本篇論文探討台灣券商為因應客戶需求及業務多元化而進行境外金融商品之交易。文中主要以台灣某券商（稱M公司）進行個案分析，首先，藉由M公司海內外公司之架構、資金調度方式、及交易流程來了解其運作方式；其次，介紹該券商境外交易之金融商品種類，並了解其目前以「部位限額」、「損失限額」、「例外管理」及「標的選取標準」實施風險管理之工作。另外，更進一步探討該券商目前海外部位之風險管理方式與新巴塞爾協定三大綱領（最低資本適足、監理覆核程序以及市場制約）之差距。結果發現M公司並未依協定之規範，以量化之方式衡量市場、信用及作業風險。然而，由於境外金融商品操作本來存在法令之灰色地帶，也造成了監理之爭議及資訊透明公開之困難。最後，則針對M公司目前實施之風險管理制度，依「組織架構」、「法律風險」、「作業風險」、「市場風險」、「經營績效」等五方面提出改善及建議。 This study investigates how security companies in Taiwan implement the offshore operations to satisfy the demand of individual or institutional investors and focuses on the risk management issue. A case study on some security firm（called M-company）is carried out. First, we explore the domestic and oversea organization of M-company; the fund transition among oversea entities; and the transaction process of offshore position. The offshore financial products are then introduced in detail. The M-company currently put the risk management into practice by position limiting, loss limiting, excess-limit management and by making a criterion about underlying selection. Further, we review the three pillars of new Basel II and examine the extent of risk management that M-company has so far practiced. M-company does not measure market risk, credit risk and operation risk in quantitative way in line with Basel II. Moreover, the regulation about offshore financial products business is so indefinite that it is difficult to attain the goal of second and third pillar. In the end of the study, we propose suggestions about the organization of oversea entities, the law risk, the operation risk, the market risk, and the concern of performance to improve the current risk management system.
