再思银行业公司治理之特殊性

—*行理理露塞理理六年六年六*律理兩匿見良理FacultyWorkshop見切行行金理參行理理行理行理BIS行理—露露露兩露論220076年力雷力理不理浪不力易露金理金兩度金金來不易力不金理良切年降Enron列理更Sarbanes-OxleyAct理切理不連串理金度理金來來金金金金金理更金理理利金利理理3金來金理金理金度了金略了理不金理金理行數良金理金理理降理理金例金參更利金金理理更金理利更利利金理金理隆理來律不度見理理度露理露理度狀露易420076露論不理理見行理露不行行行行理OECD行理論塞理行理行理露露行行理OPMOtherPeople’sMoneyAssetLiabilityEquity=+金例來例5/50%1行見來金來金OtherPeople’sMoney2行金度行度率ReturnonEquity3Incentiveeffect1例金理列不金沈金—358-359陸20062金金金律金金行金金金行利行金金利金financialintermediary行行行利利行不行行金113-114,1212004沈4-63金率率ReturnonAsset,ROA率ReturnonEquity,ROEA行10%來90%來B50%來50%來參列100620076行Incentiveeffect率行來金/更行行行若/行來行來金行4金來金參20率行率沈1278-280A行B10090101005050率/率/0.22.0率/率/0.20.44MichaelC.Jensen&WilliamH.Meckling,TheoryoftheFirm:ManagerialBehavior,AgencyCostsandOwnershipStructure,3J.FIN.ECON.305,305-60(1976).MICHAELC.JENSEN,ATHEORYOFTHEFIRM:GOVERNANCE,RESIDUALCLAIMSANDORGANIZATIONALFORMS83-135,112(HarvardUniversityPress2000).7理理理理利利利理金利理理論AgencyTheory行ProfessorJensenandMeckling六年理理論principal理agent理行理利利理行理利離利理理5理理論理理降理契理契參金利論理率理理利理年來理論更理理更不理理論理理理5MichaelC.Jensen&WilliamH.Meckling,supranote4.820076理率6行數來行契論行力見行理論寧更理行度OPM來ROE度行利更更立行度理行更行律行行行利行行率來行更更金6理見理類(1)契立(2)(3)契理行降monitoringandbondingexpenditures(4)bankruptcyandreorganizationcostSupranote4,at119.9金見行論行行金易行更行行1.行金來行略領行行立流行行行不降零金率不異5.75%-19.75%72.行金行利降7沈行—297-298陸20061020076流流易流年行行流率流/7%流金行流兩行行度流流行不數流83.例行例例狀行行來行行行不例歷65%-75%例4.行行降行率金理8沈7301-30311率CapitalAdequacyRatio,CAR來量行度力率見隸行塞行理年行年8%率行理論不5.行金行行行行行行行行1行行行列行行行不利率流行利金力2行理行利1220076類例行不9行列不類金3行行數金理金行行行易行立行行行不行3%不行15%不5%/不40%不10%9行3%行行行行利理利來行易來行利行136.理行行行行行類行金行行行利利10行金流量行金度行行行行11金InternationalAssociationofDepositInsurers,IADI金金理12行BankforInternationalSettlements,10行令302-324金六200611行7412“Financialsafetynetusuallycomprisesthedepositinsurancefunction,prudentialregulationandsupervision,andthelender-of-last-resortfunction.”ByInternationalAssociationofDepositoryInsurance[IADI],availableat1420076BIS金金理度13金InternationalMonetaryFund,IMF金度金14行金理金令金金行理立金行行金理參金理行金理金理行行金理金金金金金立金金15=14(lastvisitedApr.26,2007).13“Bankaccesstoalenderoflastresort;Final,risk-lesssettlementofpaymentsystemtransactions;Prudentialsupervisionofbanks;andDepositinsurance”.