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| 研究生： |
楊瑞元 Yang, Ruei Yuan |
|---|---|
| 論文名稱： |
倫巴底貸款之商業模式與風險治理：以台灣商業銀行為例 Business Model and Risk Governance of Lombard Lending: Evidence from Taiwanese Commercial Banks |
| 指導教授： | 張士傑 |
| 口試委員: |
張元晨
許素珠 魏寶生 張士傑 |
| 學位類別： |
碩士
Master |
| 系所名稱： |
商學院 - 經營管理碩士學程(EMBA) Executive Master of Business Administration(EMBA) |
| 論文出版年： | 2026 |
| 畢業學年度： | 114 |
| 語文別： | 中文 |
| 論文頁數： | 91 |
| 中文關鍵詞： | 倫巴底貸款 、金融資產組合融資 、亞洲資產管理中心 、高資產財富管理 、風險治理 |
| 外文關鍵詞： | Lombard Lending, Securities-Based Lending, Asset Management Center, High-Net-Worth Wealth Management, Risk Governance |
| 相關次數： | 點閱：7 下載：0 |
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在亞洲資產管理中心政策推動下，臺灣高資產財富管理業務持續發展，主管機關亦逐步開放多元金融商品與服務，倫巴底貸款（Lombard Lending）係以金融資產作為擔保取得融資之私人銀行核心業務，具有提升資產運用效率、增加銀行收益及深化客戶關係等優勢，但亦可能因市場波動及槓桿效果增加授信風險，因此完善之風險治理機制為其發展關鍵。
本研究探討臺灣商業銀行發展倫巴底貸款之現況、限制與風險管理機制，並比較國際私人銀行之實務經驗。研究結果顯示，倫巴底貸款本質上並非高風險產品，其風險高低主要取決於制度設計與風險治理能力，而非商品本身。相較於國際市場，臺灣仍面臨監理制度較保守、商品彈性不足、高資產財富管理生態系尚未成熟，以及動態貸款成數（Loan-to-Value, LTV）管理、壓力測試及預警機制仍待強化等挑戰。
本研究建議，未來應建立以風險治理為核心之管理架構，強化動態LTV管理、擔保品監控、壓力測試及預警機制，配合商品創新、監理調適與高資產財富管理生態系之建構，在兼顧風險控管與業務發展下，提升臺灣商業銀行高資產財富管理之國際競爭力，並促進亞洲資產管理中心政策之推動。
Under the government's policy of developing Taiwan into an Asian Asset Management Center, wealth management services for high-net-worth individuals have expanded significantly, accompanied by the gradual liberalization of diversified financial products and services. Lombard lending, a financing arrangement secured by financial assets, is one of the core products offered by private banking. It enhances asset utilization efficiency, increases banks' lending profitability, and strengthens long-term client relationships. However, market volatility and leverage effects may also increase credit risk, making an effective risk governance framework essential for its sustainable development.
This study examines the current development, institutional constraints, and risk management mechanisms of Lombard lending in Taiwan's banking industry and compares them with international private banking practices. The results indicate that Lombard lending is not inherently a high-risk financial product; rather, its risk profile depends primarily on the design of institutional arrangements and the effectiveness of risk governance. Compared with international markets, Taiwan still faces several challenges, including relatively conservative regulatory requirements, limited product flexibility, an underdeveloped ecosystem for high-net-worth wealth management, and the need to strengthen dynamic loan-to-value (LTV) management, stress testing, and early warning mechanisms.
This study suggests that Taiwan should establish a risk governance framework centered on dynamic LTV management, collateral monitoring, stress testing, and early warning systems, while promoting product innovation, regulatory refinement, and the development of a comprehensive wealth management ecosystem. Such measures would enhance the international competitiveness of Taiwan's banking industry in high-net-worth wealth management and support the implementation of the Asian Asset Management Center initiative.
