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Showing 21 to 26 of 26 (0.013 seconds)| 21 |
金融集團監理之研究–以資本監理為中心 / A Study on Supervision of Financial Conglomerates – Focusing on Capital Adequacy and Regulation張少威, Chang, Shao Wei Unknown Date (has links)
近年來金融市場產生金融機構業務多元化的特質，傳統銀行、證券、保險之金融商品區隔日益模糊。為此，各國均興起金融改革之風潮，而在跨業經營的環境中，許多金融業者在大型化與集團化下，如歐洲採取以綜合銀行（Universal Banking）、美國採取金融控股公司(Financial Holding Company)等方式朝跨業經營之方式以增強其競爭力，然此種集團化之經營亦容易伴隨相當之風險。因此，如何穩定而健全之金融機構係經濟成長之基礎，而如何對於從是銀行、證券及保險等各種金融業務之金融集團進行有效的監理與管制，亦是現代金融體系維持穩定及提升金融產業競爭力之關鍵之一。此外，2008年9月中旬爆發的美國華爾街金融風暴，並演變成全球金融危機，而金融監管之疏忽與不足是這波全球金融危機的主要原因之一，有鑑於此，各國亦紛紛推動金融改革，改革的範圍包括金融機構權責劃分、金融市場規範、擴大金融監理範圍、消費者與投資人之保護、國際間之合作，以及發生金融危機之及時處理。而我國主管機關也持續在尋找最適當之監理方式，期能在增加本國金融產業競爭力的同時，亦能有效維持金融穩定。
在金融機構業務營運多樣化之監理方式上，金融監理機制勢必得做一番調整，主要的問題包括：集團之資本適足性、集團內部交易、風險集中、監理機構間之資訊交流等，這也是金融機構在建構適當的金融集團政策時應加以考量的問題。而依照巴賽爾銀行監理委員會（The Basel Committee on Banking Supervision）2003年所訂定之「新版巴賽爾資本協定（New Basel Capital Accord）」強調應重視資本適足性、主管機關之審查程序（Supervisory Review Process）及市場紀律（Market Discipline）等三大支柱，以期建構金融機構之穩定監理，即可看出金融監理模式的改變，企圖透過內國與國際間之相互合作之方式進行監理。除巴賽爾銀行監理委員會之外，國際證券監理關組織（International Organization of Securities Commissions，IOSCO）和國際保險監理官協會（International Association of Insurance Supervisors，IAIS）於1995年所組成的「聯合論壇」（Joint Form），也已經體認到監理金融集團所可能面臨的相關問題，並提供一些相對應之原則與方法提供監理機關進行參考。
除了國際監理官組織所發布的相關報告外，歐盟對於金融跨業監理亦有其特別之處，歐盟理事會通過一系列指令（Directive），針對各成員國內之不同類型的金融集團進行規範，並適時進行修改與補充。相對於歐盟，美國對於金融控股公司之監理則另有一套監理模式，而我國之主管機關亦參酌前述之金融集團聯合論壇資本適足性報告所建議之評估方法，並訂定出「金融控股公司合併資本適足性管理辦法」，要求金融控股公司以合併基礎計算資本適足率，以確保集團有充足之資本以因應所面臨之風險。本文希望藉由研究歐盟與美國對於金融集團之相關監理模式及規範，以探討我國現行規範是否仍有不足之處，以期在監理制度上對於我國提供可借鏡之處。
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金融監理制度對商業銀行利潤效率之影響--亞洲12國之實證分析 / Effects of Financial Supervision Regimes on Commercial Banks’ Profit Efficiency in 12 Asian Countries黃國睿, Huang, Kuo Jui Unknown Date (has links)
金融監理制度影響一國商業銀行經營績效的相關議題，一直受到學者與政府當局的重視，為瞭解亞洲地區銀行業在中央銀行與監理單位不同管理下的利潤效率，找出最適的制度設計，本研究根據Huang、Huang與Liu（2014）提出之隨機共同利潤邊界（stochastic meta-profit frontier），採用兩階段估計法，蒐集中國大陸、香港、印度、日本、韓國、馬來西亞、巴基斯坦、菲律賓、新加坡、斯里蘭卡、泰國以及阿拉伯聯合大公國等十二國商業銀行資料，分成開發中和已開發國家兩個群組，將環境變數納入無效率模型中，進行實證分析，比較不同群組的利潤效率差異，發掘影響效率的主要變數與方向，從而獲得重要政策意涵。
根據實證分析結果，中央銀行介入銀行監理程度越高，商業銀行利潤效率越低；金融監理單位整合程度越高，商業銀行利潤效率越高；中央銀行獨立程度越高，商業銀行利潤效率越低；已開發國家群組的平均技術缺口比率與共同邊界技術效率值皆高於開發中國家群組，符合預期。共同利潤效率最高的是日本，最低的是韓國。平均而言，各國若在共同利潤邊界上從事生產，能提升41.9%至75%的利潤。 / The effects of degrees of financial supervision on performance of commercial banks have long been important issues and drawn much attention to academic researchers and government authorities. This study applies the stochastic meta-profit frontier, recently developed by Huang, Huang, and Liu (2014), to estimate and compare profit efficiencies of commercial banks from 12 Asian countries, i.e., Mainland China, Hong Kong, India, Japan, South Korea, Malaysia, Pakistan, Philippines, Singapore, Sri Lanka, Thailand, and United Arab Emirates. We divide the sample countries into two groups, i.e., developing and developed countries. This enables us to further investigate the effects of different supervisory systems, enforced by central banks (CB) and supervisory authorities, on commercial banks’ profit efficiencies, as well as to make a suggestion about the optimal supervision regimes in the area. Note that a set of supervisory indices are considered as environmental variables that explain profit inefficiency.
