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    題名: 資產管理公司之功能與不良資產估價
    其他題名: The function of asset management company and the evaluation of non-performing loans
    作者: 林佳慶;Lin, Chia-ching
    貢獻者: 淡江大學國際商學碩士在職專班
    賈昭南;Chia, Chao-nan
    關鍵詞: 資產管理公司;不良資產;Asset Management Company (AMC);Non-performing Loans (NPLs)
    日期: 2005
    上傳時間: 2010-01-11 01:28:39 (UTC+8)
    摘要: 1980年代拉丁美洲開發中國家債務危機,間接引發美國本土金融機構危機,促使美國政府於1989年成立RTC。但此次,政府要求援用民間外部機構力量,以便在限期內解決金融呆帳問題,這些接受RTC委託處理問題金融機構之外部機構或民間公司,在此背景下形成一系列產業鏈。此種與FDIC或RTC合作之公司,即為今日資產管理公司之濫觴,憑藉其在美國境內之操盤及實戰經驗,美國的資產管理公司跨出了美國,爾後隨著1990年代初期日本金融危機,以及末期亞洲金融風暴期間,趁著各國政府向美國政府取經尋求解決之道時,資產管理公司產業開始邁向全球化發展。
    資產管理公司,通常以整批包裹的方式買入不良資產,其內容包含許多性質不一的資產,此皆有待資產管理公司逐一估價。資產管理公司除了參考資產最近市價外,尚須考量其資金凍結期間的資金成本,凡是影響及於後續處理所需時間的因素,皆構成估價時之減項。例如,受到司法因素影響而延後回收。
    本研究討論了影響不良資產管理價值之因素,其可分為「內部因素」及「外部因素」。內部因素,例如,因不良資產驟減,造成債權回收部門人力縮減壓力,呆帳損失之人員責任歸屬,買賣雙方資訊不對稱,雙方對價值計算基準之認知差異等,內部因素尚可藉由買賣雙方協商獲得共識。外部因素,是指買賣雙方以外之法律體系執行效率太慢,卻共同影響買賣雙方之資產價值。由範例推論顯示,當司法時間加長後,資產管理公司之出價值會降低,司法效率未能改善,確實影響到我國金融機構自身不良資產之價值,尤其當出售方金融機構未採取折現法計算本身不良資產價值時,與資產管理公司之價格落差更大。一直以來,我國金融機構只注重不良資產之名目價值,並未體認到執行法律程序時間成本化問題,本文建議由政策面措施縮小雙方價格歧見。例如,進行司法體系改革,因為加快破產程序,有助於未來回收價值,同時也減緩債務人資產貶值的速度。另外也建議金融機構主管機關對於金融機構在進行貸款分類時,若有逾期狀況較為嚴重者,在提列呆帳準備及計算不良資產時,可參考日本中央銀行要求或准許金融機構採用折現法DCF法,期使金融機構正確認知不良資產價值,弭平與資產管理公司之價格落差,另外在公司法、金融機構合併法等方面,亦應做全面性的調整以促進利資產管理公司產業發展,也有利於金融機構有效處理不良資產。
    Established in 1933, Federal Deposit Insurance Corporation (FDIC) created by an amendment of the Federal Reserve Act. Capital necessary to establish the FDIC was to be provided by the United States Treasury and the 12 Federal Reserve Banks.
    Resolution of financial crisis did not really begin until February 6, 1989, The Resolution Trust Corporation (RTC) was created by Enforcement Act of 1989 (FIRREA). In accordance with the FIRREA, RTC has to resolve the failure institution within 5 years, under the pressure of time frame the RTC has to use the outsourcing vehicles instead of hiring lots of employees. Some of the vehicles are called service-companies but some of the vehicles are called “asset management companies (AMCs)”. The vehicles to resolve the problems of failed bank can be described as the origination of AMC industry. Since with finance crisis globalized from Mexico to Asia, the AMC brought its know-how and knowledge set up branch-offices from Mexico to Asia as well. The AMC industry was born less than 20 years old since 1990s.
    During the proceeding of NPL transaction, there are large bid-offer price gaps between banks and distressed-debt buyers. The reasons for the transaction failure between banks and AMCs can be classified into the internal and external factors. Internal factors such as psychology of the employees of banks, information asymmetry of the buyer AMCs, and the differences in the pricing valuation basis between banks and AMCs, all of the factors can be improved by both parties. But only the external factor--the impact legal environment and procedure to asset evaluation is not able to be solved by both parties. The example in Chapter 4 indicates that the legal environment and procedure is the most important factor impacted the asset evaluation. The results is the same with the conclusion of Klingebiel (2000) and Ingves, Seelig, and He (2004), to have adequate bankruptcy and foreclosure laws and legal environment is important to AMCs business.
    We also want to make some recommendation to government as follows:
    1. Improving the jurisdiction system. Efficiency in bankruptcies will enhance the potential recovery value to AMCs, reversely add the value to the bank assets.
    2. If a bank and an AMC measure the present value of a company identically, then whoever can add more value through time saving in the waiting of foreclosure process should bid higher. The authority division also can refer to the Bank of Japan start to request the use the discounted cash flow (DCF) approach in the non-performing loan asset, which will also help the banks to realize the net value of the assets at the early stage.
    顯示於類別:[國際企業學系暨研究所] 學位論文

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