This thesis addresses the exception regarding lawyers in the Swedish fastighetsmäklarlagens §5 and aims to understand the background and meaning of the exception. Further the thesis addresses whether the main purpose of the estate agents act, the protection of consumers, is satisfying when a lawyer is practicing real estate agency. The study is based on the Swedish fastighetsmäklarlagen and aims to investigate the application of the act on both real estate agents and lawyers as they convey real estate. In order to clarify and understand the application of the law and to receive a view of the specific characteristics of each occupation, the occupational roles are investigated in detail and compared. The act distinguishes between conveying real estate professionally and conveying on single occasions. The demarcation of the concept determines whether the person conveying real estate is obliged to follow fastighetsmäklarlagen or not. A lawyer that is professionally conveying real estate should, according to Sveriges Advokatsamfund, practice the intermediary within the lawyer’s activity. Since professional ethics in practicing real estate agency and practicing law is incompatible the lawyer is obliged to make an assessment of what is professional intermediary within and outside the lawyer’s activities. The study points out that the boundary should be clarified in order for the lawyer to facilitate the assessment. The exception in the Swedish fastighetsmäklarlagen is important if a lawyer is professionally conveying real estate within the lawyer’s activity, but if the intermediary is solely within the lawyer’s general activity the exception has no function. A lawyer is suitable to pursue only those activities that are included within the scope of legal services, including intermediary corresponding to advocacy and not professional intermediary. For those situations that can be listed as professional intermediary, a real estate agent should be hired. Consideration whether the §5 should be changed or removed is required. / Uppsatsen behandlar undantaget avseende advokater i fastighetsmäklarlagens 5 § och syftar på att förstå undantagets bakgrund och innebörd. Vidare behandlar uppsatsen huruvida fastighetsmäklarlagens huvudsakliga syfte, konsumentskyddet, tillgodoses då en advokat utövar fastighetsförmedling. Studien utgår från fastighetsmäklarlagen och utreder lagens tillämpning på respektive yrkesroll, fastighetsmäklaren och advokaten, vid förmedling av fastigheter. För att få klarhet i och förstå tillämpningen av lagen utreds yrkesrollerna ingående samt jämförs för att ge en inblick i yrkesspecifika egenskaper. Lagen skiljer på den som yrkesmässigt förmedlar och den som enbart förmedlar vid något enstaka tillfälle. Gränsdragning avseende förmedlingsbegreppet avgör huruvida den som utövar förmedlingen har skyldighet att följa fastighetsmäklarlagen eller inte. En advokat som yrkesmässigt förmedlar fastigheter ska, enligt Sveriges advokatsamfund, utöva förmedlingen inom ramen för advokatens verksamhet. Då god fastighetsmäklarsed och god advokatsed är oförenliga medför det att advokaten själv måste göra en bedömning av vad som är yrkesmässig förmedling inom och utom ramen för advokatens verksamhet. I studien menas att gränsdragningen bör tydliggöras för att underlätta advokatens bedömning. Undantaget i fastighetsmäklarlagen kan ha betydelse om advokaten yrkesmässigt förmedlar inom ramen för sin verksamhet, men fyller ingen funktion i de fall då advokaten enbart förmedlar inom ramen för advokatens generella verksamhet. Advokaten är lämplig att ägna sig åt enbart sådan verksamhet som ingår inom ramen för advokatverksamhet, däribland förmedling som motsvarar advokatverksamhet och inte yrkesmässig förmedling. I de förmedlingsfall som kan räknas till yrkesmässig förmedlingsverksamhet bör istället en fastighetsmäklare anlitas. Det bör övervägas om 5 § ska förändras och undantaget avlägsnas

[pt] Empréstimos P2P conecta tomadores de crédito a investidores por meio de plataformas online, eliminando a necessidade de um banco comercial como intermediário. Ao assumirem o risco de inadimplência dos tomadores, os investidores dependem do processo de cobrança de dívida. Esse estudo investiga se leis estaduais de cobrança de dívida afetam a capacidade dos cobradores de recuperar dívidas liquidadas. Resultados mostram que regulações maís rígidas estão associadas a taxas de recuperação menores, o que por sua vez leva a expansão de crédito para tomadores mais seguros. / [en] P2P Lending connects borrowers and lenders via an online platform, cutting out traditional banking intermediation. By bearing the risk of borrowers defaulting on their loans, investors rely on the debt collection process. This paper investigates whether state debt collection laws affect the ability of debt collectors to recover charged-off debts. Results show that stricter regulation are linked with lower recovery rates, which in turn leads to extension of credit to safer borrowers.

