人口高齡化是許多國家必須面對的問題，為因應長壽風險，保障年長的退休民眾的經濟安全無虞，應當設計新的退休金籌措管道，以避免退休民眾須降低其退休後之生活水平或是延後退休時間。本研究以英澳無保險之反向房屋抵押貸款為基礎，分析壽險公司在台灣販售反向房屋抵押貸款時，屋主可以獲得之最高年金金額，並進一步考量當死亡率改善後對於屋主可以獲得之最高年金金額之影響。並分別以反向房屋抵押貸款最高年金金額所提供之所得替代率及其可支應每人每月生活開銷之比重，衡量反向房屋抵押貸款能為退休民眾增加多少退休金。最後，藉由分析反向房屋抵押貸款之存續期間與一般年金商品之存續期間的不同，進一步了解反向房屋抵押貸款與一般年金商品對於利率風險之敏感程度差異。

本篇論文的研究動機。由於許多文獻提到債權人在公司治理上從過去的被動位置轉變為主動利用聯合貸款合約中的限制性條款(covenant) 來規範公司營業活動。小至限制公司資本支出、股利發放，大則影響董事會決定公司 CEO 的去留。限制性條款扮演越來越重要的角色。本文探討從 SEC EDGAR filings 中搜尋公司是否面臨限制性條款的違約(in violation of covenants)。本篇論文能降低未來研究在資料建立上需要人工處理的時間，藉由降低錯誤標記的筆數來達成。 / Covenant violations in syndicated loan agreements are a key factor which demonstrates a shift in control rights to debt holders before a company enters into events of default. This paper focuses on the methodology of identifying incidents of covenant violations using both programming codes and manual searches. We dedicate to minimize the time in hand-collecting while pursue high hitting rates of true covenant violations in SEC EDGAR (Electronic Data Gathering, Analysis, and Retrieval) database. Our findings provide a way to access the U.S. firms’ public financial statements reported to SEC and extends the list of companies provided by Nini, Smith and Sufi (2012).

任何一項支出計畫都會耗費許多資源，在資源有限情況下，如何使資源使 用達到最經濟有效的配置，審慎評估各項計畫的成本與效益，便顯得格外 重要。本文的目的乃是利用消費者剩餘的概念，估計住宅優惠貸款計畫下 承貸戶之Hicksian價格均等變量(equivalent variation)，分析比較現行 「國民住宅貸款辦法」與「輔助人民貸款自購住宅辦法」下承貸戶之效益 與成本、消費型態改變情形及住宅優惠貸款計畫的利益歸屬與分配狀況。 希望能夠提供從事國民住宅政策研究者另外一種思考方向。基於資料上的 限制，本研究實證分析是以臺北市為主。且為了求出承貸戶真正的福利變 化，本文乃利用特定的住宅需求函數，並且先行估計其參數值，求出價格 均等變量之算術解，再以民國八十一年行政院經建會都住處委託政大財政 研究所對臺北市國民住宅現住戶及輔助人民貸款自購住宅住戶所作的「現 階段國民住宅貸款政策」調查問卷資料代入，求出住宅優惠貸款計畫下的 平均利益及實質所得增加率。並且根據其淨利益與家庭特性之回歸關係式 ，分析其利益歸屬及分配情形。

過去國外的實證研究結果指出，反向房屋抵押貸款確實可為老年屋主帶來顯著的所得提高效果，而本文主要探討台灣地區擁有自用住宅單身老人的生活型態，並藉由對房價的估計值，計算出老年屋主若利用反向房屋抵押貸款商品後預估可獲得的所得水準，以衡量反向房屋抵押貸款能為台灣的退休屋主帶來多少經濟上的挹注。研究結果顯示，反向房屋抵押貸款對獨居的老年屋主之所得替代率，平均提升效果約為40%至140%，確實能有效改善擁有自用住宅的老年人在退休期間的財務狀況。進一步比較不同世代，結果發現對40年代出生的退休屋主而言，藉由反向房屋抵押貸款來提升退休後的所得，其效果較其他世代的屋主更為顯著。 / The results of past empirical research indicate that the reverse mortgage can indeed bring a significant increase in income for elderly homeowners. This study mainly explored the lifestyle of the single elderly in Taiwan who had the house for own use, and used the estimates of house prices to calculate the estimated income level that the elderly homeowners would be at when they had purchased reverse mortgage products to measure how much economic benefit that the reverse mortgage could bring for the retired homeowners in Taiwan. The research results showed that the reverse mortgage had increased the income-replacement ratio by 40-140% averagely for the elderly homeowners living alone, effectively improving the financial situation of the elderly that had the house for own use during their retirement years. Further, the different generations were also compared, and the results found that using the reverse mortgage to increase the income at retirement showed a better effectiveness on those retired homeowners born in the 1940s than the homeowners of other generations.

