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Title:	長期低利率環境下票券金融公司之經營與問題探討-以某票券金融公司為例 The study on the operation and problems of bill finance companies under the low long-term interest rate environment-Taking T Finance Corporation as an example
Authors:	明庭光 Ming, Ting-Kuang
Contributors:	陳明進明庭光 Ming, Ting-Kuang
Keywords:	貨幣市場票券金融公司貨幣政策 Money Market Bill Finance Companies Monetary Policy
Date:	2021
Issue Date:	2021-02-01 14:04:50 (UTC+8)
Abstract:	自2008年美國次貸風暴、雷曼兄弟所引發的金融海嘯以來，導致國內貨幣市場利率劇降後，利率長期呈現逐步走低，持續低檔擺盪至今，在長期低利率的環境中，靠著保證發行商業本票及利差交易操作業務為主的票券金融公司，面臨到的極大壓力與困境，如何安然度過，值得研究。本文蒐集與票券金融公司相關之金融環境與金融政策及各項金融交易工具的利率走勢、成交量變化與全體票券金融公司的操作現況分析進行，尤其針對個案公司經營過程、操作商品的方式及公司政策的走向，探討目前票券金融公司面對長期低利率的金融環境下，所面臨的困境與因應方式。本研究發現，票券金融公司近年來受惠於寬鬆的貨幣政策，及利率長期走低的因素下，憑藉著對利率的敏感度及專業判斷力，利用靈活的資金調度能力，在資產配置方面，均建立起大部位票、債券金融商品。因此，各家票券金融公司在獲利方面，都能繳出不錯的成績單。個案公司在打消多年來逾期呆帳及降低逾放比的努力，健全授信資產品質，在經營團隊採取嚴謹的經營態度下，更加穩定成長。就目前票券業的經營環境而言，由於利率長期趨勢走低，票券金融公司在資產配置上，更應著重於分散風險。此外，積極向主管機關爭取新種商品業務或新的經營項目的開放，亦為未來票券金融公司應持續發展的重心。最後，本文對於票券金融業及個案公司提出以下建議。一、票券金融業爭取業務開放之現況方面：(一)調降初級市場票券集保交割服務費；(二)向主管機關爭取放寬商業本票保證倍數；(三)爭取辦理外幣票券商業本票之保證業務。二、個案公司的建議：(一)強化淨值增加自保餘額；(二)妥適因應國內政府公債已來到歷史低點的債券操作；(三)增加外幣債券操作，分散市場風險及改善債券養券利差；(四)台股平均殖利率約4%以上，可納入投資組合；(五)強化員工培訓。 Since the financial tsunami of the US subprime mortgage crisis triggered by the bankruptcy of Lehman Brothers breaking out in 2008, leading to a sharp decline of the interest rates in domestic money market, the long-term interest rate has shown a trend of falling gradually and swinging in low levels. It is worth studying that how bill finance companies whose business are mainly about issuing commercial papers and operating carry trade deal with the pressure and difficulties under such circumstances. This paper collects information about the financial environment, financial policies, the trends of interest rates and variation of trade volumes as well as the reaction and policies all the bill finance companies, and thereby discusses the dilemma bill finance companies are facing and how to respond under the circumstances of low long-term interest rates. The findings of this study indicate that bill finance companies have built a large position on financial products such as bills and bonds, based on their elastic fund scheduling and judgment of interest rate tendency due to persistent easing monetary policy and low interest rate. Therefore, bill finance companies have earned a goof profit in recent years. T Finance Corporation even successfully wrote off all the bad debts and lowered non-performing loans ratio. As a conclusion, the sound credit assets and rigorous corporate governance are the key to sustainability and stability for bill finance companies. As far as the current operating environment of the bill finance industry is concerned, due to the long-term trend of lower interest rates, bill finance companies should focus more on diversifying risks in asset allocation. Therefore, actively seeking the opening of new commodity businesses or new business projects from the competent authorities is still the focus of the future bill finance companies that should continue to develop. In conclusion, this study provides suggestions for the bill finance industry and T Finance Corporation as follows. 1.Suggestions to the bill finance industry’s efforts to open up business: (1) Lowering the service fee in the primary market (2) Striving for higher commercial paper guarantee ratio (3) Developing foreign currency commercial paper guarantee business. 2.Suggestions to T Finance Corporation: (1) Strengthening net worth and increasing guarantee balance (2) Dealing with domestic bonds operation carefully when the rates have reached historic low level (3) Increasing foreign bond operations, diversifying market risks and improving bond spreads (4) Bringing Taiwanese stocks into the portfolio if the average yield is above 4% (5) Strengthening employee training.
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Description:	碩士國立政治大學經營管理碩士學程(EMBA) 108932114
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0108932114
Data Type:	thesis
DOI:	10.6814/NCCU202100077
Appears in Collections:	[Executive Master of Business Administration] Theses

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