[ES] Proptech es un término que en los últimos años está siendo muy utilizado en el sector inmobiliario, propiciando la atención de académicos y profesionales sobre su significado, su uso y el impacto final que puede tener en una industria caracterizada por ser conservadora y poco innovadora. La aparición de nuevas empresas tecnológicas denominadas proptech, con posibilidad de escalar el mercado y minimizar procesos y costes está agitando la industria inmobiliaria de la intermediación. Esta evolución pone en cuestión el futuro del/la agente inmobiliario/a motivando un proceso de desintermediación, así como la permanencia del modelo de agencias tradicionales tal y como se conoce hoy en día. La presente Tesis Doctoral se centra en la intermediación de compraventa de vivienda en España, con el objetivo de conocer las nuevas agencias online que operan en el mercado, determinar sus características y compararlas con el modelo tradicional. Para ello se plantea una metodología mixta. Por un lado, se han realizado entrevistas semiestructuradas a CEOs y profesionales con alta responsabilidad en empresas proptech de intermediación. Por otro, se ha distribuido una encuesta online a personas que han participado en un proceso de compraventa de vivienda para valorar las principales características de cada modelo de intermediación inmobiliaria. Se han obtenido 412 respuestas que se han analizado a través del programa IBM SPSS Statistics 26. Los resultados revelan que, si en un principio se partía de dos modelos de negocio, el online y el tradicional, aparece un tercero, el híbrido, que combina parte de la tecnología proptech con características propias de la agencia tradicional. La investigación demuestra que este proceso no se realiza siempre de forma evolutiva desde lo tradicional a lo híbrido, como sucede en la mayoría de los sectores en proceso de digitalización. Por el contrario, se realiza a la inversa, desde las empresas con un alto nivel de digitalización se produce un proceso de reintermediación hasta el modelo híbrido. Esto es consecuencia del tipo de bien que se intercambia y de las necesidades de los consumidores durante el proceso de compraventa. Estos valoran el espacio físico de la oficina donde son atendidos, y principalmente el contacto humano que proporciona el agente inmobiliario. La sociedad está en un proceso de cambio profundo y sólo las agencias, tradicionales o proptech, que comprendan y se adapten a los nuevos tiempos podrán posicionarse satisfactoriamente respecto a sus competidores. / [CA] Proptech és un terme que en els últims anys està sent molt utilitzat en el sector immobiliari, propiciant l'atenció d'acadèmics i professionals sobre el seu significat, el seu ús i l'impacte final que pot tindre en una indústria caracteritzada per ser conservadora i poc innovadora. L'aparició de noves empreses tecnològiques denominades proptech, amb possibilitat d'escalar el mercat i minimitzar processos i costos està agitant la indústria immobiliària de la intermediació. Aquesta evolució posa en qüestió el futur de l'agent immobiliari/a motivant un procés de desintermediació, així com la permanència del model d'agències tradicionals tal com es coneix hui en dia. La present Tesi Doctoral se centra en la intermediació de compravenda d'habitatge a Espanya, amb l'objectiu de conéixer les noves agències en línia que operen en el mercat, determinar les seues característiques i comparar amb el model tradicional. Per a això es planteja una metodologia mixta. D'una banda s'han realitzat entrevistes semiestructurades a CEOs i persones amb alta responsabilitat en empreses proptech d'intermediació. Per una altra banda, s'ha distribuït una enquesta en línia a persones que han participat en un procés de compravenda d'habitatge per a valorar les principals característiques de cada model d'intermediació immobiliària. S'han obtingut 412 respostes que s'han analitzat a través del programa IBM SPSS Statistics 26. Els resultats revelen que, si en un principi es partia de dos models de negoci, el model en línia i el tradicional, apareix un tercer que seria l'híbrid, que combina part de la tecnologia proptech amb característiques pròpies de l'agència tradicional. La investigació demostra que aquest procés no es realitza sempre de manera evolutiva des del tradicional a l'híbrid com succeeix en la majoria dels sectors en procés de digitalització. Per contra, es realitza al revés, des de les empreses amb un alt nivell de digitalització es produeix un procés de retorn a la intermediació fins al model híbrid. Això és conseqüència del tipus de be que s'intercanvia i de les necessitats dels consumidors durant el procés de compravenda. Aquests valoren l'espai físic de l'oficina on són atesos, i principalment el contacte humà que proporciona l'agent immobiliari. La societat està en un procés de canvi profund i només les agències, tradicionals o proptech, que comprenguen i s'adapten als nous temps podran posicionar-se satisfactòriament respecte als seus competidors. / [EN] The term proptech has been widely used in the real estate sector in recent years, drawing academics and professionals' attention to its meaning, its use and the