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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/32172

    Title: 金融資產證券化之探討 : 利益與風險平衡
    Other Titles: A study of financial asset securitization : the balance between profits and risks
    Authors: 魏鼎力;Wei, Ting-li
    Contributors: 淡江大學國際商學碩士在職專班
    林宜男;Lin, Yi-nan
    Keywords: 金融資產證券化;不良債權;不良債權證券化;次級房貸;次級房貸證券化;真實買賣;投資人救濟;資訊不對稱;信用評等;Financial Asset Securitization;Non- Performing Loan;Non-Performing Loan Securitization;Subprime Mortgages;Subprime Mortgages Securitization;True Sale;Investors protection;Asymmetric Information;Credit ratings
    Date: 2008
    Issue Date: 2010-01-11 01:47:32 (UTC+8)
    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。
    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.
    Appears in Collections:[國際企業學系暨研究所] 學位論文

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