金融資產證券化對金融機構經營固定收益證券業務的競爭與整合之研究

Impacts of Financial Asset Securitization Upon Competition and Integration of Financial Institutions's Fixed Income Businesses

林曉民(Lin Hsiao-Ming)

指導教授 ： 李賢源

國立臺灣大學/管理學院/財務金融學研究所/碩士(2007年)

https://doi.org/10.6342/NTU.2007.02975

摘要

本論文主要目的在分析我國推動金融資產證券化對金融市場的影響，並進一步探討各金融機構在固定收益證券業務領域的競爭態勢與未來的整合趨勢。
經營固定收益證券業務的主要金融機構為銀行、證券公司與票券金融公司，未來業務的開放，是朝全面開放的走向，以促進金融市場的蓬勃發展。金融機構間的整合將益形重要，可思考更多樣化的組合，並根本解決固定收益證券交易及持有的稅負問題，以利市場的運作。
本研究的主要結論如下：
一、金融資產證券化的推動，改變固定收益證券商品的結構，融合間接金融與直接金融業務，打破固定收益證券長短期的疆界，勢將引發金融機構間新的競爭態勢與整合趨勢。
二、在開放金融機構跨業經營固定收益證券業務方面，建議先開放次級市場的經紀、自營業務，再開放初級市場的簽證、承銷業務；在推動金融機構整合方面，可結合更多的選項與組合，增加金融機構合併與改制機會，建立轉型或退場的機制。
三、國內擁有蓬勃發展的貨幣市場，鼓勵金融業者積極推展資產基礎商業本票（ABCP）業務，以充實貨幣市場工具；並配合企業及投資人國際化的趨勢，積極開發境內美元票券市場，結合國際版債券市場，推動台灣成為區域化金融中心。
四、金融商品的稅制，影響金融商品的結構與金融市場的發展方向甚鉅，建議政府制定公平合理的課徵制度，以促進金融市場的均衡發展。長期則規劃為單一稅率的分離課稅稅制。

關鍵字

金融資產證券化 ； 固定收益證券

並列摘要

This thesis mainly examines the impact of financial assets securitization upon financial markets in Taiwan, and then attempts to study the evolving competition environment for fixed income securities businesses and potential merger and acquisition trends among financial institutions in Taiwan.
Financial institutions approved to conduct fixed income securities businesses include banks, securities firms and bill finance companies. We suggest that full business deregulation would enhance sound financial market developments. Consolidation among financial institutions would become more crucial. And more diversified combinations should be considered. Furthermore, a consistent tax policy toward fixed income securities transactions would facilitate efficiency of financial market operation.
The main findings of this research are as follows:
1.Financial assets securitization drastically changes market structure of fixed income products, integrating indirect finance with direct finance, and blurring the line between short -term money market and long-term debt market, which tends to intensify new competition and mergers among financial institutions.
2.With respect to deregulating fixed income securities business for all financial institutions, we suggest the following deregulation priority sequence: broking and dealing in secondary market comes first, certification and underwriting in primary market follows up. As for the consolidation of financial institutions, more options and combinations should be considered, more opportunities more consolidation and reinstitution encouraged, and the transformation and exit mechanisms established.
3.To take full advantage of efficient money market channels in Taiwan, financial institutions are encouraged to aggressively promote asset back commercial paper (ABCP) business, which would enhance money market instruments. In addition, as more domestic investors embrace globalization trends in investments and financing, introducing domestic US dollar denominated bills market, along with domestic foreign currency denominated bond market, would promote Taiwan as a regional financial center.
4.As tax policy for financial products affects the market structure and development of financial markets, Government authority should enact a fair, consistent taxation system that facilitates a balanced development in financial markets. A single separation tax rate for financial products is strongly recommended for long-term tax policy.

並列關鍵字

Financial Asset Securitization

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