Using the two-stage estimation procedure, the empirical results are summarized as follows. First, it is found that bank’s profit efficiency decreases with the increase in a CB’s supervision sectors. Second, the unification of supervisory authority has positive effect on bank’s profit efficiency. Third, the more independent is the CB, the less profit efficient the commercial bank is. Fourth, banks in the group of developed countries are found to have higher technology gap ratios and meta-profit efficiencies than those in the group of developing countries, as expected. Fifth and finally, Japan and South Korea has the highest and the lowest level of meta-profit efficiency, respectively. Evidence is found that if an average commercial bank were adopting the best technology, it can earn roughly 41.9% to 75% more profits than otherwise.
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金融集團資本適足性及監理制度之研究 / Study on Capital Adequacy and Regulation of Financial Conglomerates邱虹元, Chiu, Hung-Yuan Unknown Date (has links)
在當前競爭態勢下，台灣金融市場的發展，勢必朝向跨業經營的方向前進。我國亦於民國九十年六月二十七日通過金融控股公司法，賦予台灣金融業跨業經營的法源，為國內金融業創造成為金融集團的契機，以達成金融跨業經營現代化、國際化的目標。雖然金融機構業務營運多樣化，但金融機構承擔風險亦隨之增加，金融監理機制在面臨這樣的挑戰下勢必得做一番調整，才能持續扮演健全及穩定國內金融體系的重要角色。
我國主管機關對於金融控股公司要求以合併基礎計算資本適足比率，並訂定了「金融控股公司合併資本適足性管理辦法」，以期能發揮適度的監理功能。然該辦法中僅以簡單的加減乘除運算求得之資本適足率，是否為反映集團資本需求的良好指標實不無疑問。因此，本文除了研究國際監理官組織所發布的相關報告外，並藉由介紹和討論歐盟指令對金融集團的補充監理原則和措施，如：資本適足性、集團內部交易、風險集中等問題，以及美國對於金融控股公司之相關監理規範，加以比較研究後，來探討我國現行規範是否妥當，並提出相關監理制度改善之建議，以期能作為我國建構健全金融市場之參考。 / Under current competitive circumstances, the development of Taiwan’s financial market will be bound to move forward in the direction of cross-sector business. In Taiwan, Legislative Yuan also has passed the “Financial Holding Company Act” in June 2001. With the passage of the act, it not only gives Taiwan’s financial institutions authority to operate cross-sector activities, but also creates a trigger for financial institutions to become financial conglomerates in order to meet the objectives of financial modernization and globalization. Although financial institutions may diversify their business, additional risks may arise. Financial regulatory mechanisms have to adjust their function to ensure the safety and soundness of financial system.
Our competent authorities demand financial holding companies calculating their capital adequacy ratio on a consolidated basis, and enact “Regulations Governing the Consolidated Capital Adequacy of A Financial Holding Company.” However, in this regulation, the ratio was calculated in simple aggregated method, and it is doubtful that such ratio is a good index to reflect consolidated capital requirement. Therefore, this thesis not only studies on related publications issued by international supervision organizations, but also introduces EU Financial Conglomerate Directive with regard to some supervisory issues (e.g. capital adequacy, intra-group transactions and risk concentrations etc.) and U.S. framework for financial holding company supervision. After investigating and comparing different models, this study tries to find whether current regulation is appropriate or not, and make some suggestions concerning the supervisory system in order to construct a sound financial market as a reference in our country.
