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| Title: | 資產管理公司處理高爾夫球場債權之個案探討
A Case Study of Asset Management Company Dealing with Golf Course Claims |
| Authors: | 林政宏
Lin, Cheng-Hung |
| Contributors: | 周冠男
Chou, Kuan-Nan
林政宏
Lin, Cheng-Hung |
| Keywords: | 經營困難
不良債權
資產管理
Operational difficulties
Non-performing loan
Asset management |
| Date: | 2023 |
| Issue Date: | 2024-03-01 11:57:38 (UTC+8) |
| Abstract: | 從古時候開始，人類社會就存在著借貸行為，隨著社會型態及商業活動不斷地演變，借貸規模日益擴大，借貸方式與種類亦持續地推陳出新，作為擔保借款的抵押品亦五花八門。
國內金融機構接受多種不同類型的擔保品，以確保借款人履行其債務，並降低貸放的風險，較常見的擔保品種類為土地、建物、車輛、股票、票據及應收帳款等等，而擁有大面積土地、穩定現金流及兼具運動與休閒的高爾夫球場，自然也成為金融機構競相爭取相關業務往來的對象。
1997年發生的亞洲金融風暴，迅速擴散至亞洲其他國家，對經濟和金融體系造成了嚴重的衝擊，台灣雖然不是主要災區，但仍然受到波及，許許多多的企業倒閉造成連鎖效應，出口減少、貨幣下跌、房價下滑及金融體系出現風險，迫使政府出手祭出多項救市措施，其中，為解決金融機構龐大的不良債權，於2000年通過金融機構合併法，明訂資產管理公司的功能性與運作方式，於是，此型態的公司就在大量不良債權出現及政府的導引下，如雨後春筍般的蓬勃發展，國內目前由金融控股公司或銀行轉投資之資產管理公司共有14家，依公司名稱之首字筆畫數及注音字母順序列示，分別為上銀資產、元大國際資產、中國信託資產、中華開發資產、台新資產、合作金庫資產、兆豐資產管理、板信資產、金陽信資產、第一金融資產、富邦資產、華南金資產、新光行銷及遠銀資產，其規模及業務內容則不盡相同。
經常聽到人們在說：「有借有還，再借不難」。字面上的解釋淺顯易懂，卻也隱含著有借卻沒有在約定期間還款的情形，遲延、逾期、催收及不良債權等等字眼應運而生。國內經營高爾夫球場之部分業者，亦如前所述因營運資金短缺及金融機構轉趨保守下，漸漸無法支應球場維護及人事的龐大費用，於是陸續與金融機構展開協商，以時間換取資產遭拍賣的空間，惟借款人若仍無法依約付息或還本，金融機構仍將依法向法院聲請強制執行之。根據寬頻房訊統計，全台至少有7座高爾夫球場曾淪入法拍，包括桃園的藍鷹球場、新竹長安球場、屏東台鳳球場…等。
A資產管理公司為國內金融控股公司轉投資之資產管理公司，資產投資部位極為龐大，所持有不良債權中即包含Η育樂股份有限公司以北部Ｔ高爾夫球場為擔保之債權，本研究是以其債權處理做為個案研究的途徑，藉由A資產管理公司在處理過程中面對已存在以及可能存在的許多問題，建構出最佳處理策略，以創造A資產管理公司獲利之最大化。
Since ancient times, there has been borrowing behavior in human society. With the continuous evolution of social forms and commercial activities, the scale of borrowing is expanding day by day, and borrowing methods and types are also constantly innovating. There are also various types of things used as collateral for guaranteed loans.
Domestic financial institutions accept various types of collateral to ensure borrowers fulfill their debts and reduce loan risks. The most common types of collateral are land, buildings, vehicles, stocks, bills, and accounts receivable. Golf courses with large areas of land, stable cash flow, and a combination of sports and leisure have naturally become objects of competition for related business transactions among financial institutions.
The Asian financial crisis that occurred in 1997 quickly spread to other countries in Asia, causing serious impacts on the economy and financial system. Although Taiwan was not the main disaster area, it was still affected. Many companies closed down, causing a chain effect of reduced exports, currency decline, declining housing prices, and financial system risks. This forced the government to take multiple measures to rescue the market, including addressing the huge non-performing debt of financial institutions. In 2000, the Financial Institution Merger Act was passed, which clearly defined the functions and operating methods of asset management companies. As a result, this type of company flourished like mushrooms after rain under the emergence of a large number of non-performing loans and government guidance.
I often hear people say, "Borrow and repay, borrowing again is not difficult.". The literal explanation is simple and easy to understand, but it also implies the situation of borrowing but not repaying within the agreed period. Terms such as delay, overdue, collection, and non-performing debt have emerged. Some domestic operators of golf courses, as mentioned earlier, are gradually unable to afford the huge costs of course maintenance and personnel due to a shortage of operating funds and conservative financial institutions. Therefore, they have started negotiations with financial institutions to exchange time for space for assets to be auctioned off. However, if borrowers are still unable to pay interest or repay principal as agreed, financial institutions will still apply to the court for compulsory enforcement in accordance with the law.
This study takes debt treatment as a case study approach, and constructs the optimal treatment strategy by analyzing the existing and potential problems faced by A Asset Management Company during the treatment process, in order to maximize A Asset Management Company's profits. |
| Reference: | 1.維基百科關於亞洲金融風暴之起因、影響範圍及受波及國家之描述
2.小白球退燒淪法拍 價格砍半是基本，好房網News，2017年3月13日
3.改善金融體質的一帖藥方＿資產管理公司(AMC)淺介，李智仁（文章的全部或一部已登載於萬通銀行季刊第38、39期(2001年6、9月)）
4.中華民國高爾夫球場協會，台灣高爾夫文物數位典藏館之《台灣高爾夫大事紀要》
5.讀臺灣高爾夫運動發展史 看見臺灣社會百年演義，工商時報，2021年12月20日
6.體委會是高爾夫球場的護衛？李根政，2006年7月3日
7.藍鷹、統帥高爾夫球場 爭議未解，工商時報，2019年4月29日
8.高爾夫球場管理規則，教育部體育署
9.金管會放寬金融機構轉投資資產管理公司之業務項目並強化管理，金管會銀行局新聞稿，2023年10月5日
10.中華民國高爾夫球場協會，T高爾夫球場簡介 |
| Description: | 碩士
國立政治大學
經營管理碩士學程(EMBA)
110932114 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0110932114 |
| Data Type: | thesis |
| Appears in Collections: | [經營管理碩士學程EMBA] 學位論文
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