建構臺灣成為亞洲資產管理中心之可行性分析

Abstract

根據2024年3月發布的《第35期全球金融中心指數報告》，全球前十大金融中心中，亞太地區佔四個席位，且整體評分較上期增加1.89%。這顯示亞太地區在全球金融體系中的影響力日益增強。儘管新加坡和香港穩居亞洲金融中心龍頭，日本和韓國的金融重要性逐漸受到國際肯定，臺灣的金融中心排名卻不斷下滑。

為了吸引境外資產管理公司來台擴展營運據點，推動周邊產業發展，實現台灣成為亞洲資產管理中心的願景，本研究採訪了金融業內前輩，深入探討台灣資產管理業的痛點，並蒐集各國產業政策的要點和成效，提出針對性的改善建議。

研究結果顯示，相較於新加坡和香港，台灣的金融監管環境嚴苛、可投資的金融商品選擇少、稅率高，降低外國資金投資意願，我國高資產人士亦將資金移往海外。此外，台灣金融業薪資水平低，不易吸引國際金融專才。然而，台灣仍具競爭優勢，包括國內民間財富穩步增長、ETF市場發展熱絡，以及AI和綠能產業興起，使台資企業在國際上的能見度大增，促進資金湧入台灣資本市場。因此，台灣仍有潛力發展為亞洲資產管理中心。

針對台灣資產管理業的困境，本研究提出以下建議：(1) 吸引境內外資金：建議推動境外資金匯回專法2.0，並實施跨國企業資金管理中心 (FTC) 獎勵政策，以創造有利於資金聚集的金融環境。(2) 設立資產管理特區：建議設立以外幣計價金融商品交易為主的資產管理特區，提供資金進出自由、稅收減免及全英文溝通環境等優惠條件，以吸引境外資產管理機構來台發展，促進其與本地OBU業者的金融知識和技術交流。(3) 法規鬆綁：透過放寬法規，提高投資人可選擇的金融商品種類。(4) 初級金融市場改善：針對家族辦公室、私募基金及創投等初級金融市場提出具體改善建議。透過多面向的政策建言，本研究希望逐步優化台灣資產管理業的營商環境、人力資本及稅收，將台灣建構為亞洲資產管理中心。

According to the Global Financial Centres Index (GFCI) 35, released in March 2024, four of the top ten global financial centers are located in the Asia-Pacific region, with their scores increasing by 1.89% compared to the previous period. This indicates the growing influence of the Asia-Pacific region in the global financial system. However, Taiwan's financial center ranking has been declining.

To attract foreign asset management companies to Taiwan and drive the development of surrounding industries, this study conducted interviews with industry veterans to explore the pain points of Taiwan's asset management industry. It also collected key points and outcomes of industry policies from various countries to propose targeted improvement suggestions.

The findings reveal that, compared to Singapore and Hong Kong, Taiwan's financial regulatory environment is stricter, the selection of investable financial products is limited, and tax rates are high, reducing the willingness of foreign capital to invest. Furthermore, Taiwan's financial industry offers low salary levels, making it difficult to attract international financial talent. Nonetheless, Taiwan has competitive advantages, including steady growth in domestic private wealth, a thriving market for ETFs, and the rising visibility of Taiwanese companies in AI and green energy industries, which have attracted international capital to Taiwan's capital market. Therefore, Taiwan still holds potential to develop into an Asian asset management center.

To address the challenges facing Taiwan's asset management industry, this study proposes the following recommendations: (1) Attracting Domestic and Foreign Capital: Implement the Repatriated Offshore Funds Act 2.0 and introduce incentive policies for establishing Finance & Treasury Centres (FTCs) to create a favorable environment for capital aggregation. (2) Establishing Asset Management Zones: Create asset management zones focusing on foreign currency-denominated financial product transactions, offering conditions such as free capital movement, tax incentives, simplified administrative procedures, and an English-friendly environment to attract foreign asset management institutions. This would also facilitate knowledge and technology exchange with local Offshore Banking Units (OBUs). (3) Regulatory Relaxation: Ease regulations to increase the variety of financial products available to investors. (4) Improvement of Primary Financial Markets: Provide specific recommendations for family offices, private equity, and venture capital sectors. Through these multifaceted policy suggestions, this study aims to gradually optimize Taiwan's business environment, human capital, and tax structure, positioning Taiwan as a significant asset management center in Asia.