汽車貸款為消費者貸款業務的其中一項，在汽車銷售產業中也扮演一個不可或缺的角色，然而，銀行機構如何看待此一產品的發展方向及未來的潛力，導致其在各種消費者貸款業務中的存續與否。銀行間如何運用不同的業務策略來創造不同的業務發展及利潤，確實造成不同的競爭優勢。 本研究針對個案公司過去兩年多的經營績效，透過市場分析，與競爭者的分析、其風險控管制度流程、其業務量與延遲繳款風險比率間的關聯性及利潤預測分析，來探討其未來最佳的競爭策略擬定，在可接受的風險下，使得其業務及利潤能夠持續成長，提升市占率至前三名。

近年來隨著台灣人口日漸少子化，「養兒防老」的傳統觀念已不符時勢所趨，面對高齡化社會所帶來龐大的財政負擔及老年人口安養等社會問題。過去研究結果提供了一可能的解決方案－「逆向房屋抵押貸款（Reverse Mortgage, RM）」，然而，對於此種新型貸款在台灣推行之完整可行性分析，相關研究尚付之闕如。是故，本研究從承貸雙方角度出發，旨在深入探討未來逆向房屋抵押貸款在台推行之可行性。 首先，對於申貸者而言，本研究以30至60歲且名下擁有不動產之家戶為研究單位，並用問卷調查台灣中年房屋持有者申請逆向房屋抵押貸款之意願程度。針對調查結果，再以「羅吉斯迴歸（Logistic Regression）」分析影響申請意願之顯著因子，據以探討申請意願與受訪者特性兩者之關係。 其次，從承貸者角度建立一貸款定價模型，模擬分析於損益兩平條件下，貸款機構有無貸款保險，以及於不同貸款給付方案中，其可提供逆向房屋抵押貸款之最高可貸款成數（Loan to Value, LTV）。再者，進一步結合台灣各主要都會區房價資料，研究顯示所得替代率（Income Replacement Ratio, IRR-RM）符合多數申貸者之基本需求。 本研究預期「逆向房屋抵押貸款」除了有效解決人口老化所衍生之社會問題外，亦兼具政府「就地老化（Aging in Place）」政策效益，提升了老年生活品質，維護老年人口的尊嚴。 / With the continuously declining fertility rates and the increasing life expectancy, Taiwan has become one of the aging societies in the world. To release the financial strain of the government, a great number of literature has suggested an alternative option, Reverse Mortgage (RM), to improve the retiring life quality of the elders. However, little attention has been given specifically to the feasibility of the application of RM and the pricing model in individual countries. This study thus conducted the questionnaire and collected the data in Taiwan for analysis in order to show the implementation feasibility of RM in aging society for both the aspects of both lenders and borrowers. First of all, to find out the factors affecting the willingness in applying for RM and the characteristic of the middle-aged homeowners, we designed a survey and a quantitative analysis of the questionnaire through Logistic Regression Analysis. Second, under a break-even hypothesis, we analyzed the ratio of Loan to Value (LTV) a reverse mortgage lender would offer through the simulation model. Furthermore, the housing data from different metropolises of Taiwan is integrated into the study in order to determine whether if the Income Replacement Ratio of RM (IRR-RM) could meet the basic needs of Taiwanese. Results found in this paper suggest that RM could satisfy the general need of people in Taiwan. Procedures conducted in this study may also provide precious insight for other aging countries. This paper suggests that reverse mortgage could not only solve the society issues, but also secure the retiring lives of the elders and preserve their living qualities.

台灣利率自由化的演進過程，是採取循序漸進的方式，先由貨幣市場實施，再逐步推及到存放款市場。自1989年利率自由化及1991年政府開放新商業銀行設立以來，台灣銀行業的競爭就進入了白熱化的春秋戰國時代，金融版圖重新調整，產業的競爭有增無減。這期間經過兩次的金融改革，體質較弱的銀行紛紛走向讓售及被併購的命運，尤其是2008年發生金融海嘯，對銀行業的經營更是一大挑戰。觀察近年來銀行業的經營困境，存放款利差持續走低，多數銀行採取價格競爭策略，企業授信市場採用低利削價的手段，造成銀行業獲利率降低，危及銀行健全經營體質。所以本研究從文獻回顧探討影響放款利率定價決定因素，從樣本銀行實務授信政策及放款定價辦法探討影響放款利率定價決定因素，並利用樣本資料從實證模型的估計及檢驗來推估假設變數與企業貸款利率定價之間的具體關係及影響方向與程度，最後將實證結果提供予銀行管理當局擬定授信政策及建立完善放款利率定價模型之參考。 / From money market to deposit and loan markets, the development of interest rate liberalization in Taiwan has been in gradual progress. Since interest-rate liberalization in the year of 1989 and governmental approval on the establishment of new commercial banks in 1991, the competition among banks in Taiwan has become severe. Market shares among banks have thus changed. During the period, the financial market experienced two banking reforms. Banks with relatively weak financial nature have been forced to be sold or merged. Moreover, the financial turmoil in the year of 2008 made the business environment of banking industry even more challengeable. Running business in banking has been more difficult in recent years. Interest rate spread for banks has been narrowing. Most banks have adopted price competition strategies. Such price-cutting policy in commercial loan market has resulted in the deterioration of bank management in the industry. This research reviews study-papers focusing on the factors affecting commercial loan interest rate pricing, using bank A as a sample to review its actual operation of credit policy and loan pricing means. In addition, by adopting technique of empirical model measurement and statistical test on the sample data, the concrete correlation and extent of influence between hypothetical variables and pricing on commercial loan interest rate are also estimated. The aim of this paper is to provide empirical tested results to the banking authorities for their reference when designing fine credit policies and commercial loan pricing model.

