金融自由化国际化与金融监理研究

【作者】 陈怡君；

【导师】 周忠海；

【作者基本信息】 中国政法大学 ， 国际法学， 2007， 博士

【摘要】 金融自由化在信息科技化的推波助澜下已导致各金融机构、企业、与政府等经济主体跨越国境而在全球金融市场进行资金之筹措与运用。相对的，国际性金融机构在各国金融市场的活动也日益扩张，全球金融市场的发展已经打破的国界之限制，因此金融自由化后，国际化接踵而至，两者如影随形。世界各主要先进国家在经历一连串的金融自由化与国际化之后，已经使得金融服务业的三个基本部门(银行、证券、保险)之界线愈来愈模糊，国与国之间金融竞争已发展成跨国性银行的竞争为主流，而银行也结合证券业及保险业之力量朝着金融集团方向发展，透过多角化的经营策略与服务功能，提供跨国性与综合性之金融服务。美国、英国、德国长久以来虽然坚持高度专业分工之金融体制，亦无法自外于这股全球金融巨流，金融监理措施亦须随之调整。金融自由化放宽了限制竞争的规则，充分使得跨国企业(金融机构)全力冲刺业务扩大获利基础：金融整合则使得跨国银行的业务经营空间得以不断放宽，使其金流无远弗界的全球化，不受时空及国家的限制，这两大趋势，使得企业发展得以透过跨国银行得到源源不断的资金加持，造就了更多大型国际化企业，但跨国金融机构本身却遭逢前所未见的体制不稳定性，形成前所未见的冲击。与此同时，金融创新业务的快速发展对金融市场与金融机构体系安全所造成的冲击更是猛烈而直接，此处所指包含金融衍生产品交易、网络化银行业务和投资银行业务为主要内容的金融创新业务。因此，各国和地区金融监管当局在加强对传统金融业务风险监管的同时，也开始注重对金融创新业务风险的监管，并制定相应的监管法规和操作指引，以规范业务发展，督促金融机构防范和控制风险。巴塞尔银行监管委员会也为完善金融创新业务风险的监管，特别是其市场风险、对方违约风险及操作风险等的监管，提供了许多参考性文献和国际最佳实践主要原则。本文第一章，即是金融自由化与银行监理之基本理论，首先探讨金融自由化近年之演变及学理之意义。同时针对金融全球化进程的广泛扩展，不断改变着全球银行业经营的外部环境，提出观察与探讨。同时针对金融监理与规避风险的方向提出报告。金融自由化政策的实施，使得银行业务经营范围得以放宽，达到提升银行经营效率、分散业务风险的优点，惟放宽业务之同时亦可能在利益冲突、经济势力集中、风险承受及安全网使用等方面产生新的监理问题。台湾地区自一九九。年开放新银行设立迄今，由于新银行资本额最低订为新台币壹百亿元，企业投资银行情形相当明显，造成企业资本与银行之金融资本结合，且日渐形成金融集团之趋势，金融集团在监理锋面可能衍生之传染性风险、资本的双重运用等问题乃成为监理当局应考虑之重点。本文第二章，探讨新巴塞尔资本协定对金融业之影响。由于全球金融环境变化与时俱增，现有规定已跟不上大型及国际性银行日益纯熟之风险管理技术，且发生资本套利等等诸多令银行风险更形增加之情形。巴塞尔银行监理委员会于1999年6月发布“新巴塞尔资本协议”(The New Basel Capital Accord，以下简称新资本协议)第一版草案，经过二次修正及三次量化影响评估后，于2004年6月发布定案版本，预计自2006年底开始实施。“新巴塞尔资本协议"主要修订内容包括：一、强调“最低资本要求”、“监理审查程序”及“市场制约机能”等三大支柱；二、除原有信用风险及市场风险外，尚增加作业风险最低资本要求：三、修订及增订信用风险及作业风险资本计提方法，除标准法外，允许银行使用内部风险模型计提最低风险性资本，并对信用风险抵减及资产证券化作进一步规范。本次修订幅度甚大，不论对银行业或金融监理机关均将产生重大影响。本章针对现行资本协议之主要缺失及新资本协议修订之主要内容作一比较，同时以美国监理机对此之具体作法作一报告，如何妥善管理所面临之风险并将之控制在可忍受范围内，成为现今银行管理之最大课题。在第三章当中，延续前两章节之精神，进一步针对金融业在风起云涌的并购风潮下，合并后的金融业不断大型化，更凭借雄厚的资本优势与强大研发能力不断扩大业务范围，同时带动金融市场快速发展，金融业在此复杂又瞬息万变的环境中，金融监理工作所面临之挑战更是前所未见，极大的挑战是确保大型机构的经营安全与健全，藉以维护各国甚至全世界金融市场之安定，尽管大型金融机构承担风险能力远高于一般中小型金融机构，但若内部风险管理机制不足，发生类似恩龙案或霸菱案等人谋不臧之舞弊事件，势必损及金融市场之稳定。其处理后续之代价亦难想象，因此本章以美国为观察对象，何以金融监理在美国已风险管理为主要架构，同时进一步探讨以风险管理为金融监理基础之全球金融监理趋势。第四章与第五章为重要研究，同样以探讨金融监理为出发，但深层追踪国际金融日新月异的创新发展中，如何针对新金融商品、衍生性金融商品进行监管。第五章中则针对网络银行的金融监理提出意见。此二章节主体以其它先进国家用哪些指标为基础做为监理要点，从金融创新与新种金融商品切入，介绍金融商品之演变、大型商业银行研发新种金融商品之组织架构及作业流程，摘述美国金融监理机关对新种金融商品之规范与措施，包括近期美国金融监理机关发布健全复杂的结构性金融交易联合声明草案，值得注意的是，美国虽采取多元化之金融监理制度，但是对于较广泛且严重的金融议题，往往经过金融监理机关共同讨论达成共识后对外发表联合声明，例如本文所提到对复杂的结构性金融交易的联合声明。此外，美国金融监理机关对于新种金融商品之监理特别强调“退场机制”(Exit Strategy)或“替代方案”(Alternative Plan)，亦即在法规中要求金融机构推出新商品前必须先考虑将来商品销售不如预期时，如何退出市场或以其它可行的商品代替，以减少金融机构的损失或对客户与市场的冲击等，值得效法。随着金融机构的大型化，金融超级市场逐渐形成，除了金融机构的商品将被当作一般商品在金融市场买卖外，金融机构业务也将以费用收入为主，取代传统贷款收入；在金融监理资源有限，金融商品日趋复杂化的情况下，未来的金融监理将以金融机构的自律机制为主，包括董事会及高阶管理阶层的自律体系、衡量自有风险的管理系统等。此外，新种金融商品藉由国际间金融监理、会计制度的差异，赚取投机利润，全球金融监理机关如何在鼓励金融创新之余，仍能维护金融体系安全暨稳健经营，全球合并监理体系及统一的会计制度的建立，恐将是未来趋势。更多还原

