none

Small and Medium Business Credit Guarantee Fund (SMEG) is the sole non-profit credit guarantee providing organization in Taiwan. The mission of the fund is to help small and medium enterprises in need of capital obtain bank loans, and, hopefully, to promote the domestic economy as well as create the empolyment opportunities. In essence the fund facilitates the implementation of public policy. As the business environment is completely changed, the goals of handling fund were shifted from a financial perspective to a business perspective. The demand for the credit guarantee of the bank loan has substantially increased. In order to meet the growing demand, the effective risk management becomes an important issue. This study examines the overdue ratio and the effect of the risk management from the perspectives of enterprises, banks and the macroeconomics. Findings include the following:(a)some certain affiliated trades and some scales of loans are associated with high overdue ratio; (b) lowering the rate of guarantee can reduce the overdue ratio; (c) there is a significant difference between the characters of the bank and the overdue ratio of SMEG; (d) in macroeconomics, the overdue rate of the SMEG are highly related to the economic indicators such as economic growth rate, money supply, heavy discount rate and unemployment rate. The previous indicators can be the reference indicator of the risk management of SMEG.

The limitation of public funds available for infrastructure projects has induced governments to attract private entities to participate in long-term contracts for financing, constructing, and operating huge infrastructure projects through Public Private Partnerships (PPPs) to reduce debt, constrain taxation, and share financial risks and rewards between the public and private sectors. Because these projects have such complicated risk evolutions, diverse contractual forms for project members to hedge their risks are necessary. Hence, the Build-Operate-Transfer (BOT) model has been considered as a very popular type to accomplish PPPs with the characteristic of a shared-ownership. For the government to attract private sector?s participation, they have used incentive systems such as debt payment guarantee, Minimum Revenue Guarantee (MRG), or direct cash support. These incentive systems have been important critical success factors in BOT projects yet they have remained unfavorable in bidding process by failure of the traditional capital budgeting theory, Net Present Value (NPV) analysis, in evaluating the guarantee values. This is because NPV analysis can not reflect the guarantee agreements? contingent characteristic. For this reason, ?Real Option Concept? imported from ?Option Pricing Theory? in finance has been used as an effective way in estimating the guarantee value during the construction and operation of the project. However, there are still open issues in identifying, formulating, and calculating the guarantee agreements? contingency due to the complexity of option pricing theory and in considering the uncertainty of the underlying asset. Furthermore, in recent real option-related research that evaluate BOT investment projects, the volatility of rate of return in underlying asset (project value) is assumed to be just given or too simplified in its calculating process despite its significant impact on the guarantee value. The purpose of this research is to develop the binomial real option model to better evaluate the MRG value by complementing existing real option models without violating the option pricing theory. To do so, the developed model in this research is to formulate the MRG agreement as a put option, consider the uncertainty of the underlying asset, and use the more detailed level of volatility with a Monte Carlo simulation approach. To verify the applicability of the developed model, the model is applied to three different BOT project case studies, then, the results are compared with those by NPV analysis, Cheah and Liu (2006)?s real option model, and option pricing theory derived from Black-Scholes model. Finally, based upon the results and analyses, the developed real option model appears to provide a practical and theoretical framework to quantitatively evaluate the MRG agreement under the BOT scheme and help the government establish better BOT policies and help the developer make appropriate bidding strategies in its investment.

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.

The energy service industry is a newly emerging industry in Taiwan, where related regulations and measures are still at an immature stage. The business operation models include being a motivator in regard to energy conservation, becoming an ESCO, or developing strategies covering both areas. The implementation will help present energy users to break through existing bottlenecks involving: funds, manpower, technology, and recycling term; change the environment where the Government is currently the main motivator; and attract private companies to participate in energy saving and carbon reduction. First, topics for in-depth interviews were established in order to obtain a better understanding of the operational environment of ESCOs in Taiwan, including any obstructions encountered during the development of the ESCO industry. Second, in-depth interviews were carried out with selected ESCOs via explorative research and quantitative methods. The interview data were analyzed and discussed. The following results were obtained regarding the domestic ESCO industry: 1. The status of current development and business opportunities is promising. 2. Factors affecting current development include the lack of regulations, subsidizing plans, third party authentication, energy-saving technologies, and financing solutions. 3. The financing difficulties include: insufficient collateral, sound financial reports, or banks¡¦ understanding of the ESCO industry. 4. The key success factors for the domestic ESCOs to enter the global ESCO market include: the accuracy of the energy-saving reports and income estimates, provision of integrated energy-saving technologies, and utilization of the small and medium business credit guarantee funds and loans. 5. Business models that best suit the development of domestic ESCOs include: sharing energy, performance guarantees, and equipment lease.

