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題名 臺灣私人銀行在藝術資產管理與家族傳承服務之整合策略研究
The Integrated Strategies of Art Asset Management and Family Succession Services in Taiwan’s Private Banking Sector
作者 林筱軒
Lin, Hsiao-Hsuan
貢獻者 許永明
林筱軒
Lin, Hsiao-Hsuan
關鍵詞 私人銀行
藝術資產管理
家族治理
家族傳承
藝術金融
Private banking
Art asset management
Family governance
Family succession
Art finance
日期 2026
上傳時間 2-Mar-2026 11:38:51 (UTC+8)
摘要 本研究旨在探討臺灣私人銀行於現行制度環境下，發展藝術資產管理與家族傳承服務之可行性與限制，並提出具在地適用性的策略建議。研究採質性研究方法，透過深度訪談私人銀行授信、信託與稅務專家、藝術市場專業人士、法律專家，以及前輩藝術家家屬與文化機構代表，分析臺灣在藝術資產鑑價制度、動產擔保機制、法遵風險與市場結構等面向所面臨之制度限制與實務挑戰，並輔以瑞士、美國與新加坡之國際制度比較進行整合分析。 研究結果顯示，臺灣藝術金融生態在估價制度、公信力資料庫、擔保與清算機制等面向仍存在明顯結構性缺口，短期內不具備發展可規模化或產品化藝術融資業務之條件。然而，隨著高資產家族在藝術資產保存、跨世代傳承、家族共識與流動性管理等治理需求日益明確，藝術資產已逐漸由「收藏累積期」轉向「治理與傳承期」，成為整體財富治理中不可忽視之資產類型。 本研究認為，臺灣私人銀行若跳脫以融資為核心之金融化思維，轉而採取治理導向與循序式建構策略，將藝術資產管理定位為家族治理與長期關係經營之延伸服務，並透過跨領域專業整合、內部能力培育與高度個案化之風險控管機制，仍具實務發展可行性。藝術資產管理不僅有助於回應高資產家族之治理與傳承需求，亦可作為私人銀行深化客戶關係與形塑差異化服務定位之重要策略工具。
This study examines the feasibility and constraints of developing art asset management and family succession services within Taiwan’s private banking sector under the existing institutional environment, and proposes context-specific strategic recommendations. Using a qualitative research approach, it conducts in-depth interviews with private banking professionals in credit, trust, and tax planning, art market practitioners, legal experts, heirs of senior artists, and representatives of cultural institutions. The analysis focuses on institutional and practical challenges related to art valuation systems, movable collateral mechanisms, compliance risks, and market structure, supplemented by comparisons with institutional practices in Switzerland, the United States, and Singapore. The findings show that Taiwan’s art-finance ecosystem continues to face structural gaps in valuation frameworks, data infrastructure, collateralization, and clearing mechanisms, rendering art-backed lending unsuitable for scalable or standardized products in the short term. However, as high-net-worth families increasingly emphasize governance needs in art preservation, intergenerational transfer, and liquidity planning, art assets are shifting from collection accumulation toward governance and succession, becoming an integral component of holistic wealth governance. This study argues that Taiwanese private banking should move beyond a lending-centric approach and adopt a governance-oriented, incremental strategy. By positioning art asset management as an extension of family governance and long-term relationship management—supported by cross-disciplinary integration, internal capability building, and customized risk controls—private banking can achieve practical viability while strengthening client relationships and service differentiation.
