款之提供。 第三章：銀行對國際性工程公司之授信評估。 第一節：企業財務與管理要素分析。 第二節：企業外部要素分析。 第三節：美、日銀行之國家風險評估。 第四章：各國對海外工程之融資與保險措施。 第一節：美國。 第二節：日本。 第三節：南韓。 第四節：西德。 第五節：我國。 第五章：結論與建議。

目前國內銀行針對無擔保消費金融業務，不再僅是重視放款量，控制申請人的信用風險、提高授信品質，更是不能等閒以對的重點。如何建構信用評分機制，降低呆帳率和授信逾放比，以減少銀行損失、增加實質獲利，已成為國內銀行共同關切與努力的課題。本研究擬藉由對無擔保消費金融商品之研究，瞭解該類借款人之信用風險，透過建置信用評分模型，做為銀行決策之參考。 國內銀行在審核無擔保消費金融貸款時，因貸款件數多，大都使用信用風險評分模型評估借款人風險。但實務上常發生借款人無JCIC資料，可評估其違約風險。目前可查到的建立信用風險模型研究中並沒有針對無JCIC資料借款人之研究。如何強化信用風險模型對於此客群之評估為本研究的目的。最後，本研究亦提出了一些重要的未來研究建議，以供後續的研究作為參考。

本研究探討雷曼兄弟倒閉事件對美國金融機構股價報酬率所帶來的傳染效果。我們的研究結果顯示，持有雷曼兄弟股份的金融機構受到較顯著的影響，而且在股東當中以商業銀行及投資銀行所受到之衝擊最為顯著，而投資銀行受影響之程度又高於商業銀行。我們也發現，金融機構對雷曼兄弟的持股比例愈高，其股價受到雷曼倒閉危機影響之程度亦愈高。此外，一些規模較小的金融機構在一些事件中亦呈現了顯著的反應，顯示在某種程度上，雷曼兄弟危機事件在金融產業當中引發了傳染效果（Contagion effect）。我們的實證結果也顯示，美國政府此次未介入救援雷曼兄弟的做法，被市場解讀為金融機構不再是「太大而不能倒（too-big-to-fail）」。 / We examine the contagion effect of Lehman Brother’s bankruptcy on US financial institutions’ stock returns. Our results show that financial institutions which held Lehman’s shares were affected more significantly. Furthermore, within Lehman’s shareholders, commercial banks and investment banks were affected most significantly, and impacts on investment banks were more significantly than commercial banks. We also find that the higher financial institution’s ownership percentage of Lehman was, the more its stock price was affected. Besides, some smaller financial institutions were also influenced significantly in some events, to some extent, implying a contagion effect in the financial sector. Our empirical results also indicate that the way that US government not to rescue Lehman Brother was perceived by the market that no financial institutions are too-big-to-fail.

自主管機關許可設立金融控股公司以來，臺灣現今已有十六家金融控股公司；意即十六個金融集團。然國內淺碟式金融市場一直有著金融家數過多且過度競爭的問題存在，不可諱言的是，金融集團之陸續成立，就金融市場秩序之穩定與金融監理面而言，具有一定之正面效益。然此一集團化之營運模式是否為一必然之發展方向，且利多於弊？ 此外，對於跨入多角化經營，從傳統單一金融機構質變為集團化經營之金融控股公司而言，主要之挑戰在於如何共享核心知能與整合集團資源以發揮經營綜效，同時完備治理課題；不同經營特性與多角化經營程度之差異性，也間接影響集團綜效之發揮。 本研究報告從實務個案訪談與文獻研究，以公股與民營金融集團為例，檢視集團化所衍生之預期效益與利弊得失，分析業別與股權組成、經營管理模式、策略形成之過程、利害關係人權益變化、銷售文化及內控治理等面向，探討多角化經營程度對集團獲利之影響程度及其改變因子，並尋找未來成功因素，提供政策與實務面之建議。

