國內指數型房貸之探討

The Study of Adjustable Rate Mortgage in Taiwan

蔡宗樺(Tsung-Hua Tsai)

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(2010年)

摘要

指數型房貸之所以推出，具有其歷史背景因素存在。它是以定存利率或商業本票利率做為指標利率，不但能夠配合市場走勢，讓借款人的利率水準跟著調整，而且利率具有公開透明之特性。截至2009年底為止，已有34家本國銀行推行該類型貸款。有鑑於國內銀行辦理指數型房貸之經驗已相對成熟，銀行在其利率訂價行為上，跟過去影響基本放款利率貸款的因素有何區別？銀行營運與財務面指標及貸款績效衡量指標等，對於指數型房貸之訂價有何影響？跟國內外的實證經驗有無類似之處？這些都是本文要探討的重點。
本文針對國內指數型房貸類別及訂價進行分析，並列舉國內外實證結果做為參考。運用迴歸分析方式，首先探討決定基本放款利率的因素、影響存款利率訂定的因素及房貸業務管理上有關的績效衡量指標中，何者會影響指數型房貸的利率訂價；接著，探討用來決定指數型房貸利率之訂定因素，何者會同時影響指數型房貸起始利率之訂價。最後，對指數型房貸加碼利率之訂價行為進行研究，檢定選取的變數項目對於加碼利率的影響，是否具有顯著性，並進一步驗證銀行經營獲利與否，跟放款利率之訂價有其關聯性。歸納實證分析結果，在銀行規模、分行數及放款成長率等變數上，對於指數型房貸利率、起始利率及加碼利率訂價的決定，皆達到顯著的影響水準。

關鍵字

指數型房貸 ； 訂價行為 ； 利率

並列摘要

The start of Adjustable Rate Mortgage has its historical factors. Because of it mostly regards the interest rate of the Certificate of Deposit or Commercial Paper as index sign, it does not only the interest rate of borrower adjust with market rate, but also the interest rate have public and transparent characteristic. There were 34 banks started Adjustable Rate Mortgage in Taiwan until 2009. Therefore, the domestic banks handle the business of Adjustable Rate Mortgage relatively to be experienced. What is the different between the pricing behavior of Adjustable Rate Mortgage and Prime Rate Mortgage？And what is the influence of mortgage pricing on the factors of operation, finance and mortgage performance of the banks in Taiwan？Are there similarities with the domestic and foreign empirical results？These questions are the key points which the article should study.
　　The article foucses on the types and pricing of the domestic Adjustable Rate Mortgage and explains with references of the domestic and foreign empirical results. First, using regression analysis, it discusses the factors deciding the interest rate of Prime Rate Mortgage, the Certificate of Deposit and the index of mortgage performance, and which one will affect the interest rate of Adjustable Rate Mortgage. Then, it discusses the factors deciding the interest rate of Adjustable Rate Mortgage whether similarly affect the initial rate. Finally, it researches which the variables will influence the pricing of margin, and further verifies the relationhsip between profits of bank management and its mortgage pricing. The article finds results that the variables of bank asset size, number of branches and loan growth rate show significance in all models.

並列關鍵字

Adjustable Rate Mortgage ； Pricing Behavior ； Interest rate

參考文獻

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