金融海嘯（financial tsunami）對全世界造成了相當大之衝擊，遭受最大損失者莫過於金融機構，其中房屋抵押貸款（mortgage）違約（default）產生之損失在銀行損失中占了一定的比例，本文認為深入研究影響違約之因素有其必要性。過去文獻於探討貸款違約時，主要可分為兩種學說，分別為權益學說（Equity Theory）與支付能力學說（Ability-to-Pay Theory），本文以台灣地區之實際房屋抵押貸款資料作為研究對象，以確認權益學說與支付能力學說於台灣房屋抵押貸款之適用程度。 本文採用二元羅吉特迴歸模型（Binomial Logit Regression Model, BLR）與比例危機模型（Proportional Hazards Model, PHM），並於權益學說之驗證中，考慮台灣房屋抵押貸款契約中常見之貸款追索權（right of recourse），以了解是否因借款人考慮追索權價值（value of recourse）而較不易違約。 實際結果發現，由於台灣長期房價趨勢皆為上漲之緣故，且台灣之貸款成數（Loan-to-value, LTV）較國外為低，導致處於負權益（Negative Equity）之抵押貸款筆數較少，然本研究發現，在修正了過去研究所使用之借款人權益變數後，其顯著性於BLR模型與PHM中皆較佳，而考量了追索權之價值後，考量追索權之修正後權益變數的表現更優於修正後之權益變數，顯示本研究於權益變數上之修正與考量追索權價值有助於模型改善違約預測之能力。 就權益學說與支付能力學說而言，由於兩種學說之相關變數皆有部分變數顯著，顯示兩種學說於台灣皆有其適用性，故於違約模型中需將權益學說與支付能力學說之相關變數皆列入考慮。 / Financial tsunami caused considerable impact in the world, and the financial institutions suffered huge losses in this crisis. Mortgage default losses accounted for a certain proportion in losses of financial institutes. It’s necessary to research the factors which influence the default decisions. In the past, the literatures divided the theory related to mortgage default into two parts, the Equity theory and the Ability-to-Pay theory. This article use the mortgage data in Taiwan to confirm which theory is more applicable in Taiwan. To understand if the borrowers would consider value of recourse when they make decision of default, this study adopts Binomial Logit Regression Model （BLR） and Proportional Hazards Model （PHM）, adding the right of recourse, which is common in the mortgage contract in Taiwan. The result shows that owing to the rising trend of Taiwan housing price and the lower loan-to-value （LTV） level than foreign countries, there are fewer mortgages in negative equity situation. However, we discover that after we modify equity variable, the modified equity variable is more significant than non-modified equity variable. Besides, if we consider the value of recourse, the modified equity variable with value of recourse performs best among three types of equity variable. The results above show that the modification of equity variable and the consideration of recourse can improve predicting ability of default model. And it shows the clause of recourse in Taiwan has certain influence on the decision of borrowers’ default behavior. Furthermore, the results of model illustrate the equity-related variables and ability-to-pay-related variables have certain explanation power on the behavior of default, which mean equity theory and ability-to-pay theory are applicable in Taiwan. We infer when carrying out the prediction of default, it’s necessary to take equity-related variables and ability-to-pay-related variables into consideration.

基於工業是促使總體經濟快速發展的主力，年來政府以致力協助已有工業提高生產力 ，加強經營管理，改進產品品質，並積極發展策略性工業，以帶動整個工業走向技術 密集的領域，交通銀行則改制以來，不斷拓展政府規定業務，發展開發銀行功能，配 合國家經濟建設的要求，擔負起協助政府發展工的使命。是故在深切體認及了解專業 開發銀行之主要計劃型融資業務對於加速經濟開發及工業升級之重要性，特撰本文， 以探討其特質功能及影響。全文共一冊，計分六章，二十六節，摘要如下： 第一章：緒論 第二章：專業開發銀行概論 第三章：我國專業開發銀行計劃型融資業務（一） 第四章：我國專業開發銀行計劃型融資業務（二） 第五章：我國專業開發銀行計劃型融資檢討及展望 第六章：結論與建議

Basel II預備於2006年施行.屆時各金融機構均須依其規定計提各項風險性資本.目前台灣的金融機構逾期放款仍多,借款人接受信用評等的殊渺.再者台灣的金融機構所承作的中小企業貸款件數眾多.短期內欲對眾多借款戶施以信用評等殊為不易,因此Basel II 施行之後台灣金融業之貸款,勢必受到壓抑,此乃因(一)銀行無法提列太多的資本(二)台灣的中小企業財報真實性欠佳以及中小企業得自有資本不足,屆時,若銀行的受信無法推展,則企業的投資周轉受到壓抑,將危及到經濟發展.而貸款證券化恰可解決銀行貸款業務的瓶頸.CLO可創造銀行投資者及企業界各取所需有益國家經濟發展.