ultimate impact it can have on an industry known for being conservative and lacking in innovation. The emergence of new high-tech companies called proptech, with the potential to scale the market and minimise processes and costs, is revoluzionizing the real estate brokerage industry. This evolution challenges the role of the real estate agent in the future, leading to a disintermediation process, as well as the continuation of the traditional agency model as it is known today. This doctoral thesis focuses on housing brokerage in Spain. Its aim is to find out about the new online agencies operating in the housing market, determining their characteristics and comparing them with the traditional model. A mixed methodology is suggested for this purpose. On the one hand, semi-structured interviews were conducted with CEOs and professionals with high responsibility in proptech brokerage firms. On the other hand, an online survey was distributed to people who have been involved in a home buying and selling process, in order to assess the main characteristics of each real estate brokerage model. A total of 412 responses were obtained and analysed using IBM SPSS Statistics 26. The results show that, whereas there were initially two business models, online and traditional, there is now a third one, the hybrid, which combines part of the proptech technology with the characteristics of the traditional agency. The research shows that this process does not always evolve from traditional to hybrid, as it happens in most sectors undergoing digitisation. On the contrary, it is the other way around, from highly digitalised companies there is a process of re-intermediation to the hybrid model. This is a result of the type of good being exchanged and consumers' needs during the buying and selling process. They value the physical space of the office where they are assisted and, most importantly, the human contact provided by the real estate agent. Society is undergoing a process of deep change and only those agencies, whether traditional or proptech, that understand and adapt to the new times will be able to successfully position themselves in relation to their competitors. / Asensio Soto, JC. (2023). Proptech: la digitalización de la intermediación inmobiliaria en España. Estudio comparativo entre el modelo online y el tradicional [Tesis doctoral]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/193071

The objective of this thesis is to provide new insights into determinants of firm access to finance, and the role of the European Central Bank's (ECB) monetary policy. Not only do we describe and analyze the determinants of access to finance, but we focus on the theory of financial intermediation, as well. The key part analyses European Commission (EC)/ECB survey data for 16 euro area economies from 11 survey waves in the period from 2009 to 2014. We build our model using traditional firm-level variables such as firm size and age as well as a novel measure of the ECB's monetary policy stance - the shadow rate. We hypothesize that smaller and younger firms with decreased profitability over the past 6 months and increased leverage over the same period are more likely to report problems with access to finance. Our results are intuitively consistent with theoretical expectations and also show that the looser the monetary policy of the ECB is, the lower the composite financing gap indicator. Interestingly, we do not confirm the existence of risk taking channel of the monetary policy. Overall, we make use of the most recent survey data, extend the dataset, and use modified methodology for our estimation.

L'opération de négociation sur un marché réglementé des valeurs mobilières correspond à une vente originale d'un bien meuble qui présente beaucoup de particularité puisqu'elle fait appel à plusieurs mécanismes. Cette opération est basée sur l'intervention des intermédiaires spécialisés, et elle se déclenche par un ordre de bourse. La législation financière cherche toujours à garantir la sécurité et la transparence de cette opération. L'étude de l'opération dans un cadre comparée entre le droit français et le droit tunisien a montré qu'il est temps que le législateur tunisien intervient pour intégrer des notions et des normes essentielles dans la matières qui permettent à la place financière tunisienne de s'aligner sur les règles internationales. / The operation of negotiation on a market regulated by securities corresponds to an original sale of the good(property) furnish(fill) which presents a lot of peculiarity because it calls on to several mechanisms. This operation is based on the intervention of the specialized intermediaries, and it starts by a stock market order. The financial legislation always tries to guarantee the safety(security) and the transparency of this operation. The study of the operation in a frame(executive) compared between the French law and the right(straight) Tunisian showed that it's time that the Tunisian legislator intervenes to integrate(join) notions and essential standards in materials(subjects) which allow the Tunisian financial center to align themselves with the international rules(rulers).

