國家金融安定基金運作與績效評估之研究

Abstract

國家金融安定基金於民國89年成立，成立目的為在國家遭受緊急為難或重大變故時，為維持證券市場的流通變現性，以及提升投資人對投資股市信心，因而進場購買權值股藉以拉抬大盤加權指數的一種經濟管制方法。因而有關國安基金的資金來源、法源依據、運作型態、權責劃分，都必須嚴格謹慎，以杜以國安基金護盤之名，行內線交易之實等重大弊端。 其實在金融體系較為成熟的歐美，少有政府以特定基金拉抬股市指數的作法，此方法多見於亞洲及新興市場之國家，例如拉丁美洲。但台灣卻以向四大基金（勞保、勞退、退撫、郵儲）借貸，以及以國營事業股票為質押向銀行借款之方式，籌措五千億國家金融安定基金在特定時間護盤，不僅資金來源值得商確，其運作績效動用五次以來亦令人存疑。 本研究以國安基金進場後，大盤加權指數的變化，以及國安基金本身投入護盤後的盈虧與各種財務報表，分析歸納整理國安基金過去進場護盤的績效，最後訪問前勞退退撫基金操盤人、揭四大基金及國安基金有白手套仲介的前調查員，藉由兩位受訪人的專業層面做諮詢，並對其整理歸納，就其成效不彰之原因做探討，最後得到結論為國安基金應速定落日條款，由以外匯存底成立之新型態主權基金取而代之。

The National Finance Stability Fund(NFSF) was incorporated in 2000. It was originally established to maintain the liquidity and marketability of the stock market & the boost of confidence during catastrophic incident by buying the weight units & increasing the weighted index. Therefore, it has to be strictly defined & managed for its sources, authority, operation & responsibility to prevent any alleged corruption cases. Actually such mechanism is not quite common in EU or US for their finance governance are relatively complete. Only few Asia & LATAM countries have similar funds. In Taiwan, the government raised NTD 500 billion from 4 major funds as Labor Insurance Fund, Labor Pension Fund, Public Servant Retirement Fund & Post Saving Fund & obtained the loan by taking the stocks of several government-owned enterprises to stabilize the stock market. However, the sources of funding & the performance are not as positive as the original assumption after 5-times operation. This research contains 3 major parts: the history of NFSF, the performance of NFSF & the failure analysis of NFSF. The history part includes the studies of law authority, foreign similar mechanism & NFSF 5-times operation. The performance part includes the margin & loss of NFSF & the weighted index variation before & after NFSF operation. The failure analysis includes the interviews of 2 former investigator & fund manager & the root cause analysis.Based on the 3 parts above, it is clear that a proper mechanism of NFSF exit is necessary & it will be replaced by the sovereign fund.