The Study of Performance Evaluation of National Financial Stabilization Fund

• Main Authors: Chung-chih Hsieh, 謝忠志
• Other Authors: Jen-huei Hsu
• Format: Others
• Language: zh-TW
• Published: 2003
• Online Access: http://ndltd.ncl.edu.tw/handle/79843085489437631255

碩士 === 世新大學 === 行政管理學研究所(含博、碩專班) === 91 === National Financial Stabilization Fund is mainly employed, in times of emergency when the nation encounters urgent calamities, to functional well for stabilizing stock and security markets, so as to secure the overall economic system of the nation from severe damage. For the well functioning of NFSF, only when its financial sources, organizational pattern, working mode, and division of exercise of power and duty are thoughtfully designed and clearly anchored, can NFSF elevate its practical performance and play a substantive role of stabilization when upheaval of stock and security markets occurs. In European countries and the U.S., which embrace the philosophy of a liberal and open market, one can hardly see governmental interference in the stock market by means of specific fund, at most by releasing stock market-related policies attempting to influence the market. As for formulating stock stabilization fund has never been heard. However, in Asian countries, for example, Korea, Japan, Hong Kong, instances of governmental intervention in the stock market are not rare. The diversity of economic affairs, especially the interaction of economic activities notably augments the difficulty for governmental intervention. This study, on the basis of evaluation of policy performance, initiated from observation of present situation of economic control and market intervention, analyzed and explored its operational accountability from every quarter’s balance sheet, income statement, trend analysis of NFSF, formed empirical data analysis through induction from legislator’s interpellation result and auditing rectification report from the Control Yuan, explored reasons for dissatisfied performance and discussed responsive solutions by means of in-depth interview with professionals, reflected on the ever-growing loss of NFSF’s attempt to safeguard the stock market, and eventually presented conclusions and recommendations.