Baigiamajame magistro darbe autorė nagrinėja Lietuvos Garantinio fondo teisinio reglamentavimo kokybę ir siekia nustatyti jo veiklos efektyvumą. Šiems tikslams pasiekti darbe aptariamos pasaulyje taikomos darbuotojų teisių apsaugos sistemos bei konkretūs skirtingose valstybėse veikiantys garantinių institucijų modeliai. Autorė taip pat atkreipia dėmesį į Lietuvos Garantinio fondo įstatymo nuostatų atitikimą Tarptautinės darbo organizacijos Konvencijoms, Europos Sąjungos direktyvoms ir Europos Bendrijų Teisingumo Teismo suformuotai praktikai. Pagrindinės darbe iškeltos problemos yra susijusios su Garantinio fondo įstatymo nuostatų atitikimu Europos Sąjungos direktyvoms. Viena iš aptariamų problemų yra darbuotojų, kurių darbdaviams šiuo metu netaikomas Garantinio fondo įstatymas, teisė reikalauti išmokų darbdavių bankroto atveju. Kitas klausimas yra susijęs su Garantinio fondo įstatymo taikymu bankrutavus privačiai pensijų kaupimo sistemai. Be to, autorė aptaria ir atvejus, kai išmokos iš Garantinio fondo skiriamos užsieniečiams, kurių darbo leidimo galiojimas yra pasibaigęs. Magistro baigiamajame darbe taip pat siekiama nustatyti Lietuvos Garantinio fondo veiklos efektyvumą ekonominės recesijos metu ir pateikti rekomendacijas sprendžiant darbe aptartas problemas. / The author of the paper analyses the quality of the legal acts related to the Lithuanian Guarantte Fund and seeks to determine the effectiveness of its practical activity. In order to reach these aims the paper dicusses the systems of the protection of employees rights, which are used worldwide and the particular models of guarantee institutions which are used in different countries. The author turn one‘s attention to how Lithuanian law of Guarantee Fund correspond to the Conventions of the International Labour Organization, to the directives of European Union and practise of the European Court of Justice. The main problems discussed in the paper are related with Lithuanian Law of Guarantee Fund correspondance to the directives of European Union. One of considered problems is the right of emploees, whose employers are not the subjects of the Law of Guarantee Fund, to seek compensation from Guarantee Fund. Another question is related to the application of the Law of Guarantee Fund to the private pension system. Furthermore, the cases of compensation from Guarantee Fund to foreign employees whose permission to work is not valid, are discussed. Also, in the paper we seek to determine the importance of the Lithuanian Guarantee Fund in the depression and give recommendations how to solve the problems discussed in the paper.

<p>Aggressive fiscal and monetary policies by governments of countries and central banks in developed markets could somehow push inflation to some very high level in the long run. Due to the decreasing of pension fund benefits and increasing inflation rate, pension companies are selling inflation-linked products to hedge against inflation risk. Such companies are seriously considering the possible effects of inflation volatility on their investment, and some of them tend to include inflationary allowances in the pension payment plan. In this dissertation we study the management of pension funds of the defined contribution type in the presence of inflation-recession. We study how the fund manager maximizes his fund&rsquo / s wealth when the salaries and stocks are affected by inflation. In this regard, we consider the case of a pension company which invests in a stock, inflation-linked bonds and a money market account, while basing its investment on the contribution of the plan member. We use a benchmarking approach and martingale methods to compute an optimal strategy which maximizes the fund wealth.</p>

