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| 題名: | 證券商受託買賣外國有價證券之業務發展趨勢與挑戰
Trends and Challenges in Business Development of Foreign Securities Brokerage among Taiwanese Securities Firms |
| 作者: | 洪晨容
Hong, Cheng-Jung |
| 貢獻者: | 林士貴
蔡政憲
Lin, Shih-Kuei
Tsai, Cheng-Hsien
洪晨容
Hong, Cheng-Jung |
| 關鍵詞: | 複委託
受託買賣外國有價證券
中央保管結算機構
證券融資
證券借貸
法規
跨境投資
Sub-brokerage
Entrusted foreign securities trading
Central Securities Depository
Securities financing, Securities lending
Regulations
Cross-border investment |
| 日期: | 2025 |
| 上傳時間: | 2025-07-01 14:34:37 (UTC+8) |
| 摘要: | 本文探討臺灣受託買賣外國有價證券業務的發展歷程、現況以及所面臨挑戰。研究首先回顧複委託業務的發展階段與相關文獻，同時分析證券融資、款項借貸及借券業務的現況。接著，本研究比較韓國和新加坡等在受託外國有價證券買賣中，中央保管結算機構所扮演角色及其功能，期從中汲取國際經驗。研究深入分析臺灣複委託業務發展挑戰，特別是相關監管法規現狀，以及外國有價證券在證券融資、借券券源和款項借貸擔保品應用方面限制。最後，基於全面的文獻探討和國際比較，本文提出結論與具體建議，以期促進臺灣複委託業務進一步發展並提升市場效率與國際競爭力，迎向臺灣特色之亞洲資產管理中心邁進。
This thesis explores Taiwan's entrusted trading of foreign securities (sub-brokerage) business development history, current status, and challenges. The study first reviews the sub-brokerage business development stages and relevant literature, while analyzing the current state of securities financing, margin lending, and securities borrowing and lending. Subsequently, this paper compares central securities depositories' roles and functions in international securities trading in countries such as Korea and Singapore, aiming to draw lessons from international experiences. The study conducts in-depth analysis of Taiwan's sub-brokerage business development challenges, particularly focusing on the current state of relevant regulatory frameworks and the limitations on foreign securities application in securities financing, sources for securities lending, and collateral for money lending. Finally, based on comprehensive literature review and international comparison, this thesis presents conclusions and specific recommendations with the aim of fostering the further development of Taiwan's sub-brokerage business, enhancing market efficiency and international competitiveness, and advancing towards the establishment of an Asian asset management center distinguished by Taiwanese characteristics. |
| 參考文獻: | 壹、中文文獻
一、報告、期刊論文
1.丁克華（2009）。證券商受託買賣外國有價證券增加融資借券業務之架構及作法研究。證券商業同業公會研究報告。
2.呂亮巖（2013）。臺灣綜合券商發展財富管理競爭優勢分析—以複委託海外股票為例。國立成功大學高階管理碩士在職專班碩士論文。
3.周振鋒、郭大維（2024）。研議集保結算所提供複委託證券商國際借券服務相關制度之探討。臺灣集中保管結算所委外研究報告。
4.吳慧玲、楊祖武（2018）。淺談複委託管理法令之變革。《證券暨期貨月刊》，36(7)。
5.林士貴（2025）。迎接亞洲資產管理中心。《大數據與金融科技課程資料》。
6.陳櫻儒（2004）。證券借貸市場簡介。《證券暨期貨月刊》。
7.陳豐思（2016）。證券市場發展以有價證券為基礎的融資性業務之探討。《證券服務》，(651)，37–46。
8.陳豐思（2016）。推動證券商辦理不限用途款項借貸業務。《證券服務》，(649)，113–115。
9.賴冠宇（2016）。券的流通—淺談證交所借券系統及證券商辦理有價證券借貸業務。《證券服務》，(653)，52–61。
10.中華民國證券商同業公會（2025）。外國有價證券統計資料。
11.臺灣證券交易所（2022）。2022年報。
12.臺灣證券交易所（2023）。2023年報。
13.臺灣證券交易所（2024）。新加坡證券市場相關制度。
14.臺灣證券交易所（2024）。韓國證券市場相關制度。
15.臺灣證券交易所（2025）。證券商業務借貸款項及不限用途款項借貸。
二、網路資料
1.金融監督管理委員會（2023）。訂定「保險業辦理國外投資管理辦法第三條第一項第八款之解釋令」。取自
https://www.fsc.gov.tw/ch/home.jsp?id=3&parentpath=0&mcustomize=lawnew_view.jsp&dataserno=202303240002&dtable=NewsLaw（最後瀏覽日：2025年5月16日）。
2.臺灣集保結算所（2024）。「複委託×跨境集保」國家隊 合作共贏展新局。取自