【Abstract】 Turmoil in international financial markets has generated widespread instability thrice in the last decade. The economic crisis that began in Thailand in July 1997 and affected every part of the world led to serious criticism of the intellectual and institutional underpinnings of current arrangements to deal with such events, and of the global financial system more broadly. If global markets are to work more predictably and with sustainable benefits for the vast majority of the world’s population, change must occur. This essay tries to take the approach from financial liberalization、globalization and the trend of financial governance.In Chapter one, started from the history of financial liberalization and its change. Narrowly defined, globalization is global economic and financial integration. More broadly, globalization is the process by which countries become more like one country. In its humane dimension, globalization is the removal of all barriers and the integration of mankind. In this latter depiction, economic and financial integration can only be seen as a step in a long process. Because the most recent impetus for globalization began in industrial countries through rapid progress in financial innovation and information technology, there are concerns among developing countries that the advanced countries will reap the benefits of globalization while they will bear the costs. The process of economic and financial integration has been historically reversible, as witnessed most recently after World War I. This often-forgotten fact has lulled some observers into believing that the process of global financial integration is irreversible and that the hegemony of industrial countries over the process is a necessary or a sufficient condition for its continuation. None of this is inevitable. It is also not inevitable that developing countries will have to bear all costs of financial integration, provided they play a major role in the design and implementation of the necessary changes in global economic and financial governance.In chapter two, the new Basel Accord framework relies on markets and supervisors to discipline banks. Yet both markets and supervisors fail, and more so in developing countries than in high-income countries. Therefore, the new Accord is not, as its designers claim, suitable for wide application. Nevertheless, developing country policymakers have little choice but to implement it in part or in whole. Hence there are problems of governance in international regulation.Chapter Three, continue the discussion about the change of financial organization, the bigger the firm, the harder the financial governance. Over the past two decades, the increasing internationalization of production, the growth of international trade, massive changes in financial markets, and the revolution in communication and information technology have created opportunities as well as challenges. The changes include significant increases in the magnitude of and composition of cross-border financial flows, innovations in financial engineering that have expanded the menu of new financial instruments, dizzying speeds at which these flows move across national borders in response to shifting perceptions of rewards and risks, growing capacity for leveraging financial exposure in the international system, revolutionary changes in risk management practices that can accelerate outflows from developing country markets in times of stress, and exponential increases in short-term capital flows, largely consisting of portfolio flows channeled through institutional investors by means of derivatives. This leads to Chaper four.These changes, combined with the financial opening of previously closed economies, have increased the volatility and reversibility of financial flows, particularly of short-term capital flows. Meanwhile, domestic financial markets in developing countries have not acquired the depth and breadth needed to cope with the rapid changes in magnitude, speed, and diversity of financial flows. This mismatch has increased the potential for financial instability in countries with policy and structural shortcomings. Moreover, the interconnection between markets and the speed of communication has meant that instability in one country may be rapidly transmitted to others in a region, to geographically distant economies that have similar risk characteristics, and even to countries with sound policies and practices anywhere on the globe.While crises of the 1990s showed that sound macroeconomic and structural policies are essential for stability in developing countries, they also highlighted the fact that good policies are no guarantee against contagion. The expanded scope of operations of private sector financial institutions and their enhanced ability to exploit opportunities for profit-taking, plus the risk-avoidance strategies implicit in portfolio diversification, have meant that financial instability can begin in one country and escalate rapidly into a systemic crisis. Overall market confidence and productive capacity can be destroyed quickly, leading to net loss of investment, employment, and output. Moreover, the Mexican, East Asian, Russian, and Brazilian crises demonstrated dramatically the inadequacy of existing rules and standards governing crisis prevention in the framework of the international financial system. Accordingly, while crises were spreading, there were intensified demands for new rules and standards, codes of good practices, and vulnerability assessment systems to ensure stability in the international financial system. These demands have created challenges for global economic and financial governance, with the area of international finance requiring the most urgent attention.更多还原