論我國銀行整併態樣及範圍之法制

Abstract

本文以探討我國銀行整併法制的現況及其改進方向為主軸，針對目前法規中多項規定及審查標準的不一致現象進行剖析，並關注最終控制權人透過非股份取得方式對銀行整併案的影響。本研究藉由參考美國銀行整併法制，特別是聯準會的控制權最終規則，深入探討現行法規範的完整性，並檢視修正法規的必要性，提出可能的修正方案，作為我國銀行併購法制改革的方向。 本文第二章從我國立法背景切入，分析政府在金融市場及金融規範上的態度及政策演變，並梳理金融制度的發展脈絡。本章整理出我國曾推行及現行的金融整併政策，並釐清現行法下主管機關與金融機構間的互動模式，並針對我國銀行整併相關法規進行系統性整理，指出當前多部法規間存在審查標準不一致的問題，這可能造成金融機構在操作銀行整併時面臨額外的法律風險與障礙。 本文第三章透過實務案例深入探討我國銀行整併的實務案例。針對台新金控與新光金控的案例，本章研究發現除了傳統股份取得方式外，最終控制權人也可能透過其他手段例如委託書徵求達到取得銀行控制權進而整併的目的，此凸顯了我國銀行整併法制在實質控制力認定上的漏洞與挑戰。本文並以此等案例分析為基礎，指出法律規範與金融實務操作間的差距，並強調對此問題進行規範修正的必要性。 本文第四章轉向美國法制，以其銀行整併法制為研究對象，探討美國法規的演變歷程及其主管機關的審查標準。本章發現，美國在銀行整併方面建立了清晰一致的遊戲規則，其立法框架與聯準會制定的最終控制權規則，提供了明確的指引，使主管機關能夠有效介入個案並進行審查。這樣的規範體系不僅保障了金融市場的穩定，還為銀行整併提供了清晰的遵循方式，對我國相關法制有重要的參考價值。 第五章綜合前述實務案例與比較法研究，提出兩項修正建議。首先，我國應建立一套完整且一致的銀行整併規則，解決現行法規中不同整併態樣審查標準不統一的問題。其次，我國應強化對控制力的實質認定，避免過於依賴形式上的股份取得，並賦予主管機關在銀行整併案中更大的主動介入權限，以確保金融市場的透明性與穩定性。 本文最後提出透過上述建議完善我國銀行整併相關法制的構想，期望藉由更完整及公開的規範體系，加速我國銀行整併的步伐，使整體金融機構能更具國際競爭力。同時，透過平衡風險控管與產業發展，為金融市場創造一個穩健且具活力的環境。

This thesis focuses on the current state of banking mergers and acquisitions (M&A) laws in Taiwan, analyzing their inconsistencies and the potential for beneficial owners to acquire banks through means other than share acquisition. By referencing the banking M&A laws in the United States, particularly the Federal Reserve's final control rules, this thesis evaluates the integrity of Taiwan’s current legal structure and examines the necessity of revising related regulations. It finally proposes potential revisions as a direction for reforming Taiwan's banking M&A laws. Chapter II begins by analyzing the legislative background in Taiwan, examining the government’s approach to financial markets and regulatory policies, as well as the development of Taiwan's financial system. It also outlines the financial M&A policies that Taiwan has implemented in the past and is currently pursuing. The chapter clarifies the interaction between regulatory authorities and financial institutions under the current legal framework. Moreover, it highlights the existence of multiple regulations related to banking M&A in Taiwan, which contain inconsistent review standards, potentially leading to legal risks and barriers for financial institutions when undertaking banking M&As. Chapter III delves into Taiwan’s financial practices by exploring several banking M&A cases focusing on notable past cases such as those of Taishin Financial Holding Co., Ltd. and Shin Kong Financial Holding Co., Ltd. It reveals that, aside from the traditional method of acquiring shares, beneficial owners can also acquire controls over a bank through other means, such as proxy contest. This chapter emphasizes the gaps and challenges in Taiwan's banking M&A laws regarding the recognition of actual control. By analyzing these practical cases, the thesis identifies discrepancies between legal provisions and financial practices, underscoring the need for regulatory amendments. Chapter IV shifts to the United States legal system, examining the evolution of its banking M&A laws, the types of regulations involved, and the review standards set by its regulatory authorities. This chapter finds that the United States has developed a clear and consistent set of rules for banking M&A. The legal framework and the Federal Reserve's final control rules offer clear guidance, enabling regulatory authorities to intervene effectively in cases under review. This consistent regulatory framework not only ensures market stability but also provides a clear compliance path for banking M&As, offering important lessons for Taiwan. Chapter V integrates the findings from previous chapters, combining both practical cases and comparative legal analysis. This thesis finally proposes two key recommendations for Taiwan’s banking M&A laws. First, Taiwan should establish a comprehensive and consistent set of banking M&A regulations to address the issue of inconsistent review standards. Second, Taiwan should recognize the concept of control and focus more on the substance rather than merely the formal share acquisition. Regulatory authorities should be given greater authority to proactively intervene in banking M&As and require financial institutions to present specific plans for promoting market stability and transparency. In conclusion, this thesis advocates for the proposed revisions to improve Taiwan's banking M&A laws. By establishing a more comprehensive and transparent regulatory framework, the aim is to expedite the process of banking M&As and enhance the competitiveness of Taiwan’s financial institutions on the international stage. Furthermore, through a balance between risk management and industry development, a more stable and dynamic financial market environment can be created.