One of the most important government policies to support and satisfy financing needs for marginal enterprises or special sectors in economic system is to provide credit guarantee. In Taiwan, while Small and Medium Enterprise Credit Guarantee Fund of Taiwan (SMEG) had been established to help small and medium enterprises (SMEs) acquiring bank loans successfully by providing credit guarantee, there is still a need to set up an appropriate credit rating systems for SMEs. This research proposes three kinds of assessment models to the credit risks of SMEG. While Model one employs a firm¡¦s financial performance, substituting debt level and estimated asset value and volatility into the model to derive probability of default (PD). Model two and three utilize a firm¡¦s risk premium observed from the loan rate to estimate credit level. The former belongs to the application of structure-form approach in the credit risk management model, on the other hand, the latter is the reduced-form approach. On the structure-form approach, due to the difficulties in accessing SMEs¡¦ public trade information in Taiwan, we adopt the Private Firm Model developed by Moody's KMV Company. We had also improved this PD evaluation model by taking some peculiar operating characteristics of Taiwan¡¦s SMEs into consideration. On the reduced-form approach, we apply risk-neutral model to estimate a firm¡¦s PD, which then been utilizing to evaluate the expected value of subrogation payment in the case of default. This can further go deeper to calculate the guarantee fee of a loan. The processes used in this model is same as that of actuarial methodology being used to determine the premium of a term insurance. The three credit risk management models proposed in this research are designed to reflect the market information of a SME, and to the applicability of operating in real world case. The empirical results indicate they could adequately reflect the risk levels of the SMEs to a certain extent. We hope to provide the SMEG with a method of evaluating credit risk of SMEs to establish a fairer and more reasonable guarantee fee, and contribute in enhancing and managing credit guarantee mechanism in Taiwan.

[pt] Forma-estrutura, como matriz de expressão tectônica, é um conceito formulado nessa pesquisa por uma ótica transdisciplinar. Efetuou-se uma investigação por meio da associação entre saberes pertinentes aos campos da Arquitetura e da Engenharia Estrutural, com o objetivo de propor uma abordagem de análise de projetos que possa trazer à luz o princípio que faz com que, em certas edificações, a estrutura espacial arquitetônica e a estrutura portante configurem uma única essência. A primeira parte da pesquisa consiste da abordagem teórica do conceito forma-estrutura, contextualizado historicamente pelo desenvolvimento da Arquitetura e da Engenharia Estrutural ocorrido a partir da separação dos campos de atuação das disciplinas no século XVIII. O Museu de Arte Moderna do Rio de Janeiro (MAM-Rio), a Faculdade de Arquitetura e Urbanismo da Universidade de São Paulo (FAU-USP) e a Catedral de Brasília integram a segunda parte da pesquisa, na qual foram analisados a partir de categorias de caráter transdisciplinar, coerentes com a abordagem aqui proposta. Ao longo do trabalho constatou-se que a fundamentação conceitual proposta na primeira parte foi consistente como base teórica para as análises desenvolvidas na segunda parte. Análises nas quais o conceito de forma-estrutura, implementado como princípio projetual, se mostrou não apenas evidente como também a fonte, ou melhor, a matriz de expressão tectônica daqueles projetos. A pesquisa, além de comprovar expectativas, ampliou ocampo de investigações relacionadas ao debate sobre Arquitetura Moderna, e,possivelmente, sobre a Arquitetura Contemporânea. / [en] Structure-form, as matrix of tectonic expression, is a concept formulated in this research from a transdisciplinary perspective. By means of association between architectural and structural engineering knowledges, the study was undertaken with the purpose of formulating analytical propositions that could reveal the design precepts that, in certain buildings, highlight the structure in their architecture. The first part of the research consists of a theoretical approach to the structure-form concept, contextualized by Architecture and Structural Engineering historical development, as of the rupture between their application fields from the eighteenth century onwards. The Museum of Modern Art of Rio de Janeiro (MAM-Rio), the Faculty of Architecture and Urbanism of the University of São Paulo (FAU-USP) and the Brasília Cathedral, were analysed according to the transdisciplinary categories proposed, in coherence to the approach of this research. Througout the work it was possible to confirm that the conceptual investigation, proposed in the first part of the research, turned out to be consistent as a theoretical basis to the analysis developed in the second part, in which the structure-form concept, deployed as a tenet in the design process, showed up not only evident but as their tectonic expression matrix as well. In addition to confirming expectations, the research broadened the field of investigation concerning Modern Architecture, and, possibly, Contemporary Architecture as well.