次順位房貸風險研究

近年來金融市場一直處於相當不安定的環境，從1990年初開放民營銀行設立，期間遭遇東南亞金融風暴及台灣的雙卡違約風暴、全球雷曼兄弟影響，另外近期的歐盟市場的變化…等，使得整體金融市場逐漸進入低獲利低利率的時代，大幅縮小銀行獲利及貸放利差收入。在過去傳統銀行主要獲利的企業金融方面，因為過多金融機構的競爭，及資本市場的成熟，使得體質佳獲利好的企業，在向銀行融資取得資金時，擁有更高的議價能力，進而直接壓縮金融機構的報酬利潤，故此，許多銀行積極轉而發展消費金融，一般的消費者議價能力不如企業，銀行有較高的機會獲取相對之利潤。傳統銀行的消費金融產品雖然多元，其中比較常見的有購置住宅、房屋修繕、汽車貸款、信用卡等、信用貸款…等，甚至是其他個人之消費性貸款，就服務範疇以及放款金額量而言，傳統的購屋房貸仍然是屬於較大宗之業務，銀行倘若想要再進一步尋求更高利差增加獲利，次順位房貸產品在其他消費金融產品上的利差報酬就顯得特別明顯，該產品異於一般傳統房貸，並能結合信用額度的概念，提供更有彈性與週轉性的資金使用，另外就銀行風險來看，因為有設質抵押不動產，在風險會較一般無擔保的放款業務多一層保障。次順位房貸在台灣市場已有多年，在台灣市場並未普及。主要的因素在於銀行對於此類產品的風險控管數據分析不足，另外在服務、便捷方面也還有許多需要改善提升之處。鑒於傳統財務教科書提及所謂”高風險之高報酬”，因此本文主要尋找可能影響次順位房貸的淺在風險因子，並進一步探討何者對於次順位房貸的影響最為顯著，如此可加以控制、過濾此類風險，讓銀行的獲利可以維持在一定之水平。

關鍵字

次順位

並列摘要

In recent ten years, the markets in the whole world are unstable. Credit card and cash card crisis in Taiwan as well as Lehman brother scandal contributed to the low profit and low interest rate in financial market. It further lowered the profits of the banks, including from the traditional saving-loan interest rate spread. In addition, due to the worse financial environment, the highly profitable or potential businesses have better ability to bargain. It makes the banks have lower profits in Corporation Finance. On the other hands, since the individuals don’t have as good ability to bargain as the businesses, many banks thus turn to put more emphasis on Consumer Finance. Traditional consumer financial products are variable, including mortgages, car loans, credit cards, credit loans and other consumer loans. In terms of the service scope and the loan value, the traditional mortgage still ranks first. However, to look for higher profits, the subordinated mortgage may be a better choice for the higher interest rate spread. The subordinated mortgage is different from the traditional mortgage. It can combine the line of credit, making the capital use more flexible. Although the subordinated mortgage has already existed in Taiwan market for many years, it is still not that common. The main reason is that the banks don’t have good risk control analysis for it. In addition, the service part and the convenience part still have much to be improved. Traditional financial textbooks think that high returns come with high risks. This paper mainly investigated the potential risk factors of the subordinated mortgage and tried to find out which one significantly influenced the subordinated mortgage. Trying to control these risks, the bank might maintain reasonable profit levels.