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1、英美企業及金融法規英美企業及金融法規 之發展之發展陳春山教授陳春山教授 20032003年年4 4月月1目次目次 金融市場發展之回顧與前瞻金融市場發展之回顧與前瞻 美國金融服務業現代化法美國金融服務業現代化法 美國企業現代化法美國企業現代化法 我國法制改造前瞻我國法制改造前瞻2Global Financial Institutions M&AGlobal Financial Institutions M&A$0$800$900$262$498$781$822$702$443$200$40055%57%45% 20%5%27%11% 3%34%5%7%24%9%6%48%20%47%41%12%
2、33%8%9%36%10%Source: GoldmanSource: Goldman3全球金融競爭的成功要素全球金融競爭的成功要素Scale Extract cost efficiencies and enable investment in cutting-edge technology Access lower cost-capital and facilitate efficient capital management Possess wherewithal to make acquisitions Attract and retain talentGeography Pursue
3、growth in under-penetrated markets Leverage existing product and other expertise in new markets Avoid marginalization in globalization of industries Complement strategy to increase scaleScope Diversify earnings and risk exposure Exploit opportunities to cross-sell Enhance service/control access to c
4、ustomer Increase profitability per customerSource: GoldmanSource: Goldman4Travelers Insurance GroupPFS Services Inc.Salomon Smith Barney Holdings Inc.CiticorpPrimerica Finance Corp.Primerica Financial Services, Inc.Salmon Brothers Hong Kong LimitedSalmon Brothers Hong Kong Futures LimitedSalmon Brot
5、hers Asset Management Asia Pacific LimitedSmith Barney Inc.Salmon Brothers Holding Company Inc.Citicorp Banking Corporation (CBC)Citibank N.A.Citibank Overseas Investment Corp. (COIC)Smith Barney International Inc.Smith Barney Pacific Holdings. Inc.Smith Barney (Asia) LimitedCiticorp Insurance Agenc
6、y Co. Ltd.Diners Club International Ltd.Citicorp General Insurance Agency Co. Ltd.Citibank Salomon Smith Barney Securities (Taiwan) LimitedCiticorp Securities Investment Trust CompanySection 23A/B花旗集團團体組織結構圖花旗集團團体組織結構圖citigroupSource: Source: CitigroupCitigroup5BUSINESS SCOPE AND BUSINESS SCOPE AND
7、ORGANIZATIONORGANIZATION citigroupGlobal Consumer GroupqCitibankingBranch based banking business with28 million customer accounts in 46countriesqCardsCitigroup is by far the worlds largestcard company with 97 million cards inforceqCitifinancialConsumer finance business servesmiddle-income familiesqP
8、rimerica Financial ServicesLeader in individual term life insurance qTravelers InsuranceLife & Annuity, property and casualtyGlobal Corporate & Investment BankqCitibank-Commercial banking-Transaaction services q Salomon Smith Barney/NikkoSalomon Smith Barney/Shroders Salomon Smith Barney- Investment
9、 Banking-Fixed Income-Equities-Private Client-Research Global Investment Management & Private Banking GroupqSSB Citi Asset Management Group- Mutual fund- Portfolio management-Unit investment trustsqCitibank Private Bank- 100 offices in 58 cities and 31 countries for high networth clients- Designing
10、trust and estate plans- Managing custom portfolios- Hedging FX exposure- Structuring derivatives- Financing acquisitions (e.g.a sport team)qGlobal Retirement Services- Pension administration- Citistreet- College saving planSource: Source: CitigroupCitigroup6美國企業弊端美國企業弊端 安隆案安隆案 AndersonAnderson解體解體 C
11、SFB/CSFB/美林案美林案 XeroxXerox案案 World ComWorld Com案案 默克藥廠案默克藥廠案7Country macro rankingsRules and regulationsEnforcement & regulationPolitical.regulatory environmentAdoption of IGAAPInstitutional mechanisms & CG cultureWeighted scoreWeight (%)1030202020100Singapore976977.4HK866966.8Chile866766.4Mexico656
12、866.1South Africa745855.5India755565.4Peru755745.4Taiwan744765.3Korea5336333.8Thailand7235443.7Malaysia8225553.7China4245333.4Philippines5225443.3Poland4344223.3 Indonesia4254223.2Source: CLSA Emerging Markets各國總體公司治理表現各國總體公司治理表現8CountryPremium for Good Corporate GovernanceJapan20.20%Taiwan20.20%Kor
13、ea24.20%Malaysia24.90%Thailand25.70%Indonesia27.10%U.S.18.30%U.K.17.90%各國公司治理表現之股票溢價各國公司治理表現之股票溢價資料來源：麥肯錫公司、亞洲華爾街日報9美國金融服務業現代化美國金融服務業現代化 跨業經營跨業經營 廢除廢除GlassGlass-Steagall-Steagall法法 適用於銀行控股公司，但不為金融控股公司之業務限適用於銀行控股公司，但不為金融控股公司之業務限制制 金融業務金融業務 州法之執行州法之執行 經授權之共同銀行控股公司經授權之共同銀行控股公司 對存款提供公司之禁令對存款提供公司之禁令 文叉行銷
14、限制；有限用途銀行限制之放寬；財產出脫文叉行銷限制；有限用途銀行限制之放寬；財產出脫 對對“ “超大型超大型” ”金融機構動用次順位求償債權，以保護金金融機構動用次順位求償債權，以保護金融體系與存戶基金融體系與存戶基金 金融現代化對小規模企業與農業貸款效果之研究金融現代化對小規模企業與農業貸款效果之研究10隱私權隱私權 揭露非公開個人資料揭露非公開個人資料 保護非公開個人資料保護非公開個人資料 個人資料揭露之義務個人資料揭露之義務 機構隱私權政策之揭露機構隱私權政策之揭露 制定法規制定法規 執行執行 保障公平信用報告法保障公平信用報告法 與州法關連與州法關連 金融關係企業間資料分享之研究金融關
15、係企業間資料分享之研究 定義定義 生效日生效日11美國美國20022002年沙班歐克斯理法案內容大要年沙班歐克斯理法案內容大要標題別（Title） Title I:公開公司會計監督委員會 (public company accounting oversight board) Title II:會計師獨立性(auditor independence) Title III:公司責任(corporate responsibility) Title IV:加強財務揭露(enhanced financial disclosures) Title V:分析師利益衝突(analyst conflicts o
16、f interest) Title VI:證管會資源及職權(commission resources and authority) Title VII:研究與報告(Studies and reports) Title VIII:公司及刑事詐欺責任(corporate and criminal fraud accountability) Title IX:白領犯罪懲處加重(white-collar crime penalty enhancements) Title X:公司課稅所得(corporate tax returns) Title XI:公司詐欺及責任(Corporate fraud and accountability) 12
