論 文 摘 要 自從台灣第一筆以應收帳款為資產形式的資產基礎短期受益證券(Asset Backed Commercial Paper; ABCP) 在93年底完成發行,許多票券公司及銀行對於資產基礎短期受益證券的發行就十分有興趣的評估此一金融證券化商品,而2005年底因結構債而發行的資產基礎短期受益證券則是至少400億,因而對於台灣未來資產基礎短期受益證券的發展,具有信心,但是其發 展方向及市場規模如何,就成為銀行及票券公司有興趣的課題。本文基於此點先從歐美日發展資產基礎短期受益證券的過程開始探討台灣的發展方向,再以台灣的現況初步預估未來4年資產基礎短期受益證券的市場規模。並探討台灣發行的經驗是以世平興業為個案來討論,經由與承銷的業務人員討論時所遇到的困難及障礙整理歸納出一些看法及意見。 此外中小企業融資問題,本研究希望討論可能的發行架構,並與中小企業信用保證基金之承辦人員,瞭解這些發行架構可能的方式及其困難點,進而提出建議及作法,本研究發現資產基礎短期受益證券的發行能協助中小企業融資及改善發行銀行的資產結構,因而未來應該是中小企業信用保證基金可以考慮採用的一種保證方式。
ABSTRACT After the first batch of ABCP (Asset Backed Commercial Paper) was on the market, more and more banks and obligators are interested in ABCP’s design and studying. One big push from the market is that ABCP could help the problem of the structured notes and reduce their loss when the interest rate are growing. In this thesis, the ABCP experience of American, Europe and Japan were studied and predicted the ABCP market from 2006-2009. The results showed that ABCP would grow very fast in 2006 and then would grow smoothly after 2006. Another approach is to show the possibility for financing of small enterprise (SME) by using ABCP. In this thesis, three structures for ABCP were described and could be with or without Account Receivable for SME. Although there is no ABCP for SME finance until this moment, this thesis would like to show the possibilities and difficulties for processing these ideas.