英美企业及金融法规之发展

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3GlobalFinancialInstitutionsM&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%33%8%9%36%10%Source:Goldman4全球金融競爭的成功要素ScopeDiversifyearningsandriskexposureExploitopportunitiestocross-sellEnhanceservice/controlaccesstocustomerIncreaseprofitabilitypercustomerSource:Goldman5TravelersInsuranceGroupPFSServicesInc.SalomonSmithBarneyHoldingsInc.CiticorpPrimericaFinanceCorp.PrimericaFinancialServices,Inc.SalmonBrothersHongKongLimitedSalmonBrothersHongKongFutures

LimitedSalmonBrothersAssetManagementAsiaPacificLimitedSmithBarneyInc.SalmonBrothersHoldingCompanyInc.CiticorpBankingCorporation(CBC)CitibankN.A.CitibankOverseasInvestmentCorp.(COIC)SmithBarneyInternationalInc.SmithBarneyPacificHoldings.Inc.SmithBarney(Asia)LimitedCiticorpInsuranceAgencyCo.Ltd.DinersClubInternationalLtd.CiticorpGeneralInsuranceAgencyCo.Ltd.CitibankSalomonSmithBarneySecurities(Taiwan)LimitedCiticorpSecuritiesInvestmentTrustCompanySection23A/B花旗集團團体組織結構圖citigroupSource:Citigroup6BUSINESSSCOPEANDORGANIZATIONcitigroupGlobalConsumerGroupCitibanking

Branchbasedbankingbusinesswith28millioncustomeraccountsin46countriesCardsCitigroupisbyfartheworld’slargestcardcompanywith97millioncardsinforceCitifinancial

Consumerfinancebusinessservesmiddle-incomefamiliesPrimericaFinancialServicesLeaderinindividualtermlifeinsuranceTravelersInsuranceLife&Annuity,propertyandcasualtyGlobalCorporate&InvestmentBankCitibank-Commercialbanking-Transaactionservices

SalomonSmithBarney/NikkoSalomonSmithBarney/ShrodersSalomonSmithBarney-InvestmentBanking-FixedIncome-Equities-PrivateClient-Research

GlobalInvestmentManagement&PrivateBankingGroupSSBCitiAssetManagementGroup

-Mutualfund-Portfoliomanagement-UnitinvestmenttrustsCitibankPrivateBank-100officesin58citiesand31countriesforhighnetworthclients-Designingtrustandestateplans-Managingcustomportfolios-HedgingFXexposure-Structuringderivatives-Financingacquisitions(e.g.asportteam)GlobalRetirementServices-Pensionadministration-Citistreet-CollegesavingplanSource:Citigroup7美國企業弊端安隆案Anderson解體CSFB/美林案Xerox案WorldCom案默克藥廠案8CountrymacrorankingsRulesandregulationsEnforcement®ulationPolitical.regulatoryenvironmentAdoptionofIGAAPInstitutionalmechanisms&CGcultureWeightedscoreWeight(%)1030202020100Singapore976977.4HK866966.8Chile866766.4Mexico656866.1SouthAfrica745855.5India755565.4Peru755745.4Taiwan744765.3Korea5336333.8Thailand7235443.7Malaysia8225553.7China4245333.4Philippines5225443.3Poland4344223.3Indonesia4254223.2Source:CLSAEmergingMarkets各國總體公司治理表現9CountryPremiumforGoodCorporateGovernanceJapan20.20%＊Taiwan20.20%Korea24.20%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