銀行信用卡應收債權證券化之研究 學生:黃鴻謀 指導教授:盧秋玲 元 智 大 學 管 理 研 究 所 提 要 鑒於資產證券化在國外已行之有年,而國內受限於法令規章未臻完備,前雖有不動產業者推出類似證券化之不動產持分買賣,因當時市場有適法性疑慮故未能成功,迄今亦尚無證券化成功案例出現。環視國內信用卡發卡量每年持續成長,循環信用金額快速增加,實施應收債權證券化頗能符合直接金融業務潮流,更是銀行未來爭取資產負債表外中介業務項目,況且金融資產證券化是政府推動新形式金融改革重點,政府希望藉由金融資產證券化過程,改善金融機構流動性與增加投資大眾資金流通之管道,對活絡整體金融市場、健全經濟發展,具有歷史象徵性意義。本文以國內外銀行信用卡應收債權證券化個案分析結果,得到以下結論: 1. 降低資金成本,表外收益增加提升獲利 2. 增強資金流動性,調整資產結構,降低風險性資產 3. 實施新自有資本比率後,加速金融資產證券化 4. 改善存款與放款存續期間不一致風險 5. 證券化過程要有嚴格監督制度 6. 金融控股公司架構下,可發揮分工整合功能 7. 銀行信用風險與道德風險無法避免 針對信用卡債權證券化提供後續研究者之建議: 1. 資產群組內容透明化程度,作業標準化訂定 2. 受託機構資金管理再投資效益分析 3. 符合投資人需求之證券化產品設計及現金流量規劃 4. 全盤檢視金融資產證券化各項法令增修時機
A Study of The Credit Card Receivable-Backed Securitization Student:Hung-Mou Huang Advisors:Dr. Chiu-Lin Lu . . Institute of Management Yuan-Ze University ABSTRACT Assets-backed securitization has been prevailed among well-developed financial market for many years. As such financial companies in Taiwan were trying to securitize the financial assets but failed for the past decade. Legal environment was the main reason why Taiwan still cannot successfully securitized the financial assets within that period. Credit card business has been very booming since 1990. New cards issuing stimulates the revolving credit amount rapidly. Concerning the health of banks’ balance sheet. the liquidity for the receivables would be very critical. Hence the development of assets-backed securities should be a very important task in the future. Looking forward to Taiwan’s financial restructuring. I deeply believe that “the credit cards receivable-backed securitization ” would be a milestone once government passed the relates acts. One of the main purposes of assets-backed securitization is to enhance the liquidity and to offer the investor more diversified vehicles. Following are the conclusions as to financial institute for this research paper: (1) Lower the cost of capital. Increase the net profit. (2) Enhance the liquidity of cash position and balance the assets’structure would effectively diversified the assets’ risk profile. (3) After the new criteria of BIS ratio (A new capital adequate ratio), Asset-backed securitization would be shorten. (4) Improve the duration risk between deposit and loan. (5) It is needed that a completed financial supervisor system toward the securitization (6) Under the financial holding company structure, the synergy is imminent. Some suggestions for further study on this topic: (1) The transparency of assets. The standardization of process. (2) The analysis of trustee’s re-investment portfolio. (3) The suitable securitization products for investors. The cash flow plan.. (4) The timing for amendment of related regulations.