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系統識別號 U0002-2701200801272700
中文論文名稱 歐盟主要金融中心競爭力分析—以倫敦為主軸
英文論文名稱 The Competitveness of Major Financial Centers in European Union-London as a Case Study.
校院名稱 淡江大學
系所名稱(中) 歐洲研究所碩士班
系所名稱(英) Graduate Institute of European Studies
學年度 96
學期 1
出版年 97
研究生中文姓名 林佳芳
研究生英文姓名 Jia-Fang Lin
電子信箱 adakimberly@gmail.com
學號 694030072
學位類別 碩士
語文別 中文
口試日期 2008-01-15
論文頁數 107頁
口試委員 指導教授-劉一成
委員-林柏生
委員-李顯峰
中文關鍵字 國際金融中心  歐盟金融中心  金融中心排名 
英文關鍵字 International Financial Centers  European Financial Centers  Ranking of Financial Centers 
學科別分類 學科別社會科學區域研究
中文摘要 國際金融中心 (International Financial Centers﹔以下簡稱IFCs)是國際金融市場中重要的發展現象。在歐洲,統合目標主要是經由經濟與金融整合,而特別在歐洲中央銀行的建立與其地理位置選擇上的事實。本文將先研究IFCs 的相關理論來佐證金融市場的競爭力,進而以實證研究在某一段時間內比較會員國金融中心競爭力之消長,並以此判斷歐盟地區最高層級之金融中心為何。

本文目的是在國際金融中心相關理論的發展下,具體量化會員國金融中心的競爭力,探究歐盟地區首要金融中心為何,並根據此結果加以分析。藉由研究金融中心的定義與形成要素,配合金融中心的歷史發展,歸納出金融中心的層級與類別。隨著金融中心理論上的發展,本文試圖以實證研究的方式找出判別歐盟主要金融中心 (歐盟國家十個主要金融中心) 的表現優劣之變數,進而加以排名與分類。此外,本文將以實證研究探討使用歐元是否影響歐盟金融中心的地位,探討歐元發行之後對金融中心能否有正面相關與助益。針對實證研究的結果加以判別歐盟金融中心的層級為何,並深究此結果背後的質化因素。倫敦的表現則是歐盟地區最佳之城市。

本文的研究成果為建立在完善的IFC理論基礎之下,以實際金融市場數據證實倫敦為歐盟地區金融中心排名第一名,並且與巴黎、法蘭克福的領先幅度甚大。此外,針對實證研究之結果分析倫敦領先幅度甚大之隱含質化因素,包含政策面、金融市場創新、以及外在因素的威脅與機會。其中所得結論為面對外在環境的威脅下,倫敦仍不斷地為其本身競爭實力努力,並且積極地提供更新政策以創造更佳之金融環境,匯集更多國際資金,進而吸引許多外國廠商進駐其金融市場,使其成為歐盟地區的唯一IFC。
英文摘要 International Financial Centers are an important subject of widespread topical interest. In Europe, the process of economic and financial integration, in particular the formation of the European Central Bank and its location, raises questions about the roles not noly of London and Frankfurt, but of every European financial center. This thesis evaluated the competitiveness of financial markets by the related theories of IFCs, including the definitions, classifications, and historical formation of the IFCs in EU. It further used data for ten variables relating 10 cities for the years 1995-2006 to explain the hierarchical ranking of IFCs in EU through empirical study.

The purpose of this thesis is to study the top ranking in EU region and concluded with London as the top one in EU. Under the reviews of theoretical framework for analyzing the ways in which IFCs compete through the ranking, it went on to consider some ways of in which governments, regulators, and financial innovation have responded to London. It also considered some of the challenges and opportunities with which the City of London is faced. The entire thesis concluded with the advantages position of London whether in historical review, empirical study, or policy analysis.

Overall, these evidences presented in the thesis suggest that London maintained its position as one of the world’s leading IFCs, despite the increase in competition in recent years. Nevertheless, the indications are the practitioners and market authorities recognized the need to avoid complacency, and to ensure that the sevice and facilities that they provide are fully competitive in the future.
論文目次 第一章 緒論…………………………………………………………1
第一節 研究動機與目的……………………………………………1
第二節 研究方法與架構……………………………………………2
第三節 研究範圍與研究限制………………………………………5

第二章 國際金融中心 (IFCs) 之理論發展…………………………7
第一節 國際金融中心定義………………………………………….7
第二節 國際金融中心形成之理論…………………………………15
第三節 國際金融中心之歷史沿革…………………………………19
第四節 結論…………………………………………………………29

第三章 歐盟主要國際金融中心之實證研究………………………31
第一節 國際金融中心分類 (排名) 之文獻分析……………………31
第二節 實證研究變數說明及分類…………………………………44
第三節 實證研究設計………………………………………………52
第四節 歐盟金融中心實證研究評比………………………………54
第五節 結論…………………………………………………………63

