台灣與南韓金融監理制度改革

Financial Supervisory System Reform and Challenges: Comparative Analyses of Taiwan and South Korea

南韓金融改革的績效驚動亞洲鄰國，短短五年間，幾乎是從金融風暴的廢墟中站立起來，相較之下，台灣雖未捲入一九九七年的亞洲金融危機，但近年的金融機構逾放比仍偏高，金融改革成效遠不如南韓，主要是台灣的政治經濟環境阻礙金融監理制度再造的契機。本文選擇台灣與南韓兩個個案，透過「比較研究途徑」探討金融監理制度與改革過程中所面臨的問題。從南韓金融改革成功隨即帶動整體企業進行結構調整的績效觀之，「金融體制」改革對台灣與南韓的經濟轉型具關鍵性角色，而金融改革最核心的問題乃是「金融監理」的問題，本文有兩個目標，第一，從比較的觀點，從亞洲「發展型國家」（developmental state）以及「公司治理」途徑，分析台灣與南韓「金融監理制度失靈」的根本原因，第二，探討兩國金融改革方案與過程所面臨的中挑戰。台灣與南韓的金融監理路徑雖不同，但是其經驗與所面臨的挑戰都說明了兩國必須從「發展型國家」的舊典範脫胎換骨，並邁入市場理性、資訊揭露以及良性的政府與企業的關係，如此金融改革方為有效。

This paper conducts a comparative study of Taiwan and South Korea in order to examine their financial supervisory system reform programs and related challenges. South Korea has almost recovered from the financial crisis in 1997 within five years. By contrast, Taiwan, though never involved in the crisis, has suffered from worse performance of financial institutions. The study finds that the fundamental factor that impedes Taiwan's financial reform effort is its political economic structure.The paper concludes that it is necessary for both Taiwan and South Korea to get away from the paradigm of developmental state and move toward a normal government-business relationship that is oriented toward market rationality and has transparent information.