台灣金融機構得以至中國大陸地區設置分支機構的法源主要來自於立法院在於2006年11月時修正准許台灣銀行業赴中國大陸地區設立分行。本研究針對39家台灣銀行業在中國大陸營業據點之經營策略與績效進行分析，並採採多元迴歸模型檢定其經營策略與績效之關係。 根據本文實證後的主要研究結果如下： 一、無論是以資產報酬率 (ROA) 或是股東權益報酬率 (ROE) 等兩項獲利指標所檢定的結果，均未有足夠的證據顯示台灣銀行業在中國大陸地區積極設置分行等據點的經營策略或方向是可行的。 二、由股東權益報酬率 (ROE) 分析的結果，支持台灣銀行業若採行提早投入中國大陸地區設置實體據點的發展策略，對於其股東權益報酬率 (ROE) 會呈現顯著的正向關係。 三、無論是以資產報酬率 (ROA) 或是股東權益報酬率 (ROE) 來做為被解釋變數，結果皆無法支持台灣銀行業在中國大陸地區設置分行等實體據點的數量規模大小與銀行的資產報酬率 (股東權益報酬率) 有關。 / Because of the Legislature amended the Act in November 2006, Taiwan’s Banking had been permitted and set up branches in mainland China since 2006. This paper analyzed the business strategy and performance of 39 Taiwanese banks in mainland China. The multiple regression models were adopted and we test the relationship between their business strategy and performance. The main results of this paper were as follows: First, whether the rate of return on assets (ROA) or return on equity (ROE) profitability indicators, there is no sufficient evidence that the Taiwan’s banks actively set in mainland China Branches and other positions of the business strategy or direction is feasible according to the other two test result. Second, as a result of the ROE analysis, it is significant to support the Taiwan’s banking industry to adopt the development strategy of setting up an entity base in mainland China, which has a significant positive effect on the ROE. Third, whether the return on assets (ROA) or the return on equity (ROE) as an explanatory variable, the results are unable to support that the the scale of Taiwan’s banking in mainland China have a relation with the ROE or ROA.

2007-2008的金融大海嘯中，影子銀行及系統重要性金融機構(systemically important financial institutions, SIFIs)扮演重要角色。金融機構證券化移轉資產的個別風險，以資產池最低報酬作為擔保品，發行高品質債權證券。隨投資人財富愈多，對安全資產需求愈大，金融機構擴大槓桿及風險資產投資。SIFIs數量少但規模大，相對於其他小型金融機構有較好的投資效率，其投資、證券化及其他業務與經濟體系具有複雜而規模大的關係，具有太大、太複雜以致不能倒的性質。SIFIs透過證券化移轉個別風險，在景氣蕭條及經濟個體普遍忽略尾端風險下，金融體系具有脆弱性。在已經存在SIFIs的金融體系下，金融脆弱性隨SIFIs及其他小型金融機構投資效率差距愈大愈加增強。 / The shadow banking system and systemically important financial institutions (SIFIs) play important roles in recent financial crisis. Financial institutions (FIs) securitize risky assets and use the lowest payoffs of the securitized assets as collateral to issue riskless debts. As the demand for riskless assets increases, FIs initiate more risky assets and increase leverage. SIFIs are large and advantageous to invest in risky assets compared to small FIs. The complex connection between SIFIs and economy make them too big or complex to fail. SIFIs transfer idiosyncratic risk and undertake systemic risk via securitization. Financial system is fragile to recession when entities neglect tail risks. In the financial system in which SIFIs exist,the financial fragility is severer when the gap of the investment ability between SIFIs and other small FIs becomes larger.