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金融預警、合併監理與分級管理制度之研究 / A Study on Early Warning System, Unified Financial Supervision, and Classified Regulatory Principle.鄭璟紘, Cheng, Ching Hung Unknown Date (has links)
本研究分析我國49家本國銀行、55家信用合作社、287家農會信用部及27家漁會信用部等四類金融機構之經營現況，並參照各國金融預警制度運作方式，選取適合的財務比率，運用SAS統計軟體及Z-score、Logistic等模型，分別找出造成各類金融機構經營失敗之顯著相關財務比率，評估各類金融機構之經營效率、失敗機率與模型之正確區別率，以建立預測金融機構失敗機率之預警模型。研究之樣本資料分別為：本國銀行49家、2001年第2季~2003年底共計11季25項財務比率，信用合作社55家、1998年底~2003年底共計21季26項財務比率，農會信用部287家1998年底~2003年底共計21季25項財務比率，漁會信用部27家1998年底~2003年底共計21季25項財務比率。
本研究之結論為：
一、彙整Z-Score模型對各類金融機構具有顯著性之財務變數，本國銀行有6項、信用合作社有7項、農會信用部有6項，漁會信用部有4項。
二、彙整Logistic模型對各類金融機構具有顯著性之財務變數，本國銀行、信用合作社各有6項，農會信用部有5項，漁會信用部有4項。
三、金融預警模型中，Logistic模型較Z-Score模型有較高的正確區別率。 / This research analyzes 49 domestic banks, 55 credit cooperative unions, 287 credit department of farmer associations and 27 credit department of fisherman associations above four kind of financial institution´s management situation, and refers the operation ways of various countries financial early warning system, selects suitable financial ratios , utilizes SAS statistics software and Z-score, Logistic models, it identifies the root cause of bankruptcy thus reveals finance of ratio the correlation, appraises management efficiency, the defeat probability each kind of financial institution if the correct difference rate. It appraises each kind of financial institution´s management efficiency, defeats probability and correct difference rate. It establishes early warning model that forecasts financial institutions failure rate. The research model and period: used 49 domestic banks from 2001 in 2nd season to the end of 2003 total 11 seasons and 25 items of finance ratio、55 credit cooperative associations from the end of 1998 to the end of 2003 total 21 seasons and 26 items of finance ratio、287 credit department of farmer associations and 27 credit department of fisherman associations from the end of 1998 to the end of 2003 total 21 seasons which used respectively 25 items of finance ratio.
The conclusion of this research are:
Firstly, it collects the entire Z-Score model to have significant financial indicator to each kind of financial institution, the domestic banks have 6 items, the credit cooperative associations have 7 items, the credit department of farmer associations have 6 items, and the credit department of fisherman associations have 4 items.
Secondly, it collects the entire Logistic model to have significant financial indicator to each kind of financial institution, the domestic banks and the credit cooperative associations have 6 items respectively, the credit department of farmer associations have 5 items, and the credit department of fisherman associations have 4 items.
Thirdly, in the financial early warning model, when comparing Z-Score with Logistic model , the latter appears to have a higher correct difference rate.
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海峽兩岸銀行業績效之比較研究 / The comparison of banking performance between China and Taiwan李采儒, Lee, Tsai Ju Unknown Date (has links)
中國大陸自西元1979年開始實行經濟改革政策，銀行體系同時經歷了三十年的改革發展，依據中國加入世界貿易組織之承諾，其必須於2006年12月11日全面開放外資銀行登陸投資。為了面對外資銀行業可能帶來的激烈競爭與挑戰，中國政府大力支持與協助國有商業銀行進行一連串的體制改造及上市計畫，近年來中國銀行業整體的表現十分亮眼。
兩岸政府於2010年6月29日簽署之兩岸經濟合作架構協議(ECFA)，正式地為台灣的銀行業開啟通往大陸投資的一扇門，此篇論文藉由全面的研究分析中國銀行業的發展，並透過比較中國、美國及台灣具代表性的銀行在獲利能力、資產品質、流動性風險管理及新巴賽爾資本協議規定指標遵循情形等四個面向的表現，以期提供有意赴中國大陸投資之銀行業者對於當地情況有更多的概念與了解。 / After thirty years of economic and financial reforms, banking system in China has transformed from rigidly controlled to marketization nowadays with a variety of banking institutions coexist in the financial market. Among different kinds of banking institutions, large state-owned commercial banks dominate over half of total banking assets, their huge scale allow themselves to have leading positions and monopoly power in China’s banking industry.