參考文獻 一、期刊論文 1.Ashenfelter, O., & Graddy, K. (2003). Auctions and the price of art. Journal of Economic Literature, 41(3), 763–787. 2.Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. 3.Boot, A. W. A. (2000). Relationship banking: What do we know? Journal of Financial Intermediation, 9(1), 7–25. 4.Diamond, D. W. (1984). Financial intermediation and delegated monitoring. Review of Economic Studies, 51(3), 393–414. 5.Etro, F., & Stepanova, E. (2021). The market for art: An economic analysis. Journal of Economic Surveys, 35(5), 1261–1294. 6.Goetzmann, W. N., & Nozari, M. (2021). Art as collateral. Journal of Finance, 76(2), 1–38. 7.Gorton, G., & Metrick, A. (2012). Regulating the shadow banking system. Brookings Papers on Economic Activity, Fall, 261–312. 8.Habbershon, T. G., & Williams, M. L. (1999). A resource-based framework for assessing the strategic advantages of family firms. Family Business Review, 12(1), 1–25. 9.Mei, J., & Moses, M. (2002). Art as an investment and the underperformance of masterpieces. American Economic Review, 92(5), 1656–1668. 二、專書 1.Allen, F., & Gale, D. (2000). Comparing financial systems. Cambridge, MA: MIT Press. 2.De Roover, J.-P. (2020). Private banking and wealth management. Globe Law and Business. 3.Gersick, K. E., Davis, J. A., Hampton, M. M., & Lansberg, I. (1997). Generation to generation: Life cycles of the family business. Harvard Business School Press. 4.Hughes, J. E., Jr. (2013). Family wealth: Keeping it in the family (Rev. ed.). Bloomberg Press. 5.Jaffe, D. T. (2018). Borrowed from your grandchildren: The evolution of 100-year family enterprises. Wiley. 6.Velthuis, O. (2005). Talking prices: Symbolic meanings of prices on the market for contemporary art. Princeton University Press. 7.Ward, J. L. (2011). Keeping the family business healthy. Palgrave Macmillan. 8.Zorloni, A. (2016). Art wealth management: Managing private art collections. Springer. 三、編輯書章節 Bourdieu, P. (1986). The forms of capital. In J. Richardson (Ed.), Handbook of theory and research for the sociology of education (pp. 241–258). Greenwood Press. 四、機構/團體出版之報告 1.Art Basel, & UBS. (2025). The Art Basel and UBS Survey of Global Collecting 2025. UBS. 2.Capgemini, & UBS. (2025). World Wealth Report 2025. Capgemini Research Institute. 3.Citi Private Bank. (2025). Global family office report. Citigroup. 4.DBS Private Bank. (2022). New economy, next generation (with Financial Times). DBS Bank. 5.DBS Private Bank. (2025). 家族辦公室與藝術品投資. DBS Bank. 6.McAndrew, C. (2025). Art & finance report. UBS & Art Basel. 7.中國信託商業銀行、波士頓顧問公司。（2024）。《臺灣超高資產客群財富洞察報告》。 8.日本家族企業學會企畫編輯委員會（FBC）、後藤俊夫等。（2024）。《日本家族企業白皮書》。 五、學術研討會/工作論文 1.Bennett, B. (2023). Art-secured lending and evaluating the loan-to-value ratio in art and real estate lending markets. Conference paper. 2.Giardini, G. (2021). Art-secured lending: Obstacles and proposed solutions. Working paper. 六、期刊／雜誌文章 《典藏古美術》。（2026）。第 400 期：〈藝術資產化及其傳承〉。 七、學位論文 張靖琪。（2024）。《鑑價機制於臺灣藝術市場之建立與應用潛力》 （碩士論文）。 八、電子網路資料 石隆盛（2025）。〈斷鏈型孤島市場特徵〉。取自 https://artouch.com/art-views/issue/pressure-testing-reflecting-in-times-of-crisis-and-resetting-the-coordinates/content-188601.html 九、翻譯書籍 Rozell, M. (2022) 。《藝術收藏家手冊：從購藏及持有藝術品的權威指南》
描述 碩士
國立政治大學
國際金融碩士學位學程
113ZB1055
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0113ZB1055
資料類型 thesis
dc.contributor.advisor 許永明zh_TW
dc.contributor.author (Authors) 林筱軒zh_TW
dc.contributor.author (Authors) Lin, Hsiao-Hsuanen_US
dc.creator (作者) 林筱軒zh_TW
dc.creator (作者) Lin, Hsiao-Hsuanen_US
dc.date (日期) 2026en_US
dc.date.accessioned 2-Mar-2026 11:38:51 (UTC+8)-
