The Relationships between Financial Asset Securitization and Capital-Market -- A Perspective of Taiwan Market

碩士 === 中原大學 === 企業管理研究所 === 92 === Abstract Taiwanese <a href="http://www.ntsearch.com/search.php?q=Government&v=56">Government</a> and initialized Financial Asset Securitization in the year of 2001 named the year 2001 as “The Financial Innovation Year”, and had been en...

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Main Authors: Kang-Chang Wu, 吳光長
Other Authors: John Hu
Format: Others
Language:zh-TW
Published: 2004
Online Access:http://ndltd.ncl.edu.tw/handle/92300534984470008517
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spelling ndltd-TW-092CYCU51210742016-01-04T04:08:51Z http://ndltd.ncl.edu.tw/handle/92300534984470008517 The Relationships between Financial Asset Securitization and Capital-Market -- A Perspective of Taiwan Market 金融資產證券化與資本市場之關聯性──以台灣市場為例 Kang-Chang Wu 吳光長 碩士 中原大學 企業管理研究所 92 Abstract Taiwanese <a href="http://www.ntsearch.com/search.php?q=Government&v=56">Government</a> and initialized Financial Asset Securitization in the year of 2001 named the year 2001 as “The Financial Innovation Year”, and had been enacted in year 2002. Although there has been many articles discussed the issue on Financial Asset Securitization, yet most of them focused on the foreign and domestic <a href="http://www.ntsearch.com/search.php?q=tax&v=56">tax</a> <a href="http://www.ntsearch.com/search.php?q=law&v=56">law</a> and regulations, or concentrated on the valuation of the commodity, little discussed the relationship between <a href="http://www.ntsearch.com/search.php?q=security&v=56">security</a> <a href="http://www.ntsearch.com/search.php?q=investment&v=56">investment</a> and capital markets. This study mainly examines the relationship between financial asset securitization and Taiwanese Capital Market and attempts to provide suggestions for investors in the emerging securitization market. The empirical results of this work are summarized as follows. 1.The investigation showed there is a diversification effect among the risks of the <a href="http://www.ntsearch.com/search.php?q=government&v=56">government</a> bond, that of the company bond, and that of the <a href="http://www.ntsearch.com/search.php?q=stock&v=56">stock</a> price index, can be diversified, which suggests that the issuing amount of the beneficial <a href="http://www.ntsearch.com/search.php?q=security&v=56">security</a> is negatively related to the growth rate of GDP. 2.As the change in the prime rate of <a href="http://www.ntsearch.com/search.php?q=loan&v=56">loan</a> would be significantly affected by previous period’s prime rate of <a href="http://www.ntsearch.com/search.php?q=loan&v=56">loan</a>, the investors should consider the change in the prime rate when making their <a href="http://www.ntsearch.com/search.php?q=investment&v=56">investment</a> decisions. 3.The empirical results show that the issuing amount of the beneficial <a href="http://www.ntsearch.com/search.php?q=security&v=56">security</a> is the leading indicator of the coupon rate, while the coupon rate is the leading indicator of the growth rate of GDP, and the growth rate of <a href="http://www.ntsearch.com/search.php?q=Money&v=56">Money</a> Supply(M2)is the leading indicator of the issuing amount of the beneficial <a href="http://www.ntsearch.com/search.php?q=security&v=56">security</a>. Therefore, this investigation concludes that there is a triangular relationship among the issuing amount of the beneficial <a href="http://www.ntsearch.com/search.php?q=security&v=56">security</a>, the coupon rate and the growth rate of <a href="http://www.ntsearch.com/search.php?q=Money&v=56">Money</a> Supply(M2). 4.There is a diversification effect between the prime rate of <a href="http://www.ntsearch.com/search.php?q=loan&v=56">loan</a> and <a href="http://www.ntsearch.com/search.php?q=stock&v=56">stock</a> price index. John Hu 胡為善 2004 學位論文 ; thesis 57 zh-TW
