台灣資本市場管制與金融改革之研究

Abstract

2007年美國爆發次級房貸事件，迅速蔓延擴散而於2008年引爆國際金融海嘯，其波及範圍之廣、影響程度之深、衝擊強度之大，可以與1929~1933年的經濟大蕭條相比擬。面對金融海嘯嚴重衝擊實質經濟，各國政府競相推出刺激景氣計畫，企圖舒緩景氣衰退趨勢。此外，各國政府也發現金融海嘯的根源與金融國際化與金融監理寬鬆息息相關，從而積極進行全面的金融改革，加強金融監理與保護金融消費者權益措施。本文將從相關文獻綜合探討金融危機相關理論，檢討金融海嘯發生原因，說明金融自由化與再管制的關係。其次，將探討英美兩國國家提出的因應措施與金融改革方案，並對其進行評價。接著，將探討台灣資本市場發展的缺陷，政府如何解除資本管制與推動資本市場國際化。同時，針對政府逐步解除資本管制，決策當局將如何實施金融改革與強化金融監理，提出相關的監理改革建議。

In 2007, the U.S. subprime mortgage crisis erupted , and its shock had extended rapidly to evolve a financial tsunami in 2008. From the perspective of scope, impact and depth, this financial tsunami had seriously depressed the economic activity that can be compared to the Great Depression of 1929 ~1933.After experienced the shock of the financial crisis, the governments worldwide have executed a series of stimulus programs progressively in order to relieve the economic recession and try to reduce the increasing unemployment rate. In the meanwhile, goverments had tried to investigate the origions and causes of the financial tsunami, they concluded that the financial internationalization and the loose financial supervisory had played the main role. Therefore,the English and American authority begin to engage in the related financial reform, to find out effective means to prevent similar crises from happening again. This paper attempts to synthesize the theory of the financial crisis, to investigate the cause for the financial tsunami,then to discuss the relationship between the financial de-regulation and re-regulation.Secondly,we will introduce the related policies and financial reform programs of England and America,then to evaluate the possible effects of these Financial Reform Act.Thirdly,we will exhibit the defects of the development of Taiwan capital marke,and to survey how government authority tries to release the capital regulation and to improve the capital market internationalization.Finally,in the process of the capital de-regulation,we will suggest government authority the way to practice the financial reform and to strengthen the financil supervisory,then provide the related proposals for financial supervisory reform.