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    題名: 由美國次級房貸風暴論衍生性商品之規範
    其他題名: The study on derivative securities specification by American subprime mortgage crisis
    作者: 陳淑凉;Chen, Shun-liang
    貢獻者: 淡江大學國際商學碩士在職專班
    林宜男;Lin, Yi-nan
    關鍵詞: 次級房貸;金融資產證券化;衍生性商品;Subprime Mortgage;Asset Securitization;Derivative Securities
    日期: 2008
    上傳時間: 2010-01-11 01:23:33 (UTC+8)
    摘要: 2007年8月,美國因監理機關對金融創新商品認知不足及過度放任的監管制度,以致於次級房貸風暴引發全球金融危機,迫使美、歐、日等主要國家央行協力拯救金融機構、挹注市場流動資金,避免流動性不足引發金融市場信用緊縮,進而影響全球經濟發展。此一事件的發生,已凸顯房貸標準過度寬鬆及以資產證券化與衍生性商品用來分散信用風險的創新商品,此信用工具被過度發展,已嚴重影響金融市場的穩定與健全發展。事件所引發之問題,亦嚴重挑戰現行金融機構的自我監管守則、會計架構以及金融監理規範。
    金融自由化與國際化的發展,機構法人基於交易的目的或避險的需求,以及巴塞爾資本協定對銀行自有資本適足率的規定,促使金融資產證劵化及衍生性商品市場蓬勃發展。然而衍生性商品帶來利基亦伴隨著風險;市場參與者多以投機為交易目的、國內外業者操作不當或交易人員缺乏自律而引發弊端,再加上金融商品槓桿特性的乘數效果,以致於鉅額損失時有所聞。
    本研究旨在探討美國次級房貸風暴始末及衍生性商品的風險控管及監管架構之問題,汲取次級房貸風暴的教訓並借鏡美國衍生性商品之發展經驗,以為我國建置穩健的房貸與衍生性商品市場,進而擴大市場規模及發揮分散金融機構經營風險之功能。本研究之建議為:一、加強授信規範及經濟市場之觀察;二、強化金融機構風險管理與謹慎經營原則;三、改善市場紀律;四、加強金融監理及強化金融預警系統;五、加強國際合作;六、積極培育人才。
    August 2007, due to US government’s financial supervision organization’s lack of knowledge of financial innovative products and over laissez-faire regulatory system, resulting in the Subprime Mortgage Crisis triggered the global financial crisis, forcing the United States, Europe, Japan and other major central banks work together to save financial institutions, supplement market liquidity and avoid the liquidity shortage caused credit crunch, the impact of global economic development. This incident has highlighted lax standard mortgage and asset securitization of credit risk to spread the innovative products, this credit was over-development tool, has seriously affected the financial market stability and sound development. The problems caused by the incident, also present serious challenges to financial institutions in the self-regulatory code of practice, the accounting framework and financial supervision norms.
    Financial liberalization and internationalization of the development of legal institutions based on the purpose of trade or hedge the demand and the Basel Capital Accord for banks own capital adequacy ratio requirement of the asset securitization and derivative securities market to flourish. However derivative of niche products also brought along with risk to market participants and more speculative transactions for the purpose of improper operation of domestic and foreign industry or traders defects caused by lack of self-discipline,coupled with the financial leverage of commodity multiplier effect that in huge losses from time to time.
    The study focused on the U.S. subprime mortgage crisis story and derivative securities risk control and regulatory framework problems. To learn the lessons from U.S. subprime mortgage crisis and its derivative securities development experience for our future deployment of mortgage and derivative securities market. Furthermore, to expand the market scale and to development financial institutions to play a decentralized operational risk function. This study''s recommendations: First, strengthen the credit market and economic norms of observation; Second, strengthen financial institutions, risk management and prudent management principles; Third, to improve market discipline; Fourth, strengthen financial supervision, and the financial early-warning system; Fifth, ,the strengthen of International cooperation ; Sixth, actively nurture talents
    顯示於類別:[國際企業學系暨研究所] 學位論文

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