| 關 鍵 詞： |
系統風險；相對人風險；紓困；秩序清算程序；道格-法蘭克華爾街改革與消費者保護法 |
| 中文摘要： |
次貸風暴後，系統風險被認為係金融規範上最重要之議題。惟因對其成因尚無統一見解，於法規範設計上之看法亦有所不同。於系統風險實現後，是否應進行紓困亦具高度爭議。本文認為，系統風險之成因在於金融機構間之連結，此種連結來自於金融機構因直接交易所生之相對人風險，及因市場信心及價格機制所導致之市場感染，並以後者為主要原因。系統風險之外部性特質使法規範之介入有其必要性。於事後處理機制之設計上得以破產法程序為藍本，使具系統重要性之金融機構進入由主管機關所主導之特殊處理程序。為降低對市場所生衝擊，應賦予主管機關完整之市場紓困權限，對特定金融機構紓困部分，則應結合實證研究評估我國金融市場狀況認為必要後再行為之。如認為仍有對該金融機構之利害關係人進行紓困之必要，得考量美國華爾街改革法所設立之秩序清算程序中，授權主管機關先行對特定債權人進行償付，並授權主管機關於市場恢復正常後就其溢領數額償還之作法，以降低系統風險。
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| 英文關鍵詞： |
Systemic risk；Counterparty risk；Fire-sale；Bailout；Orderly Liquidation Authority；Dodd-Frank Wall Street Reform and Consumer Protection Act |
| 英文摘要： |
Reducing systemic risk has deemed to be the most urgent issue for financial reform. Due to the lack of consensus regarding causes of systemic risk, legislations suggested have raised serious disagreements. This article suggests that the fundamental cause of systemic risk is the interconnectedness among financial institutions. Such interconnectedness derives from counterparty risk incurred by direct transaction, and market contagion caused by the collapse of market confidence or price. The externality nature of systemic risk, together with the moral or cognitive failure of market participants, makes the market unable to address systemic risk itself. To design an ex post resolution regime, some bankruptcy mechanisms could also use as the blueprint. To mitigate the shock to the market systemic important financial institution creates, the financial authority should be allowed to provide liquidity to the market. As to bailout specific financial institution, further empirical studies to Taiwan’s financial m arket are required before making such determination. If bailout is deemed inevitable in Taiwan, the moral hazard created by bailout could be reduced by careful design of bailouts and liquidation mechanism. It can be done by paying off creditors necessary to maintain the financial institution’s operation, and clawing back afterward when the market returns normal.
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| 目 次： |
壹、前言
貳、銀行體系之特殊性、系統風險及市場失靈
一、銀行體系之特殊性
二、系統風險之定義及成因
（一）系統風險之定義
（二）系統風險之成因
（三）大到不能倒、資產泡沫與系統風險
三、市場失靈－法規範介入之理由
（一）系統風險之外部性特質
（二）道德缺失及認知缺陷所產生之影響
參、事後處理機制之規範原則
一、紓困與否的抉擇-金融危機與道德風險間之矛盾
（一）贊成見解－一般破產機制所產生之市場動盪
（二）反對見解－紓困所產生之道德風險
二、事後處理機制之設計－紓困及清算機制間之調和
（一）美國法之規範方式
（二）我國系統風險事後機制之設計原則
肆、結論
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