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標題: | 金控集團利害關係人授信以外交易之研究 A Study on the Non-credit Transactions with the Related Parties of A Financial Holding Group |
作者: | Chuan-Kuo Kao 高全國 |
指導教授: | 林筠(Yun Lin, Ph.D.) |
關鍵字: | 金融控股公司,金控法,利害關係,授信以外交易,公司治理,利益輸送,遵守法令制度,法令遵循,PDCA,行政裁罰,金融跨業經營, financial holding company,FHC,GLBA,related party,non-credit transaction,corporate governance,legal compliance,PDCA,Deming Cycle,non-arm’s length transaction,Federal Reserve Act,financial diversification,firewall, |
出版年 : | 2009 |
學位: | 碩士 |
摘要: | 2000年我國制定金融控股公司法,允許以設立金控公司的方式進行金融整併與跨業經營,迎上當時金融改革的潮流。然而,金控公司成立後,或因我國二次金改發生部分問題,或因若干金控進行併購與重大交易時,給予外界不佳之觀感,致使由金控母子公司暨關係企業形成的金控集團,經常被視為金融怪獸;他方面,大型企業集團或金融機構透過關係人非常規交易進行利益輸送,導致投資人與債權人血本無歸之事件,從未停歇。因此,掌握龐大資產的金控集團,在法制上及金融監理上如何防杜,以及金控經營者如何遵循法令,減少違法風險,遂成永續經營重要課題。
本論文之研究首先透過文獻探討、立法過程、比較法之分析,以及對於函令之數量與變動頻率進行實證分析,發現我國由於金控法實行之歷史有限,且該法之制定亦非就本土金融發展實際情況或經縝密之市場研究所制定,而是匆促因應國際金融整併、跨業經營、擴大規模等潮流及參考美國法所訂定。惟我國與美國之國情及法律架構不完全相同,因此迅速引進後,本研究發現關係人授信以外交易有欠缺法律授權、規範未整合、法令變動頻繁、規範密度與管制目的不相符、以及業者常因利害關係人授信以外交易受裁罰,因而引起社會高度疑慮等諸多問題。 透過對於金控法條文、相關法律與函令規定所為之研究,以及對實務上金控集團被裁罰個案之分析,本論文歸納出控管關係人授信以外交易之重點,嘗試釐清現行法規範的數個疑慮。此外,從規範目的與架構出發,對於金控法律之修正與主管機關監督之政策,給予若干建議,例如部分關係人授信以外交易之類型應予放寬管制;對於關係人範圍之認定則應導入實質關係人之概念等。最後,因本文研究者具有參與某金控建置此類交易法令遵循及內部管理流程與方法之經驗,故亦對於金控之管理個案加以研究,以作為金控公司落實遵守法令制度、減少違法風險之參考,並期望對於提升金控集團之公司治理,有所助益。 The Financial Holding Company Act (the ”FHC Act”) of Taiwan was signed into law in the year of 2000. Pursuant to the Act, it allows people to establish Financial Holding Companies (“FHCs”) and engage in a broader range of activities, including insurance, underwriting, securities activities, banking business, and other financial services by their subsidiaries. These changes fit in with the trend of deregulation of financial institutions during the 1990s. However, many problems came out, such as the inequitableness of the merging of financial institutions, the misusing the customers’ personal data, and the related parties’ transactions. I find the issues arisen from related parties’ transactions are some of the most concerned problems in financial or capital market. One of the most important reasons is many management levels stealing money from giant public companies or banks by using the non-arm’s length or non-customary related parties’ transactions. These harmful transactions bring substantial damage to financial institutions and even let them go bankrupt. I find many related cases from literature review of this thesis. The establishments of Financial Holding groups (“FHGs”) raise our above-mentioned concerns due to the huge assets which management levels can control. Nevertheless, if we put too much restriction on these kinds of transactions, the management teams of FHGs cannot reduce their costs nor improve capital efficiency, and then finally we gain less benefit from FHGs’ operations. The”FHC Act” divides the related parties’ transactions of FHGs into “Credit Transactions” and “Non-credit Transactions”. The purpose of this study is to determine and analyze the current legal issues regarding the Non-credit Transactions of FHGs. Through the empirical studies regarding the administrative rules, the opinion letters, and the adjudications of illegal related parties’ transactions, which are provided by the Financial Supervisory Commission (“FSC”) of Taiwan, I find the amount of the administrative rules and the opinion letters of the Non-credit Transactions are far less than the amount of the Credit Transactions. In fact, I also find the most frequent issue which FHGs’ve been charged violation against the FHC Act is due to the Non-credit Transactions from the empirical studies of this thesis from 2003 to the end of May, 2009. Furthermore, the supervisory policies of the Non-credit Transactions from the competent authority changed very frequently during the same period and it brought much pressure of the legal compliance work on FHCs. I compare the related sections of the FHC Act and other relevant regulations with the GLB Act and Federal Reserve Act of USA and investigate some arguing cases. I find it is necessary to modify some articles and regulations of FHC Act for solving the problems from the loopholes of law and providing the management team of FHCs some appropriate room. Unlike the previous studies focusing only on the legal issues, I bring up an idea from my working experiences as the Legal Head and the Chief Compliance Officer of a certain FHC, which combines the compliance programs of FHCs and PDCA (PDSA), a.k.a. Deming Cycle, the important method about continuous quality improvement. I find this idea can help FHCs deal with their Non-credit Transactions with related parties and improve their corporate governance. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/43128 |
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