2004年4月2日實施集中保管結算交割制度,使得台灣票券市場自建構以來之交割結算作業產生變化,諸如對票券發行量之影響、票券發行成本之增加程度,以及金融市場結算交割作業產生之成效為何?本研究請教票券金融公司對集中保管制度提出相關意見,彙整並設計成問卷後,對票券市場主要參與者-商業本票發行公司、投資者及票券商發放問卷。問卷回收後,利用SPSS統計軟體進行信度效度分析、因素分析、變異數分析及廻歸分析;並根據經濟、金融指標之統計資料,尋找影響商業本票發行餘額之因子,比較其相關性。 實證結果發現,市場參與者對集中保管制度實施,呈現在安全性、節省人力、提高作業與稽徵效率、資訊透明化及有效管理風險等項目上之滿意程度相當高。但整體而言,認為集中保管服務費之收費有過高現象,初級交割服務費對商業本票發行餘額產生負面影響,而削弱了商業本票短期低成本之特質,間接造成商業本票發行餘額的減少。在次級服務費上之影響則不顯著。另外,短期而言,商業本票發行餘額對「銀行放款餘額」呈現負向相關,而對「30天期票券利率」及「同時指標」呈現正向相關,且皆有顯著影響;長期而言,商業本票發行餘額對「銀行放款餘額」呈現負向相關,對「30天期票券利率」呈現正向相關,且有顯著影響,對「同時指標」呈現正向相關,但無顯著之影響。
The custoday, clearing, and settlement system of the short-term bills in Taiwan has been implemented since April 4, 2004. This system causes significant changes in the operations of business transactions and settlements, such as the issuance volume of the bills, the increased amount of the issuance cost and the effect caused by the operations of business transactions and settlements in the financial market. This study attempts to analyze the responding questionnaires of the management of companies for the custody, clearing, and settlement system of the short-term bills market. The questionnaires were distributed to the participants of the bills market, including the managers of the companies which issued commercial paper, the investors and the staffs working in bills business. This study employed SPSS statistical method for the reliability, validity, factor, variation and regression analysis that affect the issuance volume of commercial paper and finds the relationship between the factors and the issuance volume. The empirical results show that there is a high extent of satisfaction of security, reducing human resources, increasing operation efficiency, levy tax efficiency, the transparency of markets information and effective risk management. However, the findings indicate that the fees of the custody service are too high. The cost of primary business transaction service reduces the issuance volume of commercial paper and has a negative impact on the issuance balance of the commercial paper. However, the impact of service fees on the commercial paper in the secondary market is insignificant. Moreover, there is a negative relationship between the issuance volume of commercial paper and the loan volume of the banks for a short-term period. There is also a significantly positive relationship between the rate of 30-day bills and issuance volume of commercial paper in the short-term period. This work also finds that the Coincident (COIN) Index has a significantly positive relationship with the rate of 30-day bills. However, in the long run, there is a negative relationship between the issuance volume of commercial paper and the loan volume of banks. There is also a significantly positive relationship between the issuance volume of commercial paper and the rate of 30-day bills, while there is an insignificantly positive relationship between the issuance volume of commercial paper and COIN index.
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