1996年台海飛彈危機期間「股市穩定基金」運作的回顧與檢討

回顧十年前，也就是1996年春天台灣海峽發生飛彈危機，當年三月份台灣正籌辦有史以來第一次總統、副總統直接民選。由於中國恣意的干擾，台灣政經情勢甚為緊張。十年後的今日，回顧當時情景仍歷歷在目，值得加以整理，成為史料，以供後人撫今追昔。

In 1995, Taiwan's stock market suffered repeated dips, especially in the third and fourth quarters. In early 1996, foreseeing further risks arising from China's conduct of military maneuvers along its southern coast, the government decided it was necessary to have plans ready to counter the resulting imminent threat of non-economic shocks to the stock market. The author was subsequently assigned to draw up plans to deal with the situation. The Stock Market Stabilization Fund, which was established on February 12, 1996, consisted of funds from public and private banks, public and private property and life insurance companies, postal savings, and the labor insurance and labor retirement funds. The funds were operated by their respective owners according to the general conclusions reached in daily task-force meetings. Though the Fund had only NT$70.2 billion at its disposal, its 29 days of activity in the market helped the stock price index achieve a remarkable rise of 5% and so restored investor confidence despite the disturbing news of China's missiles tests in the waters off Taiwan. In early 2000, the National Security Fund was established, supposedly to be based on the model and experience of the Stock Market Stabilization Fund. However, it should be noted that the Stabilization Fund is intended as an unusual instrument for use only in responding to unusual non-economic shocks, while continued efforts need to be made to increase the market share of institutional investors with a view to developing a mature and modern capital market in Taiwan.