第四章 倫敦在歐盟金融中心的競爭優勢…………………………65
第一節 英國政策面的競爭地位……………………………………65
第二節 金融市場的創新與進步……………………………………71
第三節 外在因素的威脅與機會……………………………………80
第四節 倫敦國際金融中心之未來展望……………………………92

第五章 總結…………………………………………………………95

附錄……………………………………………………………………99
參考書目………………………………………………………………103

論 文 附 表 目 次
【表2-1】歐盟十個城市進出口額、全球一千大銀行家數比較…….24
【表2-2】2006年 盧森堡大型商業銀行與外國上市公司家數………27
【表3-1】2006年 全球金融中心排名指數……………………………37
【表3-2】各時期金融中心之分類方式……………………………….39
【表3-3】2006年 全球競爭力指數與世界競爭力評比比較表………43
【表3-4】變數說明及資料來源……………………………………….45
【表3-5】各類組所含之各項變數與加權分配表…………………….54
【表3-6】歐盟主要國際金融中心實證研究之排名………………….56
【表3-7】歷年各金融中心國際化程度……………………………….57
【表3-8】歷年各金融中心金融機構強度…………………………….59
【表3-9】歷年各金融中心金融市場創新與成熟度………………….60
【表3-10】Global Financial Centres Index
與本文實證研究之歐盟主要十國金融中心比較排名………………62
【表4-1】2006年 歐盟國家公司稅率排名……………………………69
【表4-2】2006年 金融服務業個人稅率排名…………………………69
【表4-3】各國衍生性市場占全球交易量之百分比…………………73
【表4-4】2006年 提供伊斯蘭教法金融服務的銀行家數……………74
【表4-5】全球前十大私募股權投資總值……………………………77
【表4-6】各國公司監管指標…………………………………………88
【表4-7】歐盟十個金融中心證券交易所的國外上市公司家數……89
【表4-8】倫敦證交所的收購要約活動………………………………89
【表4-9】歐洲小型公司股票市場……………………………………90

論 文 附 圖 目 次

【圖1-1】研究架構……………………………………………………3
【圖3-1】金融中心之種類……………………………………………33
【圖3-2】歐盟主要國際金融中心實證研究之評分…………………56
【圖3-3】各金融中心國際化程度趨勢圖……………………………58
【圖3-4】各金融中心金融機構強度趨勢圖…………………………59
【圖3-5】各金融中心金融市場創新與成熟度趨勢圖………………61
【圖4-1】倫敦與各金融城市之FFA比較…………………………….70
【圖4-2】倫敦與各金融城市之FFL比較………….…………………70
【圖4-3】英國占歐洲地區避險基金市場的比例……………………76
【圖4-4】倫敦證交所歷年國內股市成交值…………………………78
【圖4-5】各金融中心國際債券成交量 (1995-2006年)………………85
【圖4-6】AIM成長趨勢……………………………………………….91






