外文翻譯-----臺(tái)灣產(chǎn)業(yè)的金融服務(wù)和國(guó)際競(jìng)爭(zhēng)力

1、<p>　　外文題目：Financial Services and International Competitiveness of the Taiwan Industry</p><p>　　出 處：Review of Pacific Basin Financial Markets & Policies; Sep2001, Vol. 4 Issue 3, p311, 14p</p&

2、gt;<p>　　作 者： Wea, Chi-Lin </p><p>　　Trade in Services refers to the sale and delivery of an intangible product, called a service, between a producer and consumer. Trade in servi

3、ces takes place between a producer and consumer that are, in legal terms, based in different countries, or economies, this is called International Trade in Services.</p><p>　　International trade in services

4、is defined by the Four Modes of Supply of the General Agreement on Trade in Services </p><p>　　(Mode 1) Cross border trade, which is defined as delivery of a service from the territory of one country into th

5、e territory of other country; </p><p>　　(Mode 2) Consumption abroad - this mode covers supply of a service of one country to the service consumer of any other country; </p><p>　　(Mode 3) Commerc

6、ial presence - which covers services provided by a service supplier of one country in the territory of any other country, </p><p>　　(Mode 4) Presence of natural persons - which covers services provided by a

7、service supplier of one country through the presence of natural persons in the territory of any other country. </p><p>　　In global production networks, the production is regarded as a broad value-added proce

8、ss, and the up grading of industrial structure is mainly reflected by the transit from the stage of low value-added production and processing to the stages of high value-added R&D and marketing. Through asset-specifi

9、c investments, Chinese enter prises can take advantage of the positive externalities and dynamic learning effect of global production network to p romote the upgrading of industrial structure, but t</p><p>　

10、　The paper makes a comparative analysis on the international competitiveness of financial services trade under the models of cross-border supply and commercialp resence. Our conclusions are as follows. ( 1 ) On the finan

11、cial services trade under the model of cross-border supply, among the 18 economies, China′s competitiveness is very poor, it′s in the last place. (2)On the financial services trade under the model of commercial presence,

12、 whether it is compared with the EastAsian economies or with </p><p>　　This financial crisis reveals the fundamental institutional defects of the international monetary system denominated by the USA, in the

13、long run the dollar will inevitable depreciate. However, the USA remains the largest economy, the dollar is the most important global reserve money, in the short run the stability of dollar′s value is necessary for the w

14、orld, the aggressive reform will take the international monetary system into a more chaotic state. The bestway is to cultivate the other competi</p><p>　　90% of which are treasury bonds and bills and secured

15、 agenc China has a total holding of ＄1. 4 trillion of US assets y bonds. If the US continues its expansionary fiscal and monetary policies, the risk of dollar devaluation and replacement by EURO in the international rese

16、rve system will grow. While foreign exchange risk of dollar and its interest risk in the current recession are similar to those in historical recessions, the stock market shows great volatility. The risk of China′s holdi

17、ng of U</p><p>　　In order to cope with the changing financial landscape, the government in Taiwan has put forth financial reform measures and supplementary packages. In this paper, we shall discuss four main

18、 themes including the establishment of Asset Management Company/Resolution Trust Corporation to help financial institutions quickly clear up bad loans, the disclosure of open public financial information to increase mark

19、et transparency, the set up of a Financial Supervisions Commission to unify the work of fi</p><p>　　Copyright of Review of Pacific Basin Financial Markets & Policies is the property of World Scientific P

20、ublishing Company and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email article

21、s for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for th</p><p>　　In order to cope

22、 with the changing fanancial landscape, the government in Taiwan</p><p>　　has put forth fanancial reform measures and supplementary packages. In this paper,</p><p>　　we shall discuss four main t

23、hemes including the establishment of Asset Management</p><p>　　Company/Resolution Trust Corporation to help fanancial institutions quickly clear</p><p>　　up bad loans, the disclosure of open pub

24、lic fanancial information to increase market</p><p>　　transparency, the set up of a Financial Supervisions Commission to unify the work</p><p>　　of fanancial supervisions and fanancial examinati

25、ons, and the promotion of merger,</p><p>　　shareholdings, and alliances among fanancial institutions to raise the competitive power of Taiwan banks in international fanancial markets. Each topic begins with

