A Study on the Financial Asset Securitization in Taiwan

• Main Authors: Feng-Min Hsiao, 蕭鳳民
• Other Authors: YingShing Lin
• Format: Others
• Language: zh-TW
• Online Access: http://ndltd.ncl.edu.tw/handle/61653814263564028016

碩士 === 國立高雄第一科技大學 === 財務管理所 === 94 === ABSTRACT As the financial instruments increases, the financial institutions provides various professional banking services which include short and long term financing for working capitals, guarantees, syndications, and factoring services. Because the handling charge is not easily influenced by the interest rate in the market, and it also reduce the risk of debt compared to the traditional loans, securitization become one of the popular ways for the financial institutions to increase their revenue in recent years. Our study is to explore the characteristics of Financial asset securitization, the implementation in Taiwan, and the problems of financial institutions face while issuing the Financial asset securitization. On 24th of February 2003, the Industrial Bank of Taiwan completed Taiwan’s first-ever collateralized loan obligations (CLOs). The CLOs were sold out soon after their debut and widely recognized as the best securitization case by Euromoney, Finance Asia, Asia Money and the Asset. On the 12th of November 2004, IBT further launched the〝World Peace Industrial Co., Ltd.〞 Trade Asset-Backed Commercial Paper（ABCP）. The two cases are discussed in the paper. On the other hand, the survey focus on the investment aptitude of the investors. The questionnaire is to the investment aptitude of the investors. The results showed that gender, education, vocation, the amount of personal asset, the risk which investors can bear, tax, and investment preference will influence the strategies of the investors. As the investors make their decision on the allocation of their asset, the seven variables above will affect their investment strategies.