兩岸影子銀行之法律問題研究 —以金融法制之比較為中心

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Title:	兩岸影子銀行之法律問題研究 —以金融法制之比較為中心 Research on Legal Problems of Shadow Banking Across the PRC and Taiwan: With Focus on Comparative Financial Regulatory Frameworks
Authors:	謝仁潔
Contributors:	法律學系碩士在職專班
Keywords:	影子銀行信用仲介資產證券化附買回交易結構性投資工具投資銀行避險基金貨幣市場共同基金美國華爾街改革與消費者保護法案系統性風險有序清算機制破產整頓評估計畫
Date:	2017
Issue Date:	2017-03-29 13:25:07 (UTC+8)
Abstract:	2008年之全球金融危機，主因是證券化機制將次級房貸包裝後再銷售至全世界，引發成全球金融市場之系統性風險，重創全球經濟。事後世界各國皆齊聲檢討金融監督管理制度，並敦促相關國際組織訂定金融業務之操作及監管準則，以預防重大金融危機發生之可能性，尤其對引爆此次金融危機之影子銀行體系加強監管。根據金融穩定委員會對影子銀行之定義為：「銀行體系外之具有仲介功能之金融機構及金融活動。」影子銀行具有正面的經濟價值，得為市場投資人增加融資及流動性的管道，影子銀行專業化的信用仲介鏈，亦可增進市場效率、提升整體經濟價值。惟2008年金融危機的教訓，卻也彰顯影子銀行的監管缺失，曝露出金融監管政策是不完善和不統一的。因此身處於風暴核心的美國於2010年通過並頒布實施「陶德-法蘭克華爾街改造與消費者保護法案」(Dodd-Frank Wall Street Reform and Consumer Protection Act)，以革新金融機構之監管機制、完善市場交易之監管機制、強化消費者與投資人之保護、落實金融危機之因應工具、提高監管標準與促進國際合作等監管議題。然而，歐美影子銀行與中國影子銀行的形成原因大不相同，由於中國對金融市場採取的管制政策，影子銀行成為中國社會融資的一個十分重要的途徑。中西方影子銀行的差異為：歐美影子銀行是「平行銀行體系」，主要由投資銀行、對沖基金、私募股權基金、貨幣市場基金、保險公司及結構型投資工具等非銀行金融機構及業務所組成。這套體系以金融市場為基礎，資金來源為貨幣市場，資產證券化為主要內容，投資資產主要為證券化資產，而資產管理主體則是各種結構型投資工具；中國影子銀行則是商業銀行為規避監管，將資金轉出傳統存貸業務之產物。由於商業銀行在中國金融體系中仍為核心，影子銀行體系的資金及信用支持主要依賴商業銀行，因此中國影子銀行更精準的描述是「銀行的影子體系」。因此，本文首先針對金融穩定委員會就影子銀行所提出監管框架及建議，與美國華爾街改革與消費者保護法案有關影子銀行之監管規範，進行研析，供台灣法制借鏡，提出台灣影子銀行監管規範之改革建議；再者，明確中國影子銀行的界定範圍、業務以及對金融體系的影響；最後，透過比較兩岸影子銀行發展歷程，研析市場利率的開放進程、金融法制的改革以及中小企業融資的支援，探討兩岸影子銀行之監管措施，提出相關評析與建議，期能為健全兩岸影子銀行法制略盡棉薄之力。 A primary reason of the 2008 Global Financial Crisis is the securitization of subprime mortgages. These securities were sold globally, causing systemic risk in global financial markets and severely influencing the global economy. In the aftermath of the crisis, many countries began to review their respective financial regulatory systems, and corresponding international organizations were urged to install a set of uniform financial regulations; particularly to reinforcing the regulations of shadow banking systems, which had been implicated as a significant contributing factor towards the 2008 Global Financial Crisis. According to the Financial Stability Board, shadow banking system is defined as “… the system of credit intermediation that involves entities and activities outside the regular banking system.” However, the highly interconnected, leveraged, and large-scale sized shadow banking system exposed by the financial crisis of 2008 were revealed to be under low regulations. As a result, the Dodd–Frank Wall Street Reform and Consumer Protection Act was signed into Federal law by President Barack Obama on July 21, 2010 as a response to the financial crisis in 2008. The core values of Dodd-Frank Act is to reform the regulatory mechanism of financial institutions, to perfect the regulatory mechanism of market trading, to reinforce the protection of consumers and investors, to implement the tools in response to the financial crisis, to raise the regulatory standards, and to promote international cooperation on regulations. However, in contrast to the Western shadow banking system, China’s shadow banking is completely different. Since China’s policy is to take a strict regulatory monitoring approach, the shadow banking system in China is an important supplier of loans in the financial market. Western shadow banking, referred also as parallel shadow banking, is comprised of investment banks, hedge funds, private equity funds, money market funds, insurance companies, and structured investment vehicles and other non-bank financial institutions. This system works on the money market, securitization, and investments in various structured vehicles. In contrast, the rise of China’s shadow banking is to skirt regulation, and to move loans off the balance sheets into a category of investments that requires less provisions than loans. Since commercial banks play a prominent role in the Chinese financial system and the capital and credit of China’s shadow banking system primarily relies on support from commercial banks, China’s shadow banking system has the advantage of non-bank financial institutions on business and customer sources. Thus, since China’s shadow banking derives its legitimacy directly from commercial banks, China’s shadow banking could be said to more precisely describe the term “a bank’s shadow”. The present article seeks to explore the main principles, measures, and implementation problems of the regulatory and monitoring framework of the western shadow banking system, wherein the present article will also seek to make recommendations for Taiwan based on the finds of the Dodd-Frank Act. Secondly, the present article seeks to understand the scope of China’s shadow banking and thereof effects on China’s financial system. Thirdly, the present article seeks to analyze the process of interest rate liberalization, financial regulatory reforms, and enterprise support of the PRC and Taiwan by comparing their respective shadow banking development history, and regulatory implementations.
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