謝 辭 i
摘 要 ii
Abstract iii
目 次 iv
表 次 viii
圖 次 ix
第一章 緒論 1
第一節 研究背景與動機 1
一、財富管理業務轉型與資產活化需求 1
二、倫巴底貸款於財富管理上之策略地位與台灣在地挑戰 2
第二節 研究目的 4
第三節 研究問題 5
第四節 研究方法 6
第五節 研究範圍與限制 8
第六節 研究架構 9
第七節 研究小結 10
第二章 文獻探討 11
第一節 倫巴底貸款與擔保融資理論 11
第二節 現代投資組合理論與資產組合融資 12
第三節 槓桿理論與資本效率 12
第四節 資訊不對稱與關係銀行理論 13
一、心理帳戶與損失規避（客戶角度） 13
二、資訊不對稱與代理理論(銀行角度) 13
三、關係銀行理論與資源基礎觀點(客我關係角度) 13
第五節 市場流動性與槓桿循環理論 15
第六節 Basel監理與銀行風險治理 16
一、巴塞爾協議（Basel Ⅲ）下之資本計提與信用風險抵減 17
二、市場風險衡量模型文獻 18
第七節 亞洲資產管理市場與制度比較 20
一、香港資產管理市場 20
二、新加坡資產管理市場 22
三、台灣資產管理市場 23
第三章 商業模式與推廣策略分析 26
第一節 倫巴底貸款之商業模式分析 26
一、目標客戶（Customer Segments） 26
二、價值主張（Value Proposition） 27
三、通路 (Channels) 27
四、顧客關係 (Customer Relationships) 27
五、收益來源（Ｒevenue Streams） 28
六、關鍵資源（Key Resources） 28
七、關鍵活動（Key Activities） 28
八、關鍵合作夥伴 (Key Partnerships) 29
九、成本結構 (Cost Structure) 29
第二節 國際標竿個案研究 31
一、香港：市場導向之高彈性模式 31
二、新加坡：政策驅動之資產管理整合模式 32
三、瑞士私人銀行體系：成熟型倫巴底貸款模式 34
四、國際標竿銀行綜合比較與關鍵成功因素（KSF） 35
第三節 台灣商業銀行之推廣策略分析 37
一、客群策略（Customer Strategy） 38
三、產品策略（Product Strategy） 40
四、定價策略（Pricing Strategy） 46
第四節 資產管理中心商業模式發展之比較 47
第四章 實證分析：專家訪談與壓力測試 49
第一節 研究設計與方法 49
第二節 半結構式訪談設計 50
一、訪談對象(跨機構訪談對象規劃) 50
二、訪談流程與方法 50
三、研究倫理與機密保護機制 51
四、資料分析方法與三角校正 (Triangulation) 51
第三節 實證分析與訪談結果探討 51
一、業務推廣與客戶需求 52
二、業務推廣策略與數位化挑戰（對應 KSF 1） 53
三、風險控管機制與資產組合思維（對應 KSF 2 & 3） 55
四、客戶關係與風險定價 57
五、制度法規遵循與監理限制 59
六、落差分析（Gap Analysis）與綜合探討 60
第四節 壓力測試與情境模擬 62
一、瑞銀集團 (UBS) 動態壓力測試與 LTV 調整機制解析 63
二、台灣商業銀行倫巴底貸款「在地化」動態壓力測試模型設計 66
第五節 本章小結 69
第五章 策略建議與政策意涵 70
第一節 研究發現與整合分析 70
第二節 台灣亞洲資產管理中心政策意涵與發展建議 70
一、建立高資產專區與試辦機制：推動「倫巴底貸款」非專區特定/一般化 71
二、監理轉型：回歸高資產特區「原則性（Principle-based）監理」 71
三、建立完整資產管理生態系強化國際競爭力 72
第三節 台灣商業銀行倫巴底貸款業務發展策略建議 73
一、監理制度策略方面 74
二、產品設計與資產配置策略 75
三、客群分級與關係深化策略 76
四、通路整合與專業服務能力 76
五、系統整合與投資 77
六、定價策略管理 78
第四節 台灣商業銀行倫巴底貸款風險治理機制建議 79
第五節 總結 80
參考文獻 82
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一、專家深度訪談邀請函與知情同意書 86
二、專家訪談大綱（Semi-structured Interview Guide） 88
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全文公開日期 2031/08/10