探討金融海嘯事件對台灣資產證券化擔保債券憑證 商品之影響

The Study of The Impact of Financial Tsunami to The Development of Collateralized Bond Obligations in Taiwan

王虹勻(Hung-Yun Wang)

指導教授 ： 梁世安

國立臺北大學/商學院/國際財務金融碩士在職專班/碩士(2009年)

摘要

因受金融海嘯的影響，對於台灣證券化市場而言，擔保債券憑證商品(CBO)佔證券化市場極大比重；我國CBO商品包裹外幣債券部份，因此受金融海嘯的影響甚鉅，投資人也相對對於CBO商品失去投資意願，台灣CBO證券化市場因受到衝擊後，其申請案件急速委縮。
本研究探討之主要目的為在歷經金融海嘯過後，1.對於參與債券資產證券化的模式及架構所受之影響、2.投資人的投資風險及損害程度、3.檢討主管機關目前實施之政策及法規。
本研究以個案研究方式探討四個個案，面對金融海嘯事件後，對於其包裹外幣債券部份所受之影響，及為瞭解國內資產證券化債券資產商品未來之方向；本研究以深度訪談方式，以主要參與人為訪談對象，探討1.我國債券資產證券化市場面臨萎縮的因素、2.投資人發生投資損失的原因、3.如何再次推動債券資產證券化商品、4.是否應增加參與人責任與義務的規範。
本研究結論為1.加強確認參與者參與證券化之目的及能力，避免金融機構一眛熱衷追求參與證券化商品，或為美化其財務報表，而卻衍生出更多財務問題、2.增加投資商品風險的揭露，並加強投資人金融商品的專業知識，方可避免事後之法律訴訟，及避免資訊不對稱性、3.因應市場現況，加速修訂金融資產證券化條例，增加商品的靈活性，及主管機關對於發行後之管理部份，目前未有相關法令可循，目應儘速草擬及立法，以利規範發行後之管理。

關鍵字

金融海嘯 ； 金融資產證券化 ； 擔保債券憑證 ； 抵押債務憑證

並列摘要

Affected by global financial tsunami, because of the product of collateral bond obligation (CBO) occupied great market share in Taiwan. Therefore, most CBO products that combined offshore derivates or bonds had endured huge impact; investors also lose their will of investment to CBO products relatively. Due to the effect of financial tsunami in Taiwan CBO securitisation market, the application of issuing CBO has reduced rapidly.
The Main purpose of this essay will discuss of the participation in CBO, which include the effect of different designed models and structures, the risk factors and damage level to investors after financial tsunami and review the financial bureau’s policies and regulations of financial securitization at present.
My research will focus on four independent cases, which is related to the part of CBO products that combined foreign bonds, and in order to find out the future direction of domestic CBO products; In these four cases, I will probe into the factors of gradually decreasing CBO market in Taiwan; the way of to give an impetus to CBO market again; the reason of investment lose and consider about if strengthen the responsibility and obligation to the counter party of CBO by deep interview.
The conclusion of this assay: 1. Strengthen and confirm participant's purpose and ability of participating in securitisation, prevent the financial institutes from enthusing to be part of CBO market participation or in order to beautify their financial statements but making more financial problems. 2. Increase to disclosure investment risks and strengthen professional investment knowledge to all kinds of investors to prevent the lawsuit and avoid information dissymmetry. 3. Accelerate to regulate and modify Financial Asset Securitization Act to adapt the change of present securitization market. The Financial Bureaus should open their mind and improve Financial Asset Securitization Act more and quickly for increasing flexibility of products and improving management and monitoring methods after products issued. There is no relevant regulation or act to manage can be followed for Financial Bureau after issuing CBO products so far. Therefore, the government should have to draft and legislate as quickly as possible to benefit the management or monitoring CBO market.

並列關鍵字

Financial Tsunami ； Securitisation ； CBO ； CDO

參考文獻

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