| Summary: | 碩士 === 國立臺灣大學 === 政治學研究所 === 95 === The purpose of this study is to analyze and evaluate the performance of the Taiwan government’s debt service fund by subjecting the data accumulated over the years of its operation to calculation according to performance assessment indicators. Recommendations for improvement are made on the basis of our findings. The research found that since its inception, the debt service fund has made a concrete contribution to easing the financial pressures on the government, and that it tends to have a smoothing effect on the burden of debt. With respect, however, to its performance in harmonizing the intergenerational burden of debt, minimizing interest costs and maximizing returns on investment, further improvement is desirable.
The authors recommend: that calculations of mandatory funding for repayment of debt service fund principal should be based on the average benefit period of government capital assets; that a fixed proportion of revenue from the annual budget surplus and proceeds from sales of shares in state-owned enterprises are allocated to the fund to accumulate as debt service capital; that debt management features be instituted that include a warning system and flexible approaches to early redemption of public debt.
As this study is limited in its scope through strict definitions of its themes and range, it does not go deeply into the question of how the bond market might be strengthened by the regular issuance, in judicious amounts, of government bonds through the debt service fund. It is hoped that future researchers will address this issue.
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