影子銀行之風險與監理法制之研究

Abstract

自2008年金融海嘯後，「影子銀行」成為熱門金融議題，惟至今「影子銀行」仍尚未有一致性之定義；不同的監理單位因其功能角色不同，分別有從機構、業務、風險、數據蒐集等角度詮釋影子銀行。影子銀行係因應經濟環境及金融市場供需而生，勢必具有商業銀行不可取代之效益。如何使監理法制在有效控制影子銀行風險之際，又能維持金融體系之多元、靈活性，最佳的途徑應係找出影子銀行風險形成的癥結點並加以管控，使金融市場體系及監理協調機制更臻完善。 本文主要採取文獻分析及比較法研究方式，以歐美法系為主，並以「非銀行金融機構」作為研究基礎，再進一步限縮於組成影子銀行信用中介鏈，具有影子銀行之風險者。依信用中介之流程，將影子銀行劃分為「批發性融資」、「證券化」、「資產管理機構與共同基金」三大部分，綜合歸納、分析其風險後，結合學說見解提出對監理法制評析。其後，以我國中央銀行對金融機構之分類為基礎，檢視我國影子銀行之範圍、規模及相關法規範，指出其不足、需改進之處，期能提供我國監理機關、學術研究參考。總體而言，影子銀行走向以「總體審慎監理」為核心，如將順景氣循環納入資本計提之考量及審慎監理範圍之擴張等，以強化對於系統性風險之應對能力。本文認為，應將總體審慎監理措施落實於各金融機構既有之規範中，並應加強監理單位間之協調合作，確保監理機關密切配合與共享資訊流通，俾保持監理法制的一致性。

Since the Financial Crisis in 2008, “shadow bank” has become a popular financial issue. However, so far there’s still no any consistent definition of “shadow bank”. Each supervision authority defines shadow bank according to its role and ability. Shadow banks were emerged in response to the economic environment and the supply and demand of the financial market, therefore are bound to have irreplaceable benefits from commercial banks. The best way to control the risks bring by shadow banks, in the meanwhile maintain diversification and flexibility of the financial system, is to pinpoint how the risks were formed, then accordingly manage them, so as to better coordinate the financial system and supervisory regulations.

The Thesis mainly adopts literature analysis and comparative research methods, focusing on European and American legal systems. Besides, using 'nonbank financial institutions' as the research basis, and further limited to one that composing the credit intermediation chain of shadow banks and posing the potential risks. The Thesis also classified shadow banks into “wholesale funding”, “securitization”, and“asset management company and mutual fund” according to the intermediate process. After comprehensively summarizing and analyzing the risks, as well as the insight of doctrines, the Thesis puts forward comments and analysis of supervisory regulations. Then, for further researches or regulation reforms, the Thesis also studies the range, scale and relative regulations of the shadow banks in Taiwan, bases on how the Central Bank classified the financial institutions in Taiwan, and points out the deficiencies and spaces for improvement of the supervisory regulations herein. To sum up, the supervisory trend of shadow banks started to focus on“macro-prudential regulation”, such as considering pro-cyclicality with capital reserves, as well as expending the ranges of prudential regulations, so as to better defense systemic risk. As a result, macro-prudential regulation should be implemented in the existing supervisory regulation of financial institutions. Additionally, to keep the consistency among supervisory regulations, coordination between each supervision authority is also essential.