農會信用部實行不動產抵押款債權證劵化可行性之研究

摘　要台灣農會信用部在過去四十餘年來，提供農民所需資金，促進農業部門之發展，有相當貢獻。近年來農會信用部的逾放急劇攀升，獲利能力快速下滑，因此農會信用部改革勢在必行，但基於農業金融的特殊性，增加處理上的困難度。在「全國農業金融會議」的共識及催生下，於2004年1月30日施行「農業金融法」，其中全國農業金庫創設，為農會金融未來發展的新方向，然而農會信用部要成為全國農業金庫股東體系，才有其永續發展的機會，但農會信用部淨值為正數為進入全國農業金庫股東體系的門檻，本研究針對農會信用部淨值提升提出自救之道，故引進不動產抵押貸款債權證券化制度，藉以國內外實施不動產抵押貸款債權證券化，對金融機構所產生助益之經驗，協助解決農會信用部淨值低落及流動性偏低的困境。本研究係利用文獻探討及深渡訪談法分析，農會信用部實行不動產抵押貸款債權證券化(MBS）之可行性，具體探討農會信用部目前所面臨的問題、國內外實行MBS的經驗及農會信用部實施MBS相關問題(法律、風險及市場)。研究結果顯示，就法律層面，農會信用部為證券化標的之創始機構，其適法性完全符合，故農會信用部實施不動產抵押貸款債權證券化奠定法律基礎。在農會信用部可發展的商品層面，應為「轉手架構」型證券，可轉手證券（Pass-throughs）以信託結構相當於出售資產，所以農會信用部可運用之證券化商品為「特殊目的信託抵押貸款受益憑證」或「房地產抵押放款債權信託受益證券」等證券。農會信用部實施不動產抵押貸款債權證券化可產生的回饋價值：提昇資產負債管理能力、資金來源多樣化、提昇資產負債表的流動性、突破銀行法放款金額的限制、提高放款品質、以手續費收入替代利差收入。以上之回饋價值，足以說明本研究所針對之信用部流動性及淨值提昇的問題。就農會信用部授信資產本質的透明性與可檢驗性，能否給外部受託發行機構更大的信心及吸引力，進而發展證券化的開發，還有賴農業金融從業人員，改善財務透明度及降低逾放比。本研究結果，除可提供各農會信用部引進MBS方向外，並可提供MBS各受託發行機構一個新可開發市場之參考。關鍵詞：農會信用部、不動產抵押貸款債權證券化(MBS）

關鍵字

農會信用部；不動產抵押貸款債權證券化

並列摘要

Abstract The farmers’ credit unions of Taiwan had the relative contribution in providing the fund of farmers’ need and accelerating the development of agricultural department in the past more than 40 years. In recent years, the default debt of the farmers’ credit unions climbs up suddenly and the ability of making profits glide down fast, therefore the innovation of the farmers’ credit unions is imperative. According to the particularity of agricultural finance makes process difficulty. In "National Conference of Agricultural Finance" under the mutual recognition and expedites childbirth, executes "the Agricultural Finance Law" in January 30, 2004, the establishment of National Agriculture Treasury will develop the new direction for the peasant association finance in the future. However the farmers’ credit unions must become the shareholder system of the National Agriculture Treasury only and then has the opportunity to develop the sustainability. But the threshold of entering the shareholder system of the National Agriculture Treasury is the net worth of the farmers’ credit unions that must be the positive number. In view of this study is explored an avenue to elevate the net worth of the farmers’ credit unions, therefore the introduction of mortgage backed securities system is needed. According to the experience of the financial organ is besteading in mortgage backed securities practicing both foreign and domestic system that is helped the farmers’ credit unions to solve the net worth to be low and the difficult position of the fluidity to be low. This study is using the literature discussion and the analysis of deeply interview. The feasibility of mortgage backed securities (MBS) practice in farmers’ credit unions specifically discusses the question which the farmers’ credit unions at present faces, and which the experience and correlation questions (law, risk and market) of implementing MBS both foreign and domestic part. . The result of this study showed that the farmers’ credit unions is not only the initiative organization for the negotiable securities sign, but also its nature completely tallies with law, therefore the farmers’ credit unions implements the MBS to lay the legal foundation. The farmers’ credit unions may develop type of product, should be "Pass-through construction" the negotiable securities. So the application of financial product is such as MBS of special purpose trust or real estate MBS in farmers’ credit unions. The farmers’ credit unions implement the MBS to produce the feedback value：The promotion of the management ability in property and debt, the diversification of capital source, the promotion of the fluidity in balance sheet, breaks through the bank law to loan the amount limit, the enhancement loans the quality, by the free income substitution spread income. Above the feedback value is obviously approving the question that the fluidity and the promotion of net worth in the farmers’ credit unions. For the nature of credit in farmers’ credit unions, whether is entrusted with something for an external issuing agency in bigger confidence and the attraction .The development of negotiable securitization depends on improvement in financial transparency and reduces the ratio of default debt by the operators in agricultural finance. The result of this study not only may provide the farmers’ credit unions to introduce the MBS direction, but also may provide MBS respectively to be entrusted with something reference an issuing agency new potential market. Key words: The farmers’ credit unions, mortgage backed securities (MBS)