亞洲金融風暴後臺灣金融改革對金融業營運績效的影響-以銀行業為例

Abstract

台灣在1997年亞洲金融風暴中安然渡過，然而卻在1998年10月起，多家企業集團暴發財務危機，甚至倒閉，也使得授信銀行的資產品質迅速惡化，逾放比率大幅上升，一場本土性的金融危機似乎隱然成形。 為解決可能發生的金融危機，國民黨政府在1999年採取調降金融業營業稅的政策，要求金融業者將減免的稅額用來打銷呆帳，以協助業者改善資產品質。而在2000年政黨輪替後，新執政的民進黨開放外資除特殊產業外可以完全持有台灣的上市櫃公司，同時修正銀行法並陸續通過信託業法、金融機構合併法、金融控股公司法、行政院金融重建基金設置及管理條例、票券金融管理法、金融資產證券化條例、不動產證券化條例，以建構完善的法制基礎，使經營良好的金融機構可以有更好的發揮空間，朝區域或國際市場邁進，也使經營不善的業者能早日退場，以減少對金融市場的不利衝擊；而為因應金控跨業經營時代的來臨，政府也成立了金融監督管理委員會，對銀行業、證券業及保險業實施合併監理，以減少監理套利的現象發生，同時也統一金融檢查的事權，使業者面臨的金融檢查能有一致的標準，另外也加強消費者保護，以防止業者的不當行銷損及消費者權益。 本研究的目的即是要藉由對政府自1999年以來所推動的各項金融改革措施的背景及目的的整理與瞭解，再透過分析金融改革措施造成金融業營運之變革及實際經營績效（CAMELS & G）的變化，來瞭解我國的金融改革是否已達成改革的目標。 研究結果發現，我國銀行業者在資產品質（A）、盈利性（E）、市場風險敏感性（S）及成長性（G）已有顯著改善，而在資本適足性（C）及流動性（L）方面，雖然尚未有大幅改善，但已漸趨正向發展，在管理能力（M）方面，純就利差而言，銀行的管理能力是在減弱之中，惟就銀行開始提高收取手續費業務及非傳統授信之消金業務之比重而言，銀行獲利來源分散的結果，可降低銀行獲利的波動性，有助於經營的穩健性，因此整體而言，經營管理能力是有提升的。亦即我國第一階段金融改革已達成其改革目標。

In 1997, Taiwan went through the Asian Financial Crisis safely. However, several Taiwanese conglomerates had encountered local financial crisis or gone bankrupt since October 1998. Therefore, the asset quality of local banks, engaging in loans extended to these conglomerates, had worsened rapidly and the NPL ratio of these banks had increased substantially. It seemed that a local financial crisis was going to shape up. To prevent the local financial crisis from happening, and to help local financial institutions improve their asset quality, the ruling KMT government adopted the policy to reduce the business tax of financial institutions and required financial institutions to use the saved business tax to write off bad assets. After the unprecedented replacement of ruling party in 2000, the new ruling DPP government deregulated the limit that forbad foreign investors to hold 100% stocks of Taiwanese listed companies. Furthermore, the Banking Act had been amended, and the Trust Enterprise Act, the Financial Institution Merger Law, the Law of Financial Holding Company, the Establishment and Administration of the Financial Restructuring Fund, the Law Governing Bills Financial Businesses, Financial Securitization Act and Real Estate Securitization Act had been promulgated. Since then, the legal system for financial market in Taiwan had become more complete. In addition the above-mentioned laws had made the well-running financial institutions grab opportunities to go forward international market. Besides, the laws had provided the poorly-running financial institutions with a chance to exit the market as soon as possible so as to decrease the bad effect these financial institutions brought to the market. Over and above, for the establishment of Financial Holding Companies, in 2004, the Financial Supervisory Committee was set up to consolidate the supervision of banking, securities and insurance industries under one roof as well as to integrate the task of examining these industries and prevent financial institutions from miss-selling financial products to consumers.

The purpose of this thesis is to find out the background and goals of the above-mentioned financial reform policies which had been adopted from 1999. By analyzing the impact of these policies on the performance of financial institutions, the thesis tries to judge whether these policies have fulfilled their goals. One of the findings of this thesis is that Asset quality, Earnings, Sensitivity and Growth of financial institutions have improved greatly; Capital adequacy and Liquidity of financial institutions have headed upside though have not gotten better substantially. As to Management of financial institutions, the management capability has worsened if judged by their narrowed spread. However, by increasing the scope of the business that charges higher commission help financial institutions disperse their source of profit and decrease the fluctuation of their profit. This finding justifies the improvement of management of financial institutions. In conclusion, the first stage of financial reform has achieved its goals.