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英美企業及金融法規之發展

英美企業及金融法規之發展. 陳春山教授 2003年4月. 目次. 金融市場發展之回顧與前瞻 美國金融服務業現代化法 美國企業現代化法 我國法制改造前瞻. $900. Global Financial Institutions M&A. $822. $800. 6%. $781. 9%. $702. 48%. $498. 24%. 8%. $443. $400. 5%. 7%. $262. 33%. 9%. 34%. 11%. 12%. 20%. 36%. 3%. 27%. 10%. $200. 5%. 47%.

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英美企業及金融法規之發展

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  1. 英美企業及金融法規之發展 陳春山教授 2003年4月

  2. 目次 • 金融市場發展之回顧與前瞻 • 美國金融服務業現代化法 • 美國企業現代化法 • 我國法制改造前瞻

  3. $900 Global Financial Institutions M&A $822 $800 6% $781 9% $702 48% $498 24% 8% $443 $400 5% 7% $262 33% 9% 34% 11% 12% 20% 36% 3% 27% 10% $200 5% 47% 45% 41% 57% 55% 20% $0 Source: Goldman

  4. 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 talent • Geography • Pursue growth in under-penetrated markets • Leverage existing product and other expertise in new markets • Avoid marginalization in globalization of industries • Complement strategy to increase scale • Scope • Diversify earnings and risk exposure • Exploit opportunities to cross-sell • Enhance service/control access to customer • Increase profitability per customer Source: Goldman

  5. PFS Services Inc. Citicorp Salomon Smith Barney Holdings Inc. Smith Barney Inc. Salmon Brothers Holding Company Inc. Citicorp Banking Corporation (CBC) Citibank N.A. Citibank Overseas Investment Corp. (COIC) Primerica Finance Corp. Salmon Brothers Hong Kong Limited Diners Club International Ltd. Citicorp Insurance Agency Co. Ltd. Smith Barney International Inc. Primerica Financial Services, Inc. Salmon Brothers Hong Kong FuturesLimited Smith Barney Pacific Holdings. Inc. Citibank Salomon Smith Barney Securities (Taiwan) Limited Citicorp General Insurance Agency Co. Ltd. Salmon Brothers Asset Management Asia Pacific Limited Smith Barney (Asia) Limited Citicorp Securities Investment Trust Company Section 23A/B 花旗集團團体組織結構圖 citigroup Travelers Insurance Group Source: Citigroup

  6. Global Consumer Group • Citibanking • Branch based banking business with • 28 million customer accounts in 46 • countries • Cards • Citigroup is by far the world’s largest • card company with 97 million cards in • force • Citifinancial Consumer finance business serves middle-income families • Primerica Financial Services • Leader in individual term life insurance • Travelers Insurance • Life & Annuity, property and casualty Global Corporate & Investment Bank • Citibank • -Commercial banking • -Transaaction services • Salomon Smith Barney/Nikko Salomon Smith Barney/ Shroders Salomon Smith Barney • - Investment Banking • -Fixed Income • -Equities • -Private Client • -Research Global Investment Management & Private Banking Group • SSB Citi Asset Management Group • - Mutual fund • - Portfolio management • -Unit investment trusts • Citibank Private Bank- 100 offices in • 58 cities and 31 countries for high net • worth clients • - Designing trust and estate plans • - Managing custom portfolios • - Hedging FX exposure • - Structuring derivatives • - Financing acquisitions (e.g.a sport team) • Global Retirement Services - Pension administration - Citistreet - College saving plan BUSINESS SCOPE AND ORGANIZATION citigroup Source: Citigroup

  7. 美國企業弊端 • 安隆案 • Anderson解體 • CSFB/美林案 • Xerox案 • World Com案 • 默克藥廠案

  8. 各國總體公司治理表現 Country macro rankings Source: CLSA Emerging Markets

  9. Country Premium for Good Corporate Governance 各國公司治理表現之股票溢價 Japan 20.20% ＊Taiwan 20.20% Korea 24.20% Malaysia 24.90% Thailand 25.70% Indonesia 27.10% U.S. 18.30% U.K. 17.90% 資料來源：麥肯錫公司、亞洲華爾街日報

  10. 美國金融服務業現代化 • 跨業經營 • 廢除Glass-Steagall法 • 適用於銀行控股公司，但不為金融控股公司之業務限 制 • 金融業務 • 州法之執行 • 經授權之共同銀行控股公司 • 對存款提供公司之禁令 • 文叉行銷限制；有限用途銀行限制之放寬；財產出脫 • 對“超大型”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 • 金融現代化對小規模企業與農業貸款效果之研究

  11. 隱私權 • 揭露非公開個人資料 • 保護非公開個人資料 • 個人資料揭露之義務 • 機構隱私權政策之揭露 • 制定法規 • 執行 • 保障公平信用報告法 • 與州法關連 • 金融關係企業間資料分享之研究 • 定義 • 生效日

  12. 美國2002年沙班歐克斯理法案內容大要

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