dc.date.available 2-Mar-2026 11:38:51 (UTC+8)-
dc.date.issued (上傳時間) 2-Mar-2026 11:38:51 (UTC+8)-
dc.identifier (Other Identifiers) G0113ZB1055en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/161801-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際金融碩士學位學程zh_TW
dc.description (描述) 113ZB1055zh_TW
dc.description.abstract (摘要) 本研究旨在探討臺灣私人銀行於現行制度環境下，發展藝術資產管理與家族傳承服務之可行性與限制，並提出具在地適用性的策略建議。研究採質性研究方法，透過深度訪談私人銀行授信、信託與稅務專家、藝術市場專業人士、法律專家，以及前輩藝術家家屬與文化機構代表，分析臺灣在藝術資產鑑價制度、動產擔保機制、法遵風險與市場結構等面向所面臨之制度限制與實務挑戰，並輔以瑞士、美國與新加坡之國際制度比較進行整合分析。 研究結果顯示，臺灣藝術金融生態在估價制度、公信力資料庫、擔保與清算機制等面向仍存在明顯結構性缺口，短期內不具備發展可規模化或產品化藝術融資業務之條件。然而，隨著高資產家族在藝術資產保存、跨世代傳承、家族共識與流動性管理等治理需求日益明確，藝術資產已逐漸由「收藏累積期」轉向「治理與傳承期」，成為整體財富治理中不可忽視之資產類型。 本研究認為，臺灣私人銀行若跳脫以融資為核心之金融化思維，轉而採取治理導向與循序式建構策略，將藝術資產管理定位為家族治理與長期關係經營之延伸服務，並透過跨領域專業整合、內部能力培育與高度個案化之風險控管機制，仍具實務發展可行性。藝術資產管理不僅有助於回應高資產家族之治理與傳承需求，亦可作為私人銀行深化客戶關係與形塑差異化服務定位之重要策略工具。zh_TW
dc.description.abstract (摘要) This study examines the feasibility and constraints of developing art asset management and family succession services within Taiwan’s private banking sector under the existing institutional environment, and proposes context-specific strategic recommendations. Using a qualitative research approach, it conducts in-depth interviews with private banking professionals in credit, trust, and tax planning, art market practitioners, legal experts, heirs of senior artists, and representatives of cultural institutions. The analysis focuses on institutional and practical challenges related to art valuation systems, movable collateral mechanisms, compliance risks, and market structure, supplemented by comparisons with institutional practices in Switzerland, the United States, and Singapore. The findings show that Taiwan’s art-finance ecosystem continues to face structural gaps in valuation frameworks, data infrastructure, collateralization, and clearing mechanisms, rendering art-backed lending unsuitable for scalable or standardized products in the short term. However, as high-net-worth families increasingly emphasize governance needs in art preservation, intergenerational transfer, and liquidity planning, art assets are shifting from collection accumulation toward governance and succession, becoming an integral component of holistic wealth governance. This study argues that Taiwanese private banking should move beyond a lending-centric approach and adopt a governance-oriented, incremental strategy. By positioning art asset management as an extension of family governance and long-term relationship management—supported by cross-disciplinary integration, internal capability building, and customized risk controls—private banking can achieve practical viability while strengthening client relationships and service differentiation.en_US
dc.description.tableofcontents 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的 2 第三節 研究流程與架構 3 第二章 文獻回顧與理論基礎 4 第一節 私人銀行之理論定位與趨勢轉型 4 第二節 家族治理與財富傳承理論 8 第三節 藝術資產之金融化與治理型定位 11 第四節 瑞士、美國與新加坡私人銀行服務模式比較 16 第五節 臺灣高資產客群財富治理與藝術市場現況 21 第三章 研究方法 24 第一節 研究設計 24 第二節 研究對象 25 第三節 研究問題設計 26 第四章 訪談結果與分析 29 第一節 臺灣藝術收藏跨世代治理需求浮現 29 第二節 臺灣藝術資產跨代傳承之制度與治理限制 31 第三節 臺灣私人銀行發展藝術融資之可行性 36 第四節 私人銀行差異化競爭優勢之形成 46 第五節 訪談研究分析 48 第五章 結論與建議 54 第一節 臺灣私人銀行納入藝術資產管理之限制與挑戰 54 第二節 臺灣私人銀行發展藝術資產管理與家族傳承服務之建議 57 第三節 研究限制與未來研究方向 60 參考資料 61zh_TW
dc.format.extent 2847895 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0113ZB1055en_US
dc.subject (關鍵詞) 私人銀行zh_TW
dc.subject (關鍵詞) 藝術資產管理zh_TW
dc.subject (關鍵詞) 家族治理zh_TW
dc.subject (關鍵詞) 家族傳承zh_TW
dc.subject (關鍵詞) 藝術金融zh_TW
dc.subject (關鍵詞) Private bankingen_US
dc.subject (關鍵詞) Art asset managementen_US