金歷30-31200514“Depositinsurancescheme,alenderoflastresortfacilityandeffectiveexitpoliciesforweakfinancialinstitutions”.31-3215金歷錄金論21-22200615理理理理利stakeholders來律來利利露理立理理利16OrganizationforEconomicCooperationandDevelopmentOECD年六理PrinciplesofCorporateGovernance理理利列良理理利利1716理論100200217“Asetofrelationshipsbetweenacompany’smanagement,itsboard,itsshareholders,andotherstakeholders.Corporategovernancealsoprovidesthestructurethroughwhichtheobjectivesandmonitoringperformancearedetermined.Goodcorporategovernanceshouldprovideproperincentivesfortheboardandmanagementtopursueobjectivesthatareintheinterestsofthe1620076理理利理行理利stakeholders不理不不落理念OECD年理理律度理利理理論濫1.利Therightofshareholders2.Theequitabletreatmentofshareholders3.利Theroleofstakeholders4.露度Disclosureandtransparency5.Theresponsibilityoftheboard領18companyandshareholdersandshouldfacilitateeffectivemonitoring,therebyencouragingfirmstouseresourcesmoreefficiently.”OrganisationforEconomicCo-OperationandDevelopment[OECD]PRINCIPLESOFCORPORATEGOVERNANCE1,13(2004),availableat(lastvisitedMay1,2007).18Supranote17,at3-4.17OECD論六年六行理PolicyBriefonCorporateGovernanceofBanksinAsia19行理行理更列切行理不若金20行金行金不行更度accountble度credible不行行行21不流222319OECD,POLICYBRIEFONCORPORATEGOVERNANCEOFBANKSINASIA17(2006),availableat(lastvisitedApr.27,2007).20OECD,WHITEPAPERONCORPORATEGOVERNANCEINASIA57(2003),availableat(lastvisitedApr.28,2007).21行行行不良良22金行利availableondemand行1820076行金例行金行行行不行行金行/行24行惡劣理25行更論行理行量行理行理regulatorygovernance行efficientregulation行理26行行不行理理理金行理行臨流23Supranote19,at17-18(2006).24參金://理不立行金理金更年金暴行WorldBank行度理不金暴27OECD年理行理類行理不金不掠行行金行理理利行利行28復行立行理行露易易行理露行fitandproper行理力2927OECD行金行理1997年金例Supranote19,at18-19.28Supranote20,at15.29Id.at16.2020076度良理度金度率良理理金度理金惡便利理度易金若度理不理度淪金臨利力行理理立度行理立理行金行理不量更金行金度金理利更參金金金理易理度來金理行金金金21金理金金理力理OECD行理行理論行落行理行30OECD1.OECD論行理力論行行fiduciaryduties31更了理行金行理更行理更ethicalstandardOECD行行略行度度行行理30Supranote19,atPartII.31兩履行dutyofcaredutyofloyalty2220076度行力行識力不練倫理OECD行力金力pre-requisite理利立力不理立連利行行來更行了立行OECDchairmanofboard理CEO行不力立理立行令行立行不行OECD勵行立理行理行立行理落立立2.appropriatecreditallocation切易行歷行23易易不行易易利行行行行易易行理量易律露32理易行行切行行理(1)行理易易arm’slengthbasis行(2)行離33易數立立343.行力金行類行行32Supranote19,at9,26-28.33Id.at17.34OECD行立利Supranote20,at322.OECD行易例Supranote20,at117.2420076易利更理行行Fiduciaryduties更立更行理更行立濫易行35行理不行立行連更立行理4.露行理金行理行塞理年金年金GrammLeachBlileyAct金金年金金金數行例金金露35Supranote19,at10,28-30.25行金行露更露不5.了論行理OECD行理OECD勵金理行參理度366.了行OECD理行理行理立行理度行立理37BIS行BankforInternationalSettlement,hereinafterBIS年立來行行金年行度金亂行理年36Supranote19,at32-33.37Id.at34-35.2620076行行理立行理CommitteeonBankingRegu