| 摘要: | 資本市場作為各國經濟發展的基石，皆受各國政府嚴密地管控，然而，伴隨科技的日新月異，資本市場的發展亦與時俱進，伴隨資本市場全球化、新型態的交易平台及多樣性的金融商品，各國證券交易所之間，或是與另類交易平台的競爭關係漸趨明顯，因此促發各國交易所轉變型態及政府重新檢視證券市場的監理制度。
我國曾推行證券暨期貨市場整合方案，亦是順應考量跨國市場形成下的競爭關係，除提振我國證券市場競爭力外，同時對跨市場金融商品風險控管理；然而，採行該方案為各方存疑主因在於：無法評估整合後的整體經濟效益，且我國資本市場均由政府控制為特定公司的獨占產業，場外交易為我國證券交易法所禁止，且涉及法律層面廣泛，仍應通盤考量。
然而，交易所股份化未必助長營業收入及提升競爭力，但考量跨市場金融商品多元化下，所衍生的金融風險充斥不確定性，為了能有有效掌握各金融商品資訊，以之做為風險控管的依據，證券暨期貨市場整合仍有其必要性。
交易所控股公司設立的可行性，要考量的前置問題有三：一、交易所控股公司設立依據及與證券周邊單位整合的法律適用或修正問題；二、而臺灣證券交易所已是公司制交易，對於整併後設立的交易所控股公司，是否有在臺灣證券交易所上市之必要性；三、以及交易所控股公司監督管理權限歸屬，尤其針對交易所控股公司股東與其他上市公司、證券商及投資人間的利益衝突，所應架構的監理制度，以調和前述利益衝突。
我國證券交易市場及法制的建立係參考美國證券交易法制和交易所體制，且紐約交易所作為國際重要證券市場之一，可為我國四合一政策參照；惟我國僅有單一臺灣證券交易所，與香港證券市場架構類似，仍可為我國參考之範本；最後，透過比較兩者間的差異，針對四合一政策的可行性提出淺見。
With presenting national identities, stock exchange is protected under the national auspices and stand the monopolistic position in the securities market. However, along with the technological progress, it promotes the globalization of stock markets. Especially, the alternative trading services not only make the trading much efficient, but also reduce the cost. Furthermore, the alternative trading services drive the mutually-owned stock exchange to demutualize; meanwhile, the Governance has to review the regulation.
The advantages of demutualization is efficiency, cost decreased, benefit increase and risk management. Moreover, to raise capital, the stock exchange may go public. In spite of the advantages of the demutualization, the benefit increase and other market performances are full of uncertain. In other word, the demutualization of the stock exchange does not always lead to benefit increase. Even though the uncertainty of demutualization, we cannot oversee one of the advantages—risk management after 2008 financial crisis. Therefore, it is necessary to integrate the capital market in Taiwan.
Under the guidance of Financial Supervisory Commission, there are three issue to organize the holding company: first, how to merge the three companies and one foundation; second, whether the holding company go public or not; and third, how to manage the risk of conflict of interest between the shareholders and the listed-companies, securities firms and investors.
The monopolistic position of the Taiwan Stock Exchange is similar to the Stock Exchange Hong Kong Limited, and the organization of the Taiwan Stock Exchange is in connection with the New York Stock Exchange. Hence, with comparing the financial supervision of these two exchanges, we are looking forward to make some progress with the integration of capital market. |