Under WTO regulations China must fully open markets for foreign banks’ investment started on December 11, 2006, before that most large state-owned commercial banks have restructured into joint-stock companies and went public sequentially in order to enhance competition for fierce challenges brought from foreign banks. Attributing to China government’s effort and support, the overall domestic banking performance has made a lot of progress in the past few years.
By comparing banking performance with USA and Taiwan in four aspects of profitability, assets quality, liquidity risk management and capital adequacy ability, the study results demonstrate that general performance of banking sector and large state-owned commercial banks in China have improved greatly and even better than advanced countries in some respects.
The signing of ECFA between cross-strait governments on June 29, 2010 starts a new page of Taiwan banks’ development in China, the study suggests that in the initial stage banks from Taiwan can explore markets of corporate banking by using their expertise in loans for small and medium enterprises which are always neglected by banks in China, and by providing services to Taiwan business people in China to explore markets of consumer banking, and then gradually expand market share.
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論金融控股公司保險子公司之經營策略與內部稽核 / Managerial strategy and internal auditing of an insurance subsidiary under a financial holding company謝紹芬 Unknown Date (has links)
由於國內金融（包括銀行、保險、證券商等）家數過度膨脹，形成惡性競爭，導致金融服務品質低落，而且獲利式微，面對金融市場自由化與國際化之趨勢，政府為改革金融體制，引進金融控股公司制度，使金融機構跨業經營機制更具規模，滿足顧客得一次購足金融商品，促使金融機構朝大型化發展，發揮金融綜效與規模經濟，以提升國際競爭力。
本文主題「論金融控股公司保險子公司之經營策略與內部稽核」，理論與實務並行探討，先論述控股公司之相關法律問題、金融控股公司之立法例。其次以「五力分析術」探討保險子公司經營環境之優劣勢及風險，提出創新之經營策略，並實例引證美國花旗集團異業聯盟之成功經營策略。為確保投資大眾及保戶之權益，同步探討公司治理制度及內部稽核制度之重要性。
本文「結論」：評述政府金融政策之缺失，成立金融控股公司推動金融改革，保險子公司應強化競爭力。「建議」：金融控股公司及各子公司均應加強風險管理，政府並應建置金融監理制度。
關鍵字：保險子公司、金融改革、控股公司、金融控股公司、跨業經營、一次購足商品、金融綜效、規模經濟、五力分析術、異業聯盟、公司治理、內部稽核、風險管理、金融監理 / Due to the over-supply and severe competition among financial institutions (namely banks, insurance companies and security firms), the quality of finance service deteriorates and the profit margin of financial industries decreases. To cope with the global trend of liberalization and internationalization of financial services, the Government has undertaken the reform in the aspect of financial service system and enacted the “Financial Holding Company Act”. Under new current mechanism, a financial conglomerate can sell its products by means of cross selling. Not only it may benefit consumers with a “one-stop shopping”, but also may create a synergy in economies of scale to enhance financial institutions in global competition.
The main theme of this thesis focuses on the managerial strategy and internal auditing in an insurance subsidiary under a financial holding company. It addresses in the first place the legal issues related to a holding company and a financial holding company. Then the author adopts five factors approach to analyze the business environment of an insurance subsidiary under a financial holding company. As a successful case for its' strategic alliance,the CitiGroup experience in the United States is also examined. In addition, to protect the interest of investors and policyholders, corporate governance and internal auditing issue is also explored. In the conclusion, it is observed that under the new era of financial conglomeration, an insurance subsidiary still needs to enhance its competition ability. It is suggested that the government should continue to reform the financial regulatory system and to require financial holding companies and their subsidiaries to implement a comprehensive risk management.
Keywords: Insurance Subsidiary, Financial Reform, Holding Company, Financial Holding Company, Cross Selling, One-Stop Shopping, Financial Synergy, Economies of Scale, Analysis of Five Factors, Strategic Alliance, Corporate Governance,Internal Auditing, Risk Management, Financial Regulation.
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