台灣金融檢查原由財政部金融局、中央銀行金融業務檢查處及中央存款保險公司以分工方式辦理，後為求檢查標準一致，於2004年7月移撥各金檢單位人力，成立行政院金融監督管理委員會檢查局，統籌辦理金融檢查相關事宜，台灣金融檢查邁入一元化時代。檢查局成立迄今已近七年，現行金融檢查一元化制度是否有調整或檢討之處？本文研究目的將針對台灣現行金融檢查一元化制度之運作情形予以分析，探討以下問題。一、對金融檢查「一元化」情形之探討；二、一元化對金融檢查任務影響之探討；三、一元化對檢查後導正措施影響之探討；四、一元化金融檢查對金融機構成本負擔之探討，並進一步訪談金融機構主管及資深金融檢查人員，提供具體建議供台灣日後檢討金融檢查一元化制度之參考。 / The on-site examinations of financial institutions in Taiwan were carried out by three different agencies - the Ministry of Finance (Bureau of Monetary Affairs), the Central Bank (Department of Financial Inspection), and the Central Deposit Insurance Corporation. For consistent standards of financial examinations, the Financial Supervisory Commission Financial Examination Bureau (FEB) was then set up on July 1, 2004, with examiners came from these three agencies. The FEB is responsible for examining financial institutions and examination connected therewith. The financial examination system in Taiwan is then in unified era. The FEB was set up almost seven years till now. Would there be any adjustment needed for the financial examination system, or should the financial examination system need to be reexamined? The purpose of this study is to analyze the operating conditions of current unified financial examination system in Taiwan and to investigate the following issues: 1. Investigating the situation of “unification” in financial examination system. 2. Investigating the influence of the executing results of financial examination in the implementation of unified financial examination system. 3. Investigating the influence of the correcting mechanisms post financial examinations in the implementation of unified financial examination system. 4. Investigating the influence of the burden costs of financial institutions in the implementation of unified financial examination system. Further more, interviewing some officers of financial institutions and senior financial examiners to provide some amendable suggestions as references when reexamine the unified financial examination system in Taiwan.