https://www.tdcc.com.tw/portal/zh/news/content/4028c0b391e095980192230f3c45003a（最後瀏覽日：2025年5月16日）。
貳、英文文獻
一、報告、期刊論文
1.Goo, Edward. (2023). Global securities service of KSD. Korea Securities Depository. https://aecsd.org/upload/iblock/f9d/ji0hdzw0ifeuwhe45oatg0td09r6ktgy/17.pdf
2.Kim, Da-Mi. (2021). KSD for overseas investment. Korea Securities Depository. https://aecsd.org/upload/iblock/42a/30.pdf
3.Kim, Hansoo. (2025). Retail investors’ foreign equity investment: Characteristics and implications. Korea Capital Market Institute. https://www.kcmi.re.kr/en/publications/pub_detail_view?syear=2025&zcd=002001017&zno=1830&cno=6485
4.Lee, Edward. (2020). Global custody services of KSD. Korea Securities Depository. https://aecsd.org/upload/iblock/f56/GM_24_391.pdf
5.Loader, David. (2019). Securities lending. In Clearing, settlement and custody. Elsevier Science & Technology.
二、網路資料
1.Clearstream. (2025). Market Link Guide – Singapore. Retrieved May 16, 2025, from
https://www.clearstream.com/clearstream-en/securities-services/market-coverage/asia-pacific/singapore/market-link-guide-singapore-1278392
2.Korea Securities Depository. (2005). KSD Repo Service. Retrieved May 16, 2025, from
https://www.asifma.org/wp-content/uploads/2008/05/repo-brochure-eng-from-ksd-4.pdf
3.Korea Securities Depository. (2023). Korea Securities Depository Annual Report 2023. Retrieved May 16, 2025, from
https://www.ksd.or.kr/en/resource-center/reports-and-statistics/annual-report
4.Korea Securities Depository. (2025). Korea Securities Depository (KSD) Official Website. Retrieved May 16, 2025, from
https://www.ksd.or.kr/en/
5.Monetary Authority of Singapore. (2015). Securities and Futures (Central Depository System) Regulations. Retrieved May 16, 2025, from
https://www.mas.gov.sg/regulation/regulations/securities-and-futures-central-depository-system-regulations-2015
6.Monetary Authority of Singapore. (2020). Supervision of Financial Market Infrastructures in Singapore. Retrieved May 16, 2025, from
https://www.mas.gov.sg/-/media/MAS/News-and-Publications/Monographs-and-Information-Papers/Monograph--Supervision-of-Financial-Market-Infrastructures-in-Singapore--2020.pdf
7.Singapore Exchange. (2025). Depository. Retrieved May 16, 2025, from
https://www.sgx.com/depository
8.Singapore Statutes Online. (n.d.). Securities and Futures Act 2001. Retrieved May 16, 2025, from
https://sso.agc.gov.sg/Act/SFA2001
9.StashAway. (2025). Your Guide To SGX Central Depositary (CDP) Accounts. Retrieved May 16, 2025, from
https://www.stashaway.sg/r/complete-guide-sgx-central-depositary-cdp-account
10.The Straits Times. (2025). Brokerages see S’porean investors shifting away from local stocks to US. Retrieved May 16, 2025, from
https://www.straitstimes.com/business/companies-markets/singapore-retail-stock-investors-look-to-buzzy-us-market |
| 描述: | 碩士
國立政治大學
國際金融碩士學位學程
111ZB1044 |
| 資料來源: | http://thesis.lib.nccu.edu.tw/record/#G0111ZB1044 |
| 資料類型: | thesis |
| 顯示於類別: | [國際金融碩士學位學程] 學位論文
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