| Abstract: | 金融資產證券化由開始發展至今，對於金融市場資金有效的運用及風險分散，有相當大的助益，對由金融資產市場近年來蓬勃的發展，扮演重要的角色。美國華爾街有句名言，如要增加未來的現金流，就把它做成證券，如要增加經營風險，就把它做作證券。此句話隱含者金融資產證券化「雙刃劍」的特性，水能載舟，亦能覆舟，如何在證券化的同時，兼顧追求利潤與風險的平衡是非常重要的。
本文先介紹金融資產證券化之概念，了解金融資產證券化架構與步驟，並就實務上的分類做介紹，然後藉由金融資產證券化中之不良債權證券化與次級房貸證券化來說明證券化的利益與風險。
本文分別以不良債權證券化與次級房貸證券化之架構過程，來分析二者的不同，進而探討在證券化過程中，因何種原因造成原本在美國發展已臻成熟的商品何以在次級房貸風暴中對全球經濟造成嚴重負面影響。本文特別就次級房貸證券化過程中的參與者，即次級房貸借款人與創始機構、安排機構與創始機構、次級房貸借款人與服務機構、資產管理人與投資人、投資人與信用評等機構等的關係加以論述，並舉出實務上的案例加以分析，期能更進一步探究次級房貸證券化問題的根源。
本論文並就投資人因購買次級房貸證券化商品中之房貸基礎證券(MBS)與擔保債務憑證(CDO)之投資人，於受損失時在法律上尋求救濟途徑的探討。
最後，就於架構證券化商品中，如何避免再次發生類似次級房貸風暴問題，嘗試提出建議，在提高資金效率與追求利潤的同時，亦能顧及風險的控制，達到利益與風險平衡的狀態。
As the financial assets securitization developed till now, they provide great benefits regarding the efficiencies of the capital and the distributions of credit risks. Especially they prospered the financial innovations over the past few years. There is a saying in Wall street: “If you need to create your future’s cash flow, securitized the asset; if you would like to increase your management risk, securitized the asset”。If the securitization loose the standard or expand too much, we could not bear the destructive impact. One man’s meat is another man’s poison. Financial institutions ought to balance the profits and risks while operating the business in the financial markets。The research, at first, sought to discuss the concept, structure and the steps of financial asset securitization. Furthermore, we use 「non-performing loans securitization」 and 「subprime mortgages securitization」 as an example to construe the securitization’s「profits」and 「risks」。The study aims to analyzed the key factors of securitization risks based on how they structure the subprime mortgages, comparison with the securitization of non-performing loans. The study especially focus on the relationships of participants of subprime mortgages securitization, such as mortgagor and originator, originator and arranger, arranger and warehouse lender、credit rating agency、asset manager, mortgagor and servicer, asset manager and investor, investor and credit rating agencies。Moreover, the case study adopts the descriptive research methodology by reviewing related domestic and overseas literatures, collecting the primary and secondary information and analyzing the case in light of its structure character to find the problems of subprime mortgages securitization.The research also from the legal perspective, discussing the possible legal remedies for indemnification for investors of Mortgage-Back securities(MBS) and Collateral Debt Obligation(CDO)。
At last, following the rules of the balance between the profits and risks, we tried to submit suggestions regarding how to prevent the similar scenarios, such as subprime crisis, in the future while securitized the financial assets. |