dc.subject (關鍵詞) Family governanceen_US
dc.subject (關鍵詞) Family successionen_US
dc.subject (關鍵詞) Art financeen_US
dc.title (題名) 臺灣私人銀行在藝術資產管理與家族傳承服務之整合策略研究zh_TW
dc.title (題名) The Integrated Strategies of Art Asset Management and Family Succession Services in Taiwan’s Private Banking Sectoren_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、期刊論文 1.Ashenfelter, O., & Graddy, K. (2003). Auctions and the price of art. Journal of Economic Literature, 41(3), 763–787. 2.Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. 3.Boot, A. W. A. (2000). Relationship banking: What do we know? Journal of Financial Intermediation, 9(1), 7–25. 4.Diamond, D. W. (1984). Financial intermediation and delegated monitoring. Review of Economic Studies, 51(3), 393–414. 5.Etro, F., & Stepanova, E. (2021). The market for art: An economic analysis. Journal of Economic Surveys, 35(5), 1261–1294. 6.Goetzmann, W. N., & Nozari, M. (2021). Art as collateral. Journal of Finance, 76(2), 1–38. 7.Gorton, G., & Metrick, A. (2012). Regulating the shadow banking system. Brookings Papers on Economic Activity, Fall, 261–312. 8.Habbershon, T. G., & Williams, M. L. (1999). A resource-based framework for assessing the strategic advantages of family firms. Family Business Review, 12(1), 1–25. 9.Mei, J., & Moses, M. (2002). Art as an investment and the underperformance of masterpieces. American Economic Review, 92(5), 1656–1668. 二、專書 1.Allen, F., & Gale, D. (2000). Comparing financial systems. Cambridge, MA: MIT Press. 2.De Roover, J.-P. (2020). Private banking and wealth management. Globe Law and Business. 3.Gersick, K. E., Davis, J. A., Hampton, M. M., & Lansberg, I. (1997). Generation to generation: Life cycles of the family business. Harvard Business School Press. 4.Hughes, J. E., Jr. (2013). Family wealth: Keeping it in the family (Rev. ed.). Bloomberg Press. 5.Jaffe, D. T. (2018). Borrowed from your grandchildren: The evolution of 100-year family enterprises. Wiley. 6.Velthuis, O. (2005). Talking prices: Symbolic meanings of prices on the market for contemporary art. Princeton University Press. 7.Ward, J. L. (2011). Keeping the family business healthy. Palgrave Macmillan. 8.Zorloni, A. (2016). Art wealth management: Managing private art collections. Springer. 三、編輯書章節 Bourdieu, P. (1986). The forms of capital. In J. Richardson (Ed.), Handbook of theory and research for the sociology of education (pp. 241–258). Greenwood Press. 四、機構/團體出版之報告 1.Art Basel, & UBS. (2025). The Art Basel and UBS Survey of Global Collecting 2025. UBS. 2.Capgemini, & UBS. (2025). World Wealth Report 2025. Capgemini Research Institute. 3.Citi Private Bank. (2025). Global family office report. Citigroup. 4.DBS Private Bank. (2022). New economy, next generation (with Financial Times). DBS Bank. 5.DBS Private Bank. (2025). 家族辦公室與藝術品投資. DBS Bank. 6.McAndrew, C. (2025). Art & finance report. UBS & Art Basel. 7.中國信託商業銀行、波士頓顧問公司。（2024）。《臺灣超高資產客群財富洞察報告》。 8.日本家族企業學會企畫編輯委員會（FBC）、後藤俊夫等。（2024）。《日本家族企業白皮書》。 五、學術研討會/工作論文 1.Bennett, B. (2023). Art-secured lending and evaluating the loan-to-value ratio in art and real estate lending markets. Conference paper. 2.Giardini, G. (2021). Art-secured lending: Obstacles and proposed solutions. Working paper. 六、期刊／雜誌文章 《典藏古美術》。（2026）。第 400 期：〈藝術資產化及其傳承〉。 七、學位論文 張靖琪。（2024）。《鑑價機制於臺灣藝術市場之建立與應用潛力》 （碩士論文）。 八、電子網路資料 石隆盛（2025）。〈斷鏈型孤島市場特徵〉。取自 https://artouch.com/art-views/issue/pressure-testing-reflecting-in-times-of-crisis-and-resetting-the-coordinates/content-188601.html 九、翻譯書籍 Rozell, M. (2022) 。《藝術收藏家手冊：從購藏及持有藝術品的權威指南》zh_TW