26、a description of the current status, government policies and strategies, and then brings up some issues worth discussing.</p><p>　　1. Introduction</p><p>　　Over the past three decades, the globa

27、l economic environment has faced a dramatic change, and most countries have to restructure their fanancial markets to follow the wave of liberalization and internationalization. The United Kingdom initiated the revolutio

28、n to lead the European countries toward fanancial liberalization and a Universal Banking System. This wave of fanancial restructuring has spread out into other major fanancial centers. </p><p>　　TheUnited St

29、ates, for instance, has passed the Financial Services Modernization Act. Japan and Singapore nowadays not only allow merger between major banks, but also permit their banks to operate traditional Non-Banking Business suc

30、h as securities, insurance and direct investment. generates the erection of banking institutions like those of department stores and take advantage of economy of scale in their operations. As the fanancial regulations lo

31、osen, fanancial institutions in the United State</p><p>　　We have also set up fanancial reform measures and supplementary packages. Our goal is to immediately solve the existing problems such as over banking

32、, vicious competition, high non-performing loan ratio, and rising operation risk. Through these efforts, we wish to raise the competitiveness of our banks and to help our banks play a more important role on the internati

33、onal stage. As the new century begins, Taiwan will present quite a few fanancial consolidation cases. The Ministry of Finance (MOF)</p><p>　　2. Current status</p><p>　　The recent success of the

34、universal banking systems developed in European countries inspired the United States to promulgate Financial Service Modernization Act, which allows fanancial institutions to exercise cross-industry operations and to pro

35、vide legal origins for the merger of fanancial institutions. Most international cases show that mergers of fanancial institutions usually result in reducing operating cost, (for instance, through the cut-down of the redu

36、ndant implementation of informatio</p><p>　　reducing risk effectively. Among these successful merger cases, for instance, Chase Manhattan and Chemical bank, declared a 17% decrease of operating cost and Bank

37、 America and Security Pacific, a 15% of the said cost. Facing the global trend of mergers and acquisitions, countries around the world are putting efforts in promoting the concepts of mergers among fanancial institutions

38、. In Taiwan, a bank serves a population of approximately 3,700, a serving density that is next to Hong Kong and South</p><p>　　3. Government policies and strategies</p><p>　　The governing model

39、in Taiwan fanancial market, the separation of supervision and segregation of examination cannot effectively monitor the banking,securities, futures and insurances conglomerates, which have cross-industry operation. The s

40、eparation of the examination and administration rights will also damage the effciency of the fanancial supervision.Benchmarking the advanced countries, is in the process of establishing a united supervision entity to cop

41、e with the trend of consolidated supervi</p><p>　　There will be a specialized unit under the Executive Yuan to be exclusively responsible for the fanancial supervision in accordance with the Financial Superv

42、ision Administrative Commission Organization Act draft. The duties of this proposed Commission include the set-up of the fanancial monitoring system, the screening and decision-making of fanancial regulation and major fa

43、nancial policies, the announcement of the penalty measures for violators, and the declaration of avoidance of related-party</p><p>　　To cope with the increasing competitive fanancial environment after Taiwan

44、's</p><p>　　admission to WTO, the government adopts the following strategies to enhance the competitive edge of the Taiwan banks:</p><p>　　1. Strategy on merger among basicr fanancial instit

45、utions</p><p>　　2. Strategy on merger between banks and other fanancial institutions</p><p>　　3. Strategy on mega public-owned banks to lead the fanancial market</p><p>　　To acceler

46、ate the merger process, in addition to the enforcement of the Merger and Acquisition Act for the fanancial institutions and the amendment of the Banking Law to lift the restriction on the investment of fanancial institut

47、ions, the government proactively leads twelve public-owned banks, with qualifications such as sizable capital and assets, sound fanancial structure and excellence in operation performance, to seek suitable merger targets

48、. Through this merger overture, the government exp</p><p>　　外文題目：Financial Services and International Competitiveness of the Taiwan Industry</p><p>　　出 處：Review of Pacific Basin Financial Mar

