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  • 學位論文

應收帳款債權證券化之台灣個案實證研究

Research of account receivable securitization--Case study in Taiwan

指導教授 : 游張松

摘要


「應收帳款」為企業重要資產,如何有效將應收帳款債權提早轉換為營運資金,一直為企業財務規劃運用的重要課題。過去國內企業多由負債面籌資,例如:發行公司債自資本市場籌資,或以應收帳款貼現、擔保融資等方式向銀行取得資金;然在因應經濟結構轉型、企業對貿易風險管理及多元化融資管道之需求下,逐漸發展出應收帳款承購及證券化等由資產面籌資之多元化管道,藉此降低融資成本、間接提高企業整體競爭力。 本研究對應收帳款四種主要融資方式分析後得知:在當前環境下,應收帳款債權證券化係為企業(創始機構)帶來最大效益包括改善資本結構、加強風險管理、提升經營績效及公司治理之融資方式。故而首先對證券化架構中創始機構(企業)、金融機構及投資人等三方主要參與者之角色,與交易環境、籌資管道改變,法律政策及稅負問題之配合等環境影響加以分析,歸納出應收帳款債權證券化之關鍵成功因素及必要條件;其次,藉由台灣個案實證研究探討不同企業採取不同應收帳款融資策略之動機及成本效益考量,期能藉此提出多元化的融資管道,同時探討「應收帳款債權證券化」及其類似產品未能持續蓬勃發展、推陳出新之箇中原委及台灣市場之特殊性。 綜言之,應收帳款債權證券化為一將企業資產有效轉換為營運資金之財務及資產管理工具。經本研究分析後得出結論如下:(1)企業利用應收帳款籌資於實務上可分為貼現、擔保融資、承購及證券化等四種管道;(2)藉由應收帳款債權證券化,企業可以自以往之負債面籌資轉變為自資產面籌資;(3)應收帳款債權證券化可以同時為創始機構(企業)、金融機構及投資人等三方參與者創造利基;(4)應收帳款證券化成功發行之成就因素包括透過基礎資產之大規模經濟以分散風險,並同時搭配法律、政策及稅負等環境因素以建立交易平台;(5)就發行條件及誘因而言,應收帳款規模大、負債比率高且營運週轉資金需求大的電子通路產業,深具將應收帳款證券化之誘因及條件;(6)就資產規模而言,大規模經濟為應收帳款證券化基礎資產之必要條件;例如當面臨產業重心轉往大陸發展,導致適格之應收帳款規模縮小時,若無法開放兩岸政策、創造全球化市場,則本研究之「世平興業應收帳款證券化」個案將成絕響;(7)就投資環境而言,除了政府政策在稅負及熱絡次級市場方面各項措施的配合外,原債務人之資信決定應收帳款資產品質、影響證券化商品整體風險程度,從而影響投資人之投資意願。

並列摘要


The importance of the account receivables as enterprise asset can’t be overestimated. It is not surprising that transferring account receivable rights to working capital quickly and effectively becomes the core of enterprise financial planning. In the past, national enterprises used to raise money from the debt side. Besides issuing corporate bonds to get money from capital market, they also using account receivable discounting and accommodation loans to borrow money from the bank. However, as time went by, the economic structure has been gradually changed. Nowadays, in order to low down financing cost and enhance overall competitiveness, enterprises need to better manage trade risks and seek more than one financing methods. As a result, raising money from the asset side like account receivable factoring and securitization becomes more and more popular. After exploring four major loan methods of account receivable rights, this research presented here reaches some conclusions. First, account receivable securitization should bring many benefits to the enterprise. Among them, the obvious ones include: Improving enterprise financial structure, enhancing the risk management, boosting operating performance and corporate governance. The originator (the enterprise), the financial institution and the investor are three major participants of the account receivable securitization structure. So this research first analyzes all of them thoroughly. In addition, we also look into environmental influences such as trade condition, financial methods evolution, government regulations and taxation, etc. By doing so, we discover the key successful factors and essential conditions of account receivable securitization structure. Second part of this research is the case study. Different enterprises develop different account receivable financing strategies. This research describes their motivations and cost-benefit considerations. In the future, we hope to introduce multiple financing channels. At the same time, this research also explains why account receivable securitization and other similar financial products fail to make much new progress here. By the way, Taiwan market has its uniqueness. In conclusion, account receivable securitization is a good financial and asset management tool. It can transfer corporate assets to working capital effectively. This research has seven major points as follows: (1)Corporation has four major ways to raise money from account receivable right—discounting, accommodation loan, factoring and securitization. (2)By account receivable securitization, corporation no longer borrows from the debt side. It can borrow from the asset side instead. (3)Account receivable securitization is also beneficial to all three of the originator (corporation), the financial institution and the investors. (4)To make account receivable securitization work, large economy scale of the underlying asset and health trade platform which was contributed by government regulations, policies and taxation are necessary. (5)The electronic retailing industry has large scale of account receivable rights, high debt ratio and huge needs of working capital. Naturally, it has more motivations and will be the best candidate for putting account receivable securitization as the financial method into practice. (6)From the aspect of asset scale, the large economy scale of underlying assets of account receivable securitization is more than necessary. When the corporation in the electronics related industry moves the core operating business to Mainland China, its adopted account receivable scale shrinks at the same time. During this period of time, if the government refuses to enforce free and open cross-strait policy, there is no way to create globalization market. As a result, the securitization case study in this research should be the last successful one we ever saw. (7)From the aspect of invest environment, government should provide suitable taxation policy and boost secondary market. On the other hand, the credit of the original debtor decides the quality of the account receivable. It also influences the overall risk of the securitized financial products. All the above-mentioned will influence the investors’ willingness.

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