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description 碩士 === 中原大學 === 企業管理研究所 === 92 === Abstract Taiwanese <a href="http://www.ntsearch.com/search.php?q=Government&v=56">Government</a> and initialized Financial Asset Securitization in the year of 2001 named the year 2001 as “The Financial Innovation Year”, and had been enacted in year 2002. Although there has been many articles discussed the issue on Financial Asset Securitization, yet most of them focused on the foreign and domestic <a href="http://www.ntsearch.com/search.php?q=tax&v=56">tax</a> <a href="http://www.ntsearch.com/search.php?q=law&v=56">law</a> and regulations, or concentrated on the valuation of the commodity, little discussed the relationship between <a href="http://www.ntsearch.com/search.php?q=security&v=56">security</a> <a href="http://www.ntsearch.com/search.php?q=investment&v=56">investment</a> and capital markets. This study mainly examines the relationship between financial asset securitization and Taiwanese Capital Market and attempts to provide suggestions for investors in the emerging securitization market. The empirical results of this work are summarized as follows. 1.The investigation showed there is a diversification effect among the risks of the <a href="http://www.ntsearch.com/search.php?q=government&v=56">government</a> bond, that of the company bond, and that of the <a href="http://www.ntsearch.com/search.php?q=stock&v=56">stock</a> price index, can be diversified, which suggests that the issuing amount of the beneficial <a href="http://www.ntsearch.com/search.php?q=security&v=56">security</a> is negatively related to the growth rate of GDP. 2.As the change in the prime rate of <a href="http://www.ntsearch.com/search.php?q=loan&v=56">loan</a> would be significantly affected by previous period’s prime rate of <a href="http://www.ntsearch.com/search.php?q=loan&v=56">loan</a>, the investors should consider the change in the prime rate when making their <a href="http://www.ntsearch.com/search.php?q=investment&v=56">investment</a> decisions. 3.The empirical results show that the issuing amount of the beneficial <a href="http://www.ntsearch.com/search.php?q=security&v=56">security</a> is the leading indicator of the coupon rate, while the coupon rate is the leading indicator of the growth rate of GDP, and the growth rate of <a href="http://www.ntsearch.com/search.php?q=Money&v=56">Money</a> Supply(M2)is the leading indicator of the issuing amount of the beneficial <a href="http://www.ntsearch.com/search.php?q=security&v=56">security</a>. Therefore, this investigation concludes that there is a triangular relationship among the issuing amount of the beneficial <a href="http://www.ntsearch.com/search.php?q=security&v=56">security</a>, the coupon rate and the growth rate of <a href="http://www.ntsearch.com/search.php?q=Money&v=56">Money</a> Supply(M2). 4.There is a diversification effect between the prime rate of <a href="http://www.ntsearch.com/search.php?q=loan&v=56">loan</a> and <a href="http://www.ntsearch.com/search.php?q=stock&v=56">stock</a> price index.
author2 John Hu
author_facet John Hu
Kang-Chang Wu
吳光長
author Kang-Chang Wu
吳光長
spellingShingle Kang-Chang Wu
吳光長
The Relationships between Financial Asset Securitization and Capital-Market -- A Perspective of Taiwan Market
author_sort Kang-Chang Wu
title The Relationships between Financial Asset Securitization and Capital-Market -- A Perspective of Taiwan Market
title_short The Relationships between Financial Asset Securitization and Capital-Market -- A Perspective of Taiwan Market
title_full The Relationships between Financial Asset Securitization and Capital-Market -- A Perspective of Taiwan Market
title_fullStr The Relationships between Financial Asset Securitization and Capital-Market -- A Perspective of Taiwan Market
title_full_unstemmed The Relationships between Financial Asset Securitization and Capital-Market -- A Perspective of Taiwan Market
title_sort relationships between financial asset securitization and capital-market -- a perspective of taiwan market
publishDate 2004
url http://ndltd.ncl.edu.tw/handle/92300534984470008517
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