49、kets & Policies; Sep2001, Vol. 4 Issue 3, p311, 14p</p><p>　　作 者： Wea, Chi-Lin </p><p><b>　　譯 文：</b></p><p>　　臺(tái)灣產(chǎn)業(yè)的金融服務(wù)和國(guó)際競(jìng)爭(zhēng)力</p><

50、p>　　服務(wù)貿(mào)易指的是在生產(chǎn)者與消費(fèi)者之間銷售和交付無形產(chǎn)品的服務(wù)。服務(wù)貿(mào)易發(fā)生在生產(chǎn)國(guó)和消費(fèi)國(guó)之間，在法定術(shù)語中是通過在不同國(guó)家的經(jīng)濟(jì)國(guó)際服務(wù)貿(mào)易。它主要是由一般貿(mào)易協(xié)議服務(wù)提供的四種公司治理模式組成，包括：</p><p>　　模式一：跨境交付。它是指自一成員方境內(nèi)向另一成員方境內(nèi)提供服務(wù)，服務(wù)貿(mào)易的提供者或接受者不發(fā)生位移。跨境提供與貨物貿(mào)易的通常形式基本相當(dāng)，這種方式是服務(wù)貿(mào)易中最直接的方式。<

51、;/p><p>　　模式二：境外消費(fèi)。它是指在一成員方領(lǐng)土內(nèi)向另一成員方的服務(wù)消費(fèi)者提供服務(wù)。這種方式通常需要服務(wù)的接受者發(fā)生位移，而提供者不移動(dòng)，如旅游或留學(xué)等。境外消費(fèi)存在的另外一種情況是相關(guān)資產(chǎn)而不是消費(fèi)者移動(dòng)到服務(wù)提供國(guó)，如飛機(jī)、船舶等在國(guó)外進(jìn)行修理。</p><p>　　模式三：商業(yè)存在，是指以成員方的服務(wù)提供者在另一成員方境內(nèi)以商業(yè)存在的方式提供的服務(wù)。如外國(guó)銀行在東道國(guó)境內(nèi)設(shè)立分

52、支機(jī)構(gòu)提供金融服務(wù)等。</p><p>　　模式四：自然人流動(dòng)，是指一成員方服務(wù)提供者通過自然人在另一成員方境內(nèi)提供服務(wù)，此類服務(wù)貿(mào)易方式中提供者個(gè)人發(fā)生流動(dòng)，而服務(wù)接受者不移動(dòng)。商業(yè)存在并不一定要求外國(guó)人存在，外國(guó)服務(wù)提供者的商業(yè)存在可以全部雇傭當(dāng)?shù)貑T工。</p><p>　　在全球生產(chǎn)網(wǎng)絡(luò)、生產(chǎn)被認(rèn)為是一種廣泛的增值過程， 分級(jí)及工業(yè)結(jié)構(gòu)主要反映的階段過渡到低附加值的生產(chǎn)和加工至階段的

53、高附加值的研發(fā)和銷售。通過特定資產(chǎn)投資，中國(guó)進(jìn)入項(xiàng)能利用的正外部性和動(dòng)態(tài)的學(xué)習(xí)效果的全球生產(chǎn)網(wǎng)絡(luò)遠(yuǎn)程提示產(chǎn)業(yè)結(jié)構(gòu)的升級(jí)，但是法律制度的可靠性和適應(yīng)性的技術(shù)標(biāo)準(zhǔn)也影響產(chǎn)業(yè)結(jié)構(gòu)性能的升級(jí)。中國(guó)進(jìn)入聯(lián)盟應(yīng)該增加旗艦公司和高級(jí)的供應(yīng)商的特定資產(chǎn)投資。中國(guó)政府應(yīng)當(dāng)創(chuàng)造良好的制度環(huán)境，努力促進(jìn)在不同的生產(chǎn)階段的交叉許可。本文對(duì)金融服務(wù)貿(mào)易模型下的跨境交付和服務(wù)貿(mào)易的國(guó)際競(jìng)爭(zhēng)力進(jìn)行比較分析。我們的結(jié)論如下：</p><p>　