鑑於近年來中國大陸經濟高度成長，當地金融市場在其內需市場強勁，以及均富水準普遍提升下，更顯得朝氣蓬勃，本論文係以分析過去外資金融機構在中國大陸相關佈局模式及進行相關實證研究，並續以剖析臺灣銀行業未來佈局中國大陸市場策略，以作為現階段國內高度競爭金融環境下，拓展另片藍海空間之策略與方向。 本論文首先說明外資金融機構於近年來在高度發展中國大陸金融市場所扮演的角色與目標，並應用Cox比例強度存活模型，分析採行參股策略方式進入中國大陸銀行之動機與機率強度，並以主成份分析進行資料萃取及最大概似法估計模型參數。再者，藉由此參股機率估計值進而求得外資金融機構最適參股機率強度門檻，可作為日後金融機構（含臺灣銀行業）參股動機之衡量指標。實證研究顯示，過去外資金融機構採行參股策略之目的主要在於創造被參股對象市場價值，以增加其參股投資報酬。對於獲利能力及資產品質較佳之外資金融機構，以及資產品質較佳之中國大陸銀行，則往往具有較高的參股與被參股潛在動機。 再者，為進一步探討外資金融機構採行參股策略後之風險與報酬關係，本論文係以或有求償權之模式，同時納入參股外資金融機構與被參股中國大陸銀行之個別資產價值，以及匯率波動等三項動態因子，在股東權益價值極大化為目標，及因應風險性資產所導向之資本管制，據以剖析外資金融機構經參股後之資產價值風險及其影響因素，並以靜態分析所對應之最適參股比例變化情形。其數值分析研究發現：當參股外資金融機構資產價值遞增、負債比率降低，以及所面臨法定風險權數增加時，對於其參股後之整體資產組合風險將有所降低。同時，對於具有高資產品質、獲利佳及多元化幣別資產組合之外資金融機構，以及面臨資產品質佳且著重本土金融開發之被參股中國大陸銀行，將有助於提高外資金融機構之最適參股比例。 針對臺灣銀行業參股模式方面，以投資中國大陸股份制商業銀行之動機強度為最高，其中泛公股銀行相對民營銀行更具有條件優勢，並以具備綠色通道優惠之大西部地區為佳。研究亦顯示，在外資金融機構已著墨中國大陸金融市場些許時日下，對於身為追隨性金融機構的臺灣銀行業而言，在當地金融服務未臻飽和、初始投資成本降低，以及台商業務平均需求成長趨勢下，將有助於降低其進入門檻。同時，研究中也採行模型論證，對於現階段臺灣銀行業實務上多以先行成立代表人辦事處後升格分行，並儘速於合規範內取得人民幣業務承做資格方式，以深根當地金融市場之經營方向，同時研究亦指出臺灣銀行業應具備創新化業務與利基性策略，方能提高採行成立獨資子銀行或參股之進入動機。 / In recent years China has experienced rapid economic growth that enables the advancement of the local financial industry, which benefited from the strong domestic consumption as well as improvement in average income per capita. The purpose of this paper is to point out an alternative direction for Taiwanese banks by mapping out the future China market expansion strategy, as the Taiwanese banks are facing prolong highly competitive domestic market. This paper applies Cox’s proportional-hazard survival model to analyze the strategic decisions of foreign financial institutions about acquiring equity stakes in Chinese banks. Based on principal component analysis, we extract significant independent variables from Cox’s model and employ a maximum likelihood method to estimate parameters. With the probability of equity stake acquisition, we obtain the optimal probability hazard threshold and treat it as a criterion for the foreign financial institutions to conduct equity stakes acquisition. Our empirical results confirm that the decisions of foreign financial institutions about equity stake acquisitions are to increase the profitability and market values of the target Chinese banks. In general, financial institutions with higher earning ability and better asset quality have stronger motives to take part in the acquisition or disposal of equity stakes. The contingent claim model is applied in this paper to examine the risk and return of foreign financial institutions after acquiring equity stakes of a Chinese bank. The model considers dynamic factors such as individual asset value and exchange rates to achieve the goal of maximizing shareholder value. In addition to analyzing the asset value and factors associated with risk after participation, this paper evaluates the optimal acquiring equity stakes proportion with numerical analyses under capital control. For China banking sector, we discover the overall portfolio risk of foreign financial institution will decrease after acquiring equity stakes when the asset value increases, the debt ratio decreases, and the required risk-weighted asset increases. Overall, these foreign financial institutions have well-diversified currency portfolio and enjoy a better asset quality and surplus earning; therefore, they will likely increase their optimal acquiring equity stakes proportion if the invested Chinese banks are with good assets quality and focused on local business. For the analysis of equity stake acquisition in China banks by Taiwanese banks, invested in the joint-stock commercial banks exists the higher intensity than others, and pan-government-owned Taiwanese bank also stands on the better vantage point than private banks. Under the possession of policy advantage for its green channels, the Western China Region is the best district in China for Taiwanese banks. This paper also examines the appropriate time and method to enter the market in China by applying the real options model. Being the market follower, Taiwan banking industry would need to find the right timing when ready entering China sine the market is pretty much laid out by many other foreign financial institutions. Therefore, the paper discovered some salubrious circumstances for Taiwan banking industry to enter the market, for example, the local financial service has not saturated, and initial investment cost is lower or Taiwan businessman demands more service gradually. The paper also confirms the current practice, which is to establish a representative office first and then promote it to a branch, seems to be practical for Taiwanese banks enter the market. Once meet the standard requests and acquire the license to operate RMB business, Taiwanese banks can establish wholly-owned subsidiary bank or take ownership stakes by having the innovation and business strategy in the local financial market.

在全球金融朝向國際化、自由化發展的同時，各國政府莫不逐漸放寬或解除管制，以促進市場活絡，加速經濟發展，尤其各金融業務之間藩籬日益模糊，金融機構紛紛以金融控股公司型態跨業經營，致使大型銀行相繼成立。近年來國內金融改革呼聲不斷，如何強化國內金融體制健全，以促進金融業務現代化，提昇國際競爭力，成為社會大眾的矚目焦點。為了因應如此競爭激烈的金融環境，國內金融機構亦興起一波購併的風潮。 為探討國內金融機構合併後是否發揮「1+1>2」之綜效，本研究將藉由文獻閱讀、專家意見及實際合併案例的分析，期能了解有哪些關鍵因素會左右購併的成功或失敗。並以台北銀行與富邦銀行合併為例，針對合併的策略成效進行分析，並利用CAMEL財務指標進行績效評估，期望透過檢視這些成功關鍵因素與併購案成敗之間的關連性，作為將來國內金融業有志於併購者的參考。