參考文獻 參考書目

一、期刊與專書
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2. Barnard, B. (1999) “London: A global financial center in the 21st century?” Europe, Vol.385, April, pp.14-16.
3. Barth, Li, Phumiwasana, and Yago (2006) “Capital Access Index 2006: Best Markets for Business Finance”, Milken Institute, USA.
4. Beaverstock, J.V. et al. (2003) “In London’s Long Shadow: Frankfurt in the European Space of Flows”, Globalisation and World Cities, Loughborough University, UK.
5. Beaverstock, J.V., Smith, R G and Taylor, P J (1999) “A Roster of World Cities”, Cities, 16(6), pp. 445-458.
6. Bell, Silva, and Preimanis (2006) “The Cost of Capital: An International Comparison”, City of London.
7. Berendt, A., Yeandle, M., and Mainelli, M. (2005) “The Competitive Position of London as a Global Financial Centre”, Corporation of London, Z/Yen Limited, London.
8. Blitz, R., Cittanova, M., Parker, G., and Reid, K. (2005) “London's allure: European arrivals find hope and glory in a global metropolis”, Financial Times, London, 27th October.
9. Cassis,Youssef, and Bussiere, Eric et al. (2005) “London and Paris as International Financial Centres in the twentieth century”, Oxford University Press, New York.
10. Cox, P., and Jones, L. (2007), “The Competitive Imapct of London’s Financial Market Infrastructure”, City of London.
11. Darbar, M., Salim, Johnston, Barry, R., and Zephirin, G., Mary (2003) “Assessing Offshore Financial Centers”, Vol.40, No.3, September, pp.32-35, Finance & Development, IMF. 
12. Dixon, Liz (2001), “Financial Flows via Offshore Financial Centres-as part of the international financial system”, Financial Stability Review, Bank of England.
13. Dufey, Gunter ,and Bartram, M., Sohnke (1997) “The Impact of Offshore Financial Centers on Internationl Financial Markets”, Thunderbird International Business Review, Vol.39, No.5, pp.535-579.
14. Dufey, G. and Giddy H. Ian (1978), The International Money Market, Priceton-Hall, N.J.
15. Eldredge, Bradly, Yeung, David and Poon, P.H, Jessie (2004) “Rank Size Distribution of International Financial Centers”, International Regional Science Review, Vol.27, No.4, pp.411-430.
16. Fair, E., Donald, and Raymond, Robert et al. (1994), The Competitiveness of financial Institutions and Centres in Europe, Societe Universitaire Europeenne de Recherches Financieres (SUERF).
17. Frowen, F., Stephen and McHugh, P., Francis et al. (2001), Financial Competition, Risk and Accountability, Anglo-German Foundation, Palgrave publication, New York.
18. Gordon, Ian, Halsam, Colin, McCann, Philip, and Scott-Quinn, Brian (2005) “Off-shoring and the City of London”, The Corporation of London.
19. Jao, YC (2003), Shanghai and Hong Kong as International Financial Centres: Historical Perspective and Contemporary Analysis, The University of Hong Kong.
20. Johnson, G., Harry (1976) “Panama as a Regional Financial Center”, Economic Development and Cultural Change.
21. Kanda, H. (1993) “The Regulatory Environment for Japanese Capital Markets”, In S. Takagi et al., Japanese Capital Markets. Oxford and Cambridge, MA: Basil Blackwell, 196-211.
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23. La Porta, Lopez-de-Silanes, Shleifer, and Vishny (2000) “Investor protection and corporate governance”, Journal of Financial Economics, Vol.58, pp.3-27.
24. La Porta, Lopez-de-Silanes, Shleifer, and Vishny (1997) “Legal Determinants of External Finance”, The Journal of Finance, Vol. LII, No.3.
25. Lascelles, David (June 2003), “Sizing up the City: London’s Ranking as a Financial Centre”, the Corporation of London.
26. Laurenceson, James, and Tang, Kam Ki (2005) “Shanghai's Development as an International Financial Center”, Review of Pacific Basin Financial Market and Policies, Vol.8, No.1, pp.147-166.
27. Levy-Leboyer, Maurice (1977), “La Position internationale de la France. Aspects economiques et Financier,” XIX et XXe siecles, pp.27.
28. Liu, Yi (2005), Studies on the Formation of International Financial Centers— Comparison of Shanghai and Seoul, The Graduate School of International Studies, Seoul National University.
29. Marano, Angelo (2000) “Beyond the London-Frankfurt Dichotomy. What Space for the Other European Financial Centres?” Office of the Prime Minister, Government of Italy.
30. Mainelli, M., and Yeandle, M. (2007), “The Global Financial Centres Index”, The City of London.
31. Nadler, Marcus et al. (1955) “The Money Market and Its Institutions”, Roland Press, New York, pp.283-84.
32.Osborn, Alan (2001) “Luxembourgers: Still banking on Banking”, Europe, Vol.405, pp.28-31.
33. Park, Yoon S. and Musa Essayyad et al.(1989) “Recent Functional Changes in International Finance and Their Implication for International Financial Centers”
, International Banking and Financial Center. Boston: Kluwer Academic Publishers, pp. 245.
34. Parkin, Michael (2000), Economics, Addison-Wesley publishing company.
35. Radmore and Juma (2007) “Treasury Announces Tax Changes To Maximise Impact Of E.U.'s MiFID”, Country Reports Europe, World Securities Law Report, Vol. 13, No.3.
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37. Reed, Howard C. (1981), The Preeminence of International Financial Centers, Praeger Publishers, U.S.A.
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39. Roberts, Richard (2004), A Guide to London’s Global Financial Centre, The Economist.
40. Roberts, Richard et al. (1994) Volume 1, International Financial Centres: Concepts, Development and Dynamics, Edward Elgar Publishing Limited, England.
Volume 2, Global Financial Centres: London, New York, Tokyo.
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41. Sansnetti, Riccardo (2001) “The Offshore Financial Centres Issue and Switzerland’s Position”, Journal of International Banking Regulation, Vol.3, No.1, pp.71-78.
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43. Sassen, Saskia (2001), The Global City: New York, London, Tokyo, Princeton: Princeton University Press, New York.
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46. Taylor, Peter et al. (2003), “Financial Services Clustering and its Significance for London”, Corporation of London.
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二、機構出版與官方文件
50. City of London (2007), “The Importance of Wholesale Financial Services to the EU Economy 2007”.
51. Corporation of London, (2005) “The Future of UK Asset Management: Competitive Position and Location Choice”, Oxera Consulting Ltd.
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58. IMF:
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59. International Financial Services, London:
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60. KPMG (2006), “Corporate Tax Rate Survey ”, KPMG International.
61. London Stock Exchange and plc and Baker Tilly, (2007) “A Guide to AIM Tax Benefits”, April.
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63. Swiss Federal Department of Finance (2002) “Fierce Competition between the International Financial Centres”.
64. The Economist (1998 online), “Capitals of Capital”, May, pp.72-73.

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