54、　第一，在過去的中國(guó)的18個(gè)經(jīng)濟(jì)體中，金融服務(wù)貿(mào)易模型下的跨境交付的競(jìng)爭(zhēng)力非常薄弱。第二，在金融服務(wù)貿(mào)易模式下，無論是商業(yè)存在與東亞經(jīng)濟(jì)或“品牌集成”， 中國(guó)的財(cái)源產(chǎn)業(yè)已具有強(qiáng)競(jìng)爭(zhēng)力，但比起發(fā)達(dá)國(guó)家，仍有一個(gè)大的差距。最后，依據(jù)實(shí)證分析，提出了相應(yīng)的對(duì)策，提高國(guó)際競(jìng)爭(zhēng)力的中國(guó)的財(cái)源服務(wù)貿(mào)易。</p><p>　　這次金融危機(jī)揭示了國(guó)際貨幣體系由美元計(jì)價(jià)的根本制度的缺陷，從長(zhǎng)遠(yuǎn)來看美元會(huì)不可避免的貶值。然而，美國(guó)仍

55、然是最大經(jīng)濟(jì)國(guó)家，美元是最重要的全球性儲(chǔ)備貨幣，在短期內(nèi)美元的穩(wěn)定價(jià)值是必要的，攻擊性的改革將使國(guó)際貨幣體制陷入混亂狀態(tài)。其實(shí)應(yīng)該開發(fā)其他競(jìng)爭(zhēng)的力量貨幣，如歐元、日元、人民幣，作為檢查和平衡機(jī)制，使國(guó)際貨幣制度更多元化。中國(guó)應(yīng)該從中吸取教訓(xùn)，全球運(yùn)籌歐元、日元，并創(chuàng)造有利條件更多元化的全球金融體系和全球化的人民幣。</p><p>　　中國(guó)發(fā)行1.4萬億美元資產(chǎn)的90%的國(guó)債和帳單和擔(dān)保機(jī)構(gòu)債券。如果美國(guó)繼續(xù)其擴(kuò)

56、張性財(cái)政和貨幣政策，美元貶值的風(fēng)險(xiǎn)和歐元的替代國(guó)際儲(chǔ)備系統(tǒng)將會(huì)顯現(xiàn)。當(dāng)外匯風(fēng)險(xiǎn)美元和利息在當(dāng)前的經(jīng)濟(jì)衰退風(fēng)險(xiǎn)類似于歷史的衰退，股票市場(chǎng)將表現(xiàn)出極大的波動(dòng)。中國(guó)的風(fēng)險(xiǎn)是持有美國(guó)資產(chǎn)在短期內(nèi)依靠市場(chǎng)波動(dòng)和對(duì)我們長(zhǎng)期財(cái)政和貨幣學(xué)科。</p><p>　　為了應(yīng)對(duì)變化的金融形勢(shì)， 臺(tái)灣政府已經(jīng)提出金融改革措施和補(bǔ)充條款。在本文中， 我們將討論四個(gè)主要的主題包括：建立資產(chǎn)管理公司/重組信托公司來幫助金融機(jī)構(gòu)迅速清理不良貸款

57、，金融公開披露信息的同時(shí)，增加市場(chǎng)透明性、建立金融督導(dǎo)委員會(huì)，統(tǒng)一的工作金融的監(jiān)督金融考試，并推廣合并， 在金融股權(quán)，和聯(lián)盟機(jī)構(gòu)提高競(jìng)爭(zhēng)力的銀行在國(guó)際金融臺(tái)灣市場(chǎng)。每一個(gè)主題先描述現(xiàn)狀、政府的政策和策略，并提出了一些值得討論的問題。</p><p>　　《太平洋盆地金融市場(chǎng)和政策》屬于世界的科學(xué)出版公司，它的內(nèi)容未經(jīng)版權(quán)持有人的書面許可，不能被拷貝或通過電子郵件給多個(gè)站點(diǎn)或登載于一個(gè)郵件群。用戶不得印制、下載或電

