2018-06-012024-05-18https://scholars.lib.ntu.edu.tw/handle/123456789/700962摘要：本研究計畫擬研究後全球金融危機時代的金融監管理論與我國法制應有的相應調整，並將著重於金融系統性風險管控。全球金融危機距今已將近十年，其間相關研究也已指出危機前的若干金融監理不足之處，特別是在金融系統性風險管控領域，國際上為避免重蹈覆轍，已逐漸形成金融系統性風險的理論與分類，並指出當中的傳染性風險─特別是影子銀行體系下的傳染性風險─為造成全球金融危機的元凶，若干研究並進一步指出強化中央銀行的最終貸款人功能，使中央銀行能在影子銀行陷於流動性風險時提供融通，將有助消弭影子銀行體系下的傳染性風險，避免大規模系統性風險爆發。 我國於全球金融危機後，固然亦從事若干金融監理制度與消費者保護制度改革，但仍主要著重於個別金融機構風險的管控，特別是對傳統銀行類金融機構的監理，而少意識到金融系統性風險與影子銀行的獨特意義，而有其不足。故本研究計畫希冀透過引入當代國際既已發展的相關理論與法制，檢討我國現行金融相關法規，並提出未來修法與改革的建議。本研究計畫將分為三個部分，第一部分將透過對金融系統性風險理論的確實探討，應用至影子銀行的監管理論，並配合蒐集分析的我國相關金融數據，了解我國具體的影子銀行問題（例如短期票券市場即為可能的研究標的），以及現有相關法制的不足之處。第二部分將針對正規金融體系影子銀行的系統性風險監理進行研究，並著重於中央銀行最終貸款人的功能，透過比較各國中央銀行法制──特別是美國在金融危機後的相關改革，研究我國中央銀行法最終貸款人機制應有之調整。第三部分將針對非正規金融體系影子銀行的系統性風險監理進行研究，並著重於我國違法吸收存款的相關規範與實務，透過整理我國法院判決相關實務，研究吸收存款規範在未來解釋論與立法論上應有的調整，尤其是當應用至金融科技等金融創新產品時。期待透過上述研究，為我國影子銀行的系統性風險監理提出切合我國需求的法制建議。<br> Abstract: This research project proposes to study the financial regulatory theories emerging after the Global Financial Crisis as well as the corresponding adjustments needed to be done in our laws. It will place specific focus on the financial systemic risk control. The Global Financial Crisis has taken place for nearly ten years, amidst which related studies have specified the inadequacy in certain financial regulator areas, especially financial systemic risk control and financial consumer protection. To avoid repeating the same mistake, the international community has generally formulated the theories and classification of financial systemic risks. Specifically, they identify that the contagion risks, especially the contagion risks in the shadow banking system, were the major cause to the Global Financial Crisis. A number of studies further proposed that strengthening the central bank’s lender of last resort function to allow the central bank to support the shadow banks in liquidity risk may help mitigating the contagion risks in the shadow banking system and avoiding the outbreak of largescale systemic risks. After the Global Financial Crisis, although Taiwan has also reformed certain financial regulations and consumer protection rules, it mostly focuses on the risk control of individual financial institutions, especially traditional banking institutions, without adequate awareness of the special nature of financial systemic risks and shadow banking. Accordingly, this research project proposes to introduce contemporary theories and legal systems already developed by international studies to review our current financial regulations and provide suggestions for future law amendment or reform. This research project is comprised of three parts. The first part will explore the theories of financial systemic risks in depth and apply it to the regulation of shadow banks. It will also collect and analyze Taiwan’s related financial data to understand the specific shadow banking problems here (for example, the short-term note market could be a potential research target) as well as the inadequacy of current related laws. The second part will focus on the regulation of the systemic risks of those shadow banks consisting in the regulated financial system, with a particular focus on the lender of last resort function of the central bank. It will compare the central banking laws in different countries, particularly the related reforms in the United States after the Global Financial Crisis, to study the adjustment needed for the lender of last resort mechanism under Taiwan’s Central Bank Act. The third part will focus on the regulation of the systemic risks of those shadow banks consisting in the unregulated financial system, with a particular focus on Taiwan’s rules and cases related to illegal deposit-taking. It will analyze the related court decisions in Taiwan to study the adjustment needed for the deposit-taking regulations in interpretation and in legislation, particularly when they are applied to financial innovative products such as financial technology. It is anticipated that the above studies may put forth the recommended legal reforms for the regulation of the systemic risks of shadow banks which fit the need in Taiwan.全球金融危機金融監理系統性風險傳染性風險影子銀行中央銀行最終貸款人吸收存款Global Financial CrisisFinancial RegulationSystemic RiskContagion RiskShadow BankCentral BankLender of Last Resortdeposit-taking