有鑑於非銀行金融體系於金融海嘯時引發的系統性風險，全球金融監管者均加強對所謂「影子銀行」的監管，我國金融主管機關卻相對忽視此一議題。由於我國非銀行金融機構與市場的重要性日益增長，本文首先參照影子銀行理論與金融穩定委員會的分析架構，探討我國影子銀行的具體樣貌，指出我國的票券市場與證券金融市場以及保險業與票券金融公司均須重點關注；本文接著探討控管影子銀行系統性風險的監管措施，於比較系統性重要金融機構指定、有序清理、強制保險與最後貸款人制度後，建議我國宜由加強最後貸款人制度著手；本文最後回顧國際學理發展與比較美國相關制度後，建議我國央行應將其緊急資金融通之適用範圍擴大至非銀行機構，輔以要求央行於融通終止後一年公告相關融通資訊，以強化其系統性風險控管功能，並且加強道德風險控制與引入對央行適度的監督制衡機制。

In light of the systemic risks triggered by non-bank financial systems during the global financial crisis, global financial regulators strengthened the supervision of the so-called “shadow banks”. In contrast, Taiwan’s financial regulators have somewhat ignored this issue. Considering the increasing importance of Taiwan’s non-bank financial institutions and markets, this paper draws on the shadow banking theory and the analytical framework proposed by the Financial Stability Board to explore the current state of shadow banks in Taiwan. It identifies the markets of notes and securities finance as well as insurance companies and note financing companies for further attention. The paper then explores the regulatory measures for controlling the systemic risks of shadow banks. After comparing the designation of systematically important financial institutions, orderly liquidation, mandatory insurance, and lender of last resorts, it proposes that Taiwan can start by improving the lender of last resort regime. This paper further proposes that Taiwan’s Central Bank can expand the application scope of its emergent lending system to non-bank institutions. It also proposes that the Central Bank can publish related lending information one year after the lending is terminated. These proposals may strengthen the control of systemic risks while improving the moral hazard control and introducing proper check and balance against the Central Bank.

影子銀行；金融系統性風險；非銀行金融機構；系統性重要金融機構；最後貸款人；道德風險；審慎監管；中央銀行；金融海嘯

shadow banks; financial systemic risks; non-bank financial institutions; systemically important financial institutions; lender of last resort; moral hazard; prudential regulation; central banks; global financial crisis