58、子郵件到個(gè)人用品上使用。這個(gè)抽象可能受限制，沒有保證準(zhǔn)確性的文本，用戶應(yīng)注明出處出版版本的資料完整的抽象的。</p><p>　　為了應(yīng)對(duì)變化的金融形勢(shì)， 臺(tái)灣政府已經(jīng)提出金融改革措施和補(bǔ)充條款。在本文中， 我們將討論四個(gè)主要的主題包括：建立資產(chǎn)管理公司/重組信托公司來幫助金融機(jī)構(gòu)迅速清理不良貸款，金融公開披露信息的同時(shí)，增加市場(chǎng)透明性、建立金融督導(dǎo)委員會(huì)，統(tǒng)一的工作金融的監(jiān)督金融考試，并推廣合并，在金融股權(quán)，和

59、聯(lián)盟機(jī)構(gòu)提高競(jìng)爭(zhēng)力的銀行在國(guó)際金融臺(tái)灣市場(chǎng)。每一個(gè)主題先描述現(xiàn)狀、政府的政策和策略，并提出了一些值得討論的問題。</p><p><b>　　一、介紹</b></p><p>　　在過去的30年中，全球經(jīng)濟(jì)環(huán)境所面臨的是一個(gè)戲劇性的改變，和大多數(shù)國(guó)家自由化與國(guó)際化的金融市場(chǎng)重組波。過去，英國(guó)發(fā)起向金融自由化和全能銀行體系國(guó)際化革命領(lǐng)先歐洲國(guó)家。這波金融重組已蔓延到其他

60、主要金融中心。比如美國(guó)已進(jìn)行金融服務(wù)現(xiàn)代化的活動(dòng)，日本和新加坡不僅允許合并現(xiàn)在的主要銀行，也允許自己的銀行經(jīng)營(yíng)傳統(tǒng)業(yè)務(wù)等，如證券、保險(xiǎn)和直接投資。產(chǎn)生架設(shè)金融機(jī)構(gòu)像那些百貨商店和利用規(guī)模經(jīng)濟(jì)在運(yùn)作，由于金融法規(guī)的松弛，金融機(jī)構(gòu)在美國(guó)、日本和歐洲正在追逐合并的浪潮。然而，他們是不一定要堅(jiān)持在國(guó)內(nèi)的目標(biāo)。為了提高競(jìng)爭(zhēng)力，金融機(jī)構(gòu)已經(jīng)改變了聯(lián)盟策略，聯(lián)合企業(yè)跨行業(yè)關(guān)系，為符合銀行業(yè)務(wù)的發(fā)展，并購(gòu)成為全球性的一種趨勢(shì)。毫無例外地， 臺(tái)灣也要盡一

61、切的努力追求金融自由化與國(guó)際化。我們已經(jīng)出了一些新的金融法規(guī)和已經(jīng)取得了一些成果。這些法規(guī)決定包括信貸、銀行、證券、金融機(jī)構(gòu)、銀行控股公司等單位的整合。</p><p>　　我們也設(shè)有金融改革措施和補(bǔ)充條款。我們的目標(biāo)是立即解決存在的問題如銀行的惡性競(jìng)爭(zhēng)、高不良貸款比率，還有日益升高的操作風(fēng)險(xiǎn)。通過這些努力，我們希望能提高我們銀行的競(jìng)爭(zhēng)力，并幫助我們的銀行在國(guó)際的舞臺(tái)上發(fā)揮更大的作用。隨著新世紀(jì)的開始，臺(tái)灣將呈現(xiàn)

62、相當(dāng)多的金融凍結(jié)的案例：財(cái)政部財(cái)政部目前正在制定資產(chǎn)管理公司(AMC)/重組信托公司(RTC)，金融透明度，銀行監(jiān)管系統(tǒng)是許多人最關(guān)心的問題。在這里，我想給你一些想法，他們?cè)谧鍪裁茨亍?lt;/p><p><b>　　二、現(xiàn)狀</b></p><p>　　最近美國(guó)頒布的金融服務(wù)現(xiàn)代化法案很成功地激發(fā)了歐洲國(guó)家的全能銀行系統(tǒng)，該法案允許金融機(jī)構(gòu)跨行業(yè)運(yùn)作，并提供法律資源合并