This thesis tries to define and analyze the conception of lawfulness protection and basing oneself on law, the conception of social efficiency of law and the influence of these categories over the police. It tries to define the conception of the police activity. The activity of police as a State institution in the field of lawfulness protection is analyzed. The conclusion is drawn in the thesis that the police activity is its social activities the main point of which is to ensure the public security and public order by basing oneself on law and protect rights and freedoms of society members against dangerous encroachments. From the point of view of the social efficiency of law, the police activity must serve the social purpose of law in order not to sap the faith of society members in the main social values. Police is one of three principal State institutions carrying out the lawfulness protection the activity of which is regulated by the democratic State by corresponding legal acts the application of which is controlled. At the same time, it is a social organization empowered to apply the measures of extortion to a person who has committed the infringement of law. It is the part of society influenced by it and accountable to it. Therefore, the society demands that the police should base itself in its activity solely on law and protect successfully the lawfulness by realizing its functions. In order to realize tasks given to it by the society, each police institution must... [to full text]

Techn. University, Diss., 2002--München.

Este trabalho objetivou discutir as interações entre serviços de acolhimento e famílias de crianças e adolescentes em medida de acolhimento por negligência. Está organizado em quatro capítulos e no formato de artigos. O Capítulo I consiste em uma introdução ao tema dos serviços de acolhimento para crianças e adolescentes no Brasil, os avanços ao longo dos anos e desafios atuais. Traz uma perspectiva geral e histórica sobre o tema infância e adolescência no Brasil relacionada à violência e as medidas protetivas associadas. O Capítulo II relata uma pesquisa qualitativa realizada à luz da Teoria Bioecológica do Desenvolvimento Humano, com base na inserção ecológica e com análise de dados pela Grounded Theory. Esta pesquisa foi realizada com duas famílias com crianças e adolescentes recolhidas em serviços de acolhimento de Porto Alegre, Rio Grande do Sul. Nesse capítulo está descrito todo o processo de pesquisa, desde a inserção nas instituições até a análise dos dados, integrando os resultados da pesquisa, as teorias, as leis e as discussões acerca do tema. O Capítulo III discute o acompanhamento das famílias das crianças e adolescentes em serviços de acolhimento dentro do Sistema de Garantia de Direitos de Crianças e Adolescentes no Brasil. Trata-se de uma revisão narrativa da legislação e literatura acerca do trabalho articulado com as famílias, embasada especialmente na legislação vigente, nas orientações técnicas dos diversos serviços e políticas públicas brasileiras e na experiência das pesquisadoras. É um capítulo teórico, mas com enfoque e objetivo de contribuir com a prática do acompanhamento das famílias. O Capítulo IV integra e sintetiza as discussões anteriores, de modo a apresentar algumas considerações acerca dos serviços de acolhimento, da interação entre família e instituição, assim como do acompanhamento familiar no Sistema de Garantia de Direitos. / This study aimed to discuss the interactions between foster care and families of children and adolescents in shelter for negligence. It is organized into four chapters. The First Chapter is a introduce about foster care in Brazil, the advances and current challenges. It show an overview and historical perspective about childhood and adolescence in Brazil, violence and protective measures. The Second Chapter report a qualitative research conducted from Bioecological Theory of Human Development, ecological insertion and data analysis by the Grounded Theory. This research was conducted with two families with children and adolescents in foster care in Porto Alegre, Rio Grande do Sul. This chapter describes the research process, the analyze the data, integrating the results of the research, theories, laws and discussions about the subject. The Third Chapter discuss the the monitoring of families of children and adolescents in foster care into the Children's and Adolescents Rights Guarantee System in Brazil. This is a narrative review of the legislation and literature about the work with families, based in the current legislation, the technical guidance and Brazilian public policies. It’s a theoretical chapter, but the goal is contribute with the monitoring of families of children and adolescents in foster care. The Chapter IV integrates and summarizes previous discussions, in order to present some considerations about the care services, the interaction between family and institution, as well as family monitoring the Rights Guarantee System.