從次貸風暴探討對國內金融資產證券化市場之影響並以C公司為例

The subprime mortgage crisis impacts on Financial Assets Securitizations：The case of C Company

陳明輝(Chen, Bill)

指導教授 ： 林博文

國立清華大學/科技管理學院/高階主管經營管理碩士在職專班/碩士(2009年)

摘要

本研究著眼於全球金融環境快速變遷，金融商品也不斷的推陳出新，在所有創新的金融操作模式中，尤其以金融資產證券化商品最具有利基性，對創始機構來說，除能改善資產負債管理、分散風險自有資本率、降低資金成本外，並增加籌措資金之管道；對投資人，則增加了投資管道，也提供良好的投資收益及投資人保護，對整體金融市場來說，不但擴大資本市場規模，更可提高資金流動及配置使用率。
然也因為資產證券化對於資金的運作有如此多的優點，眾多的金融機構無限延伸出相當多的操作模式，逐漸擴張信用，並將不同的證券化標的加以聯結，終致發生了連動債及次貸風暴，形成震撼全球的金融大海嘯，造成難以估計的損失。
鑑往知來除了解金融資產證券化的發展歷程，並以次貸危機對證券化市場的影響，並研究融資性租賃之債權證券化相關問題，以國內最大之租賃公司—C公司作為研究個案，未來希望在租賃契約不斷的成長下，租賃公司利用租賃債權證券化，來強化本身財務結構，擴大營運規模且提升本身之競爭實力。
最後提出三點建議，為後續的研究提供方向，期能突破目前缺乏適格化案件量的不足與法令稅務的重重限制。

關鍵字

證券化 ； 租賃

並列摘要

This study is focusing on the changing financial environment globally with the launch of continuous new financial products. Especially, financial assets securitization is most beneficial for initial organizations. It can not only improve the management of asset and debts, dispersing the risk of equity capital rate, and lowering capital cost, but also provide the canal for financial loan. For investors, it’s also a new way to make investments and provide a protection for revenue and investors. For finical market, the financial securitization also enlarge the market scales and increase the capital fluency and allocation efficiency.

However, due to the benefit and facility of the financial assets securitization, it also caused some problems. Many financial institutions have been developing various financial operating and linking diverse investments to extend credit. The crisis of structured note and subprime mortgage finally occurs. It caused invaluable loss and global financial crisis.

The study is to introduce the development of the financial asset securitization and demonstrate subprime mortgage impact on securitization market also research the related problems on leasing creditor’s rights securitization. In the case of study, C-com, a leading leasing company in Taiwan, will be the example.

With the growing transactions on leasing contract, leasing companies should well apply to leasing creditor’s rights securitization to consolidate financial structure, to extend operation scale and to upgrade competitiveness.

Finally, three suggestions will be proposed for further study in breaking the inadequacy of suitable cases and the limitation of taxable laws.

並列關鍵字

securitization ； leasing

參考文獻

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