63、的金融機(jī)構(gòu)。大多數(shù)的跨國(guó)案例表明：合并金融機(jī)構(gòu)，通常引導(dǎo)運(yùn)營(yíng)成本削減(例如，通過實(shí)施重疊分支機(jī)構(gòu)功能和員工責(zé)任削減系統(tǒng)的冗余信息)，提高公司的經(jīng)營(yíng)績(jī)效， 擴(kuò)大客戶基礎(chǔ)，擴(kuò)大業(yè)務(wù)范圍和金融服務(wù)、臺(tái)灣產(chǎn)業(yè)的國(guó)際競(jìng)爭(zhēng)力，有效地減少風(fēng)險(xiǎn)。在這些成功的并購(gòu)案例中，曼哈頓和化學(xué)銀行，宣布有17%的營(yíng)運(yùn)成本減少，美國(guó)銀行和安全太平洋也減少15%。面對(duì)全球的合并和收購(gòu)措施的發(fā)展趨勢(shì)，世界各國(guó)正在努力促進(jìn)金融合并制度。在臺(tái)灣，全市銀行服務(wù)人口約3700，

64、在亞洲服務(wù)的密度接近香港和韓國(guó)。臺(tái)灣的三大銀行自身只聚集23%的市場(chǎng)份額，每一個(gè)只有百分之五至百分之十的市場(chǎng)份額，和其他國(guó)家相比這個(gè)數(shù)字比較低。例如，在新加坡，三個(gè)主要的頂尖銀行每個(gè)已超過了20%的市場(chǎng)份額，這頂尖的三家銀行超過總的市場(chǎng)份額的80%。在香港，銀行的市場(chǎng)份額占前三名，約78%；在加拿大，銀行的市場(chǎng)份額超過60%，在英國(guó)也超過了50%。這些事實(shí)證明，臺(tái)灣應(yīng)加快金融合并的步伐，以適應(yīng)全球競(jìng)爭(zhēng)。</p><p

65、>　　三、政府的政策和策略</p><p>　　在臺(tái)灣的控制模型金融市場(chǎng)中，分離監(jiān)督和隔離檢查不能有效地監(jiān)控銀行、證券、期貨和保險(xiǎn)等大型企業(yè)集團(tuán)的跨行業(yè)操作。分離的權(quán)利在審核與管理效率的同時(shí)也損壞金融監(jiān)督?；鶞?zhǔn)發(fā)達(dá)的國(guó)家，在銀行、證券、期貨和保險(xiǎn)行業(yè)建立統(tǒng)一監(jiān)督單位的過程中有應(yīng)付監(jiān)管的趨勢(shì)。</p><p>　　將會(huì)有專業(yè)單位行政院，專項(xiàng)負(fù)責(zé)金融監(jiān)督，依照財(cái)務(wù)監(jiān)督管理委員會(huì)組織行為匯

66、票。給出的委員會(huì)的職責(zé)包括：設(shè)置金融監(jiān)控系統(tǒng)、篩選和決策規(guī)則及主要金融政策，宣布處罰措施和壓抑的國(guó)家，獨(dú)立宣言的避免關(guān)聯(lián)方交易以確保其公共的信心。統(tǒng)一的政策和監(jiān)測(cè)的權(quán)利對(duì)銀行、證券、期貨和保險(xiǎn)行業(yè)的統(tǒng)一將起到積極的推動(dòng)作用。</p><p>　　在臺(tái)灣加入WTO后，為了應(yīng)付金融競(jìng)爭(zhēng)的環(huán)境，政府采取以下策略來提高臺(tái)灣銀行的競(jìng)爭(zhēng)力：</p><p>　　1、合并基礎(chǔ)金融機(jī)構(gòu)策略。</p&

67、gt;<p>　　2、合并銀行和其他金融機(jī)構(gòu)策略。</p><p>　　3、巨型公有銀行帶領(lǐng)金融市場(chǎng)策略。</p><p>　　為加速融合過程，除了執(zhí)行合并、收購(gòu)替代金融機(jī)構(gòu)和修改《銀行法》將限制金融機(jī)構(gòu)投資外，政府積極引導(dǎo)十二公有銀行資格證書如相當(dāng)大的資本和資產(chǎn)、金融結(jié)構(gòu)和卓越的運(yùn)行績(jī)效，去追求合適的合并目標(biāo)。通過這次合并，政府提案預(yù)期將有3 - 5 個(gè)巨型領(lǐng)導(dǎo)銀行將對(duì)臺(tái)灣