銀行境外投資衍生性金融商品之監理機制

The Supervisory System of The Banks Overseas Invest in Derivatives

系所名稱：法律研究所 學位別：碩士 畢業學年：96年 指導教授：王志誠 銀行之業務係以授信與接受存款為主，透過匯集和調遣金融性資產運用於貸款或其他類型的信用授與，擔當一個國家中的付款結構，位居一國經濟流通之中樞，對於整體金融運作有著全面性之影響力，因此銀行之經營應以穩健安全為原則；隨於經濟環境之變遷，銀行之資產不僅限於放款，尚可利用資本市場與貨幣市場之工具來作投資組合，以求取資金最有效運用，基於財務投資之目的及保持資產的流動性，允許商業銀行投資股票等有價證券乃必然之趨勢。
然而，在金融改革的過程中，銀行之財務投資行為卻成為金融機構為隱藏其併購目的，或是為規避金融主管機關監理之手法，亦即以合法的手段進行違法的行為，深深打擊金融體系之健全與穩定；諷刺的是，原本投資海外有價證券與衍生性金融商品之目的，係為規避風險，卻反而使銀行自身暴露在更大的風險中。針對銀行境外投資衍生性金融商品之相關爭議，本文係以三個面向進行觀察：第一，投資資金的來源為何？倘若多以非自有資金支應投資行為，銀行是否具有足夠的風險控制機制；第二，金融主管機關對於銀行境外投資行為，是否具有完善的監督機制與實地檢查措施；最後，對於投資金融資訊不透明之地區可能引發的危機。
因此本文先就銀行投資行為之特性，以及現行國際間就境外投資之監理標準進行介紹，其次觀察我國現行投資現況與法治環境，介紹衍生性金融商品之種類與風險之特殊性，最後檢討銀行境外投資衍生性金融商品之際，可能引發之監理問題與弊端，進而察覺現行金融監理與金融檢查制度之漏洞與缺失，並給予修正建議。

The primarily service of banks is lending and accepting money. By collecting and dispatching the finance property to utilize the loan or other types of credit awards, the bank plays a role of a national payment structure, and is situated in the center of the country economy circulation. It has comprehensive influence regarding the overall financial operation. Therefore, the principle of bank-management should be steady and secure. Along with vicissitude of economic environment, banks’ property is no more restricted to loans; on the contrary, there’s a possibility for the most valid utilization through both the use of the capital markets and the money markets. Based on the financial investment’s target and asset fluidity, commercial banks are permitted to investing in the stock and other securities, which is an inevitable trend.
However, banks’ financial investment actually becomes a mean for those who intrigue against the supervisal system and intend to dodge agencies’ supervision in the financial reforming process. They sabotage the sanity and poise of the financial system by conducting illegal trades through valid methods. Sarcastically, the derivatives are used to protect assets from drastic fluctuations in the beginning and at the same time they are being reengineered to evade all kinds of risk. However, it will bring more dangers as this growth of the derivatives market continuing, especially investing in the offshore securities and derivatives. This article could be divided into three observational points : First , what is the capital’s source? If the investments are almost paid by non-innate fund, does the bank have enough risk check system ? Second, will the financial supervisory agencies be able to offer perfect surveillant systems and on-site examination with regards to investing the banks’ offshore investment ? Finally, I am going to focus on the possible crisis resulting from investments in Tax Heaven.
To conclude, this article will introduce the identity of the banks’ investments, and the present international supervisory system about offshore investments at the beginning. Then, it will observe our country current investable situation and the laws and further to introduce the types and the particular risks of derivatives. Finally, this article will examine what is supervisory question and the possible leaks when banks invest in offshore derivatives. I hope to find the present leak of financial supervision and financial examination and give the revisional recommendation.