中央銀行外匯績效管理體系建立之研究

Abstract

現代經濟社會是一個市場經濟，簡單說就是一個貨幣經濟。任何經濟活動都得使用貨幣，不用貨幣而採用物物交易者少之又少。而現代經濟社會又是一個國際化的市場經濟，經濟活動不只是使用本國貨幣，亦經常須動用外國貨幣。本國貨幣之提供及管控，屬中央銀行之職責；至外國貨幣之供需調節與管理，主要亦為央行之職責。央行此兩項領域，攸關國計民生及國際間之互動，故一直係全民各界及相關國家關切之重要焦點。 主管本國貨幣管控之貨幣政策，從理論到執行成效等，學者專家探討者眾多；而探討外匯管理之績效體系者，似較少見。由於外匯管理不僅影響一個國家的經常帳與資本帳之進出，亦影響匯率、金融之穩定與經濟成長等，與產業各界甚至全民利益都高度攸關。尤其是我國，作為一個小型的開放經濟體，其外匯管理影響更是重大。如能建立一套外匯績效管理體系，以利確保或進而提高外匯管理績效，確實具有相當之價值。 本研究試圖以平衡計分卡之觀點，建立中央銀行外匯績效管理體系。該體系包括策略管理與績效評估兩大重點。以個案研究法、觀察法以及文獻分析法等方式，經由探討央行使命、願景與策略，逐步建立外匯管理平衡計分卡構面及績效評估指標，發展外匯管理之策略地圖，進而建立外匯管理面板，完成外匯績效管理體系。 本研究的主要結論，包括： （一）平衡計分卡適用於央行外匯管理。 （二）建立央行外匯管理(含營運)之績效管理體系： 1. 建構外匯管理願景 2. 確立外匯管理兩大策略主題 3. 訂定外匯管理平衡計分卡構面架構模式 4. 建構外匯管理策略目標及績效衡量指標體系 5. 完成外匯管理策略地圖 6. 建構外匯管理KPI管理面板 （三）各國央行外匯管理營運模式（Business Model）不同，有關外匯管理方式會有差異。因此，各國應考量其不同情境，據以安排其外匯績效管理方式。 本研究嘗試建立外匯績效管理體系，係本著回饋之心及拋磚引玉之意，希望能為所服務的機關，盡一己棉薄之力；並為後續研究者或實際從業人士，提供一些參考基礎，以期後來者發揚光大，共同為外匯管理以及央行整體使命與願景之達成奉獻力量。

The economy in contemporary society is a market economy, in a word, a currency economy. The currency is necessary in any economy activities, and very few people exchange commodity by commodity, instead of currency. The contemporary economy in the society is also a global market economy, it is not only the national currency, but also the international currencies are used in economy activities. A Central Bank is not only in charge of the supply, control and management of its national currency, but the adjustment and management of supply and demand for international currencies are also its main duty. A Central Bank takes charge of the above two fields, which are affiliated with the national welfare and the people's livelihood, and the international economy interactions, hence, these are the focuses that the entire people and the related countries are deeply concerned. A Central Bank is in charge of the monetary policy, which is from theory to the implement effect, is popularly researched and discussed by scholars and experts. As to the performance management system of foreign exchange administration is less studied and discussed. Since the foreign exchange administration is not only affiliated with the increase or decrease of a country’s Current Account , Capital and Financial Account , but is also related to the fluctuation in exchange rate, financial stability, and the economic growth of the country. It is highly associated with all the industries and the benefit of the entire people. Particularly in our country, it has accumulated a large amount of foreign exchange reserves because of the whole people’s effort and high development of economy. This is highly valued by the people around the world. Currently, the part of Current Account is completely liberalized. As to the Capital and Financial Account, it has been highly liberalized due to the join of the WTO. However, as a small and open economy entity, the overseas capital, especially the frequent in and out of the short-term overseas capital, may easily cause to a great impact and influence on the financial stability and the whole economy. The Central Bank of the Republic of China (Taiwan) must apply its resources and capability based on the strategy of the financial stability and the balance of payment, and make good use of foreign exchange reserves, to make every effort to reach the whole people’s benefit, which is the price and financial stability, and the promoting economic development and industrial upgrading. Therefore, the foreign exchange management bears great responsibility and of vast influence. If it is possible to build a performance management system in the Central Bank’s foreign exchange administration, it can not only evaluate the result of the operation for foreign exchange reserves, but can also make this system an efficiently strategic management tool to ensure or even enhance the performance of the foreign exchange management; this is indeed very valuable. This study tries to build the foreign exchange management system for the Central Bank from the perspectives of balanced scorecard. The system includes two key points which are strategy management and performance evaluation. By the case study, observation, and document analysis to explore the mission, vision, strategy of the Central Bank, and gradually building the balanced scorecard framework for foreign exchange management, and the indicators for performance evaluation. Develop the strategy map for the foreign exchange management and further to build the management panel for foreign exchange administration to complete the whole performance management system. The main conclusion in this study includes: 1. The method of the balanced scorecard can be applied to the foreign exchange management of the Central Bank. 2. To build the performance management system of the Central Bank’s foreign exchange administration: (1) To construct the vision of the foreign exchange administration. (2) To establish two main strategic subjects of the foreign exchange administration. (3) To set the balanced scorecard framework of the foreign exchange administration. (4) To build the performance objectives and measures of the foreign exchange administration . (5) To complete the strategy map of the foreign exchange administration. (6) To construct the KPI management panel for the foreign exchange administration. 3. The Business Model for the foreign exchange administration is different by countries, which makes a difference in the foreign exchange administration. Therefore, every country should map out its style of the performance of foreign exchange administration according to different conditions. This study attempts to build the performance management system of the Central Bank’s foreign exchange administration. Hope that I can make a contribution to the organization which I serve for based on my mind for feedback and stimulation. Also, hope that this study can be the basis of reference for the subsequent researcher, and further to make more importment contribution to enhance the foreign exchange management and reach the mission and vision of the Central Bank.