Notre étude a été inspirée par l’observation que malgré les efforts considérables en matière de la libéralisation financière au Malawi à partir de la fin des années 1980, les résultats apparents étaient plutôt médiocres, notamment en ce qui concerne la persistance de marges d’intermédiation (spreads) élevés. L’objectif central de notre travail est d’essayer d’élucider pourquoi. Notre hypothèse centrale est que si l’on ne tient pas compte du comportement des banques en matière de leurs réactions vis-à-vis de leurs incitations et leurs contraintes dans la mise en place de la politique de la libéralisation financière, on est voué à la déception en matière des résultats. L’étude montre que dans une situation économique caractérisée par une instabilité macroéconomique, les banques ont moins d’incitations à être plus efficientes du point de vue macroéconomique, c’est à dire en agissant dans la direction de l’approfondissement financier et de l’octroi de crédit au secteur privé. Bien au contraire, tout en agissant de manière rationnelle, elles sont tentées de rechercher des rentes faciles et sûres qui viennent du financement des déficits publics. Ceci leur permet d’accomplir deux objectifs : maximiser leur profit et minimiser leur risque-crédit, notamment en repoussant les « contraintes externes » imposées par les conditions économiques -notamment les taux d’escompte élevées- à leur clients à travers la combinaison d’une augmentation de taux d'intérêt sur les prêts et d’une faible augmentation des taux d'intérêt sur les dépôts. / This study was inspired by the observation that despite the considerable efforts in financialliberalization in Malawi from the late 1980s, the apparent results were mediocre, especially with regardto the persistence of high intermediation margins (spreads). The central objective of this study is to tryto investigate why. The key hypothesis is that if one does not take into account of bank behavior interms of how banks react vis-à-vis their incentives and constraints during the process of financialliberalization, the results are likely to be disappointing. The study shows that in an economic situationcharacterized by macroeconomic instability, banks have less incentive to be more efficient from amacroeconomic perspective, i.e., by enhancing financial deepening through higher credit to the privatesector. On the contrary, while acting rationally, they are tempted to look for easy and safe returnscoming from financing government deficits. This allows them to accomplish two objectives: maximizingprofit and minimizing credit risk, notably by pushing the "external constraints" imposed by economicconditions - including high rediscount rates- to their customers through a combination of an increasein interest rates on loans and a smaller increase in interest rates on deposits.Keywords: financial liberalization, bank behavior, intermediation margins, bank

A presente tese de doutorado propõe uma arquitetura de cloud broker para ambientes de computação em nuvem híbrida. Um cloud broker tem o objetivo de executar a mediação entre clientes e provedores, recebendo requisições dos clientes e encaminhando-as ao serviço do provedor que melhor se adaptar aos requisitos de qualidade de serviço (QoS) solicitados. A arquitetura de broker de serviços com QoS proposta denomina-se QBroker, características de implementação de seu modo de operação bem como sua interação com os recursos virtuais de um ambiente de nuvem são apresentadas. O modelo de nuvem considerado foi o de nuvem híbrida com uma caracterização de arquitetura orientada a serviços (SOA) na qual serviços remotos são disponibilizados aos clientes. A política de escalonamento de tarefas desenvolvida para o QBroker foi a de intermediação de serviços, considerando tratativas de QoS, diferenciação das instâncias de serviços (SOA) e alocação dinâmica de serviços. Além disso, toda a caracterização do modo de operação do QBroker foi baseada no conceito de intermediação do modelo de referência de nuvem do NIST. O componente QBroker foi introduzido numa arquitetura de computação em nuvem BEQoS (Bursty Energy and Quality of Service), desenvolvida no Laboratório de Sistemas Distribuídos e Programação Concorrente do ICMC-USP de São Carlos. Avaliações de desempenho para a implementação da arquitetura QBroker foram conduzidas por meio de programas de simulação com uso da API do simulador CloudSim e da arquitetura CloudSim-BEQoS. Três cenários experimentais foram avaliados e, segundo a análise de resultados efetuada, foi possível validar que as características arquiteturais implementadas no QBroker resultaram em significativo impacto nas variáveis de resposta consideradas. Assim, foi possível comprovar que o uso do QBroker como mecanismo de mediação em ambientes de nuvem híbrida com SOA promoveu ganhos em desempenho para o sistema de nuvem e permitiu melhoria na qualidade dos serviços oferecidos. / This doctoral thesis proposes a cloud broker architecture for hybrid cloud computing environments. A cloud broker aims to perform mediation between clients and providers, receiving customer requests and forwarding them to the service provider that best suits the requested QoS requirements. The broker architecture services with QoS proposal is called QBroker. Implementation features of its mode of operation as well as its interaction with the virtual resources from a cloud environment are presented. The cloud deployment model was considered a hybrid cloud with a characterization of service-oriented architecture (SOA) in which remote services are available to customers. The task scheduling policy developed for QBroker was the intermediation of services, considering negotiations of QoS, differentiation of services instances and dynamic allocation of services. Moreover, the entire characterization of QBroker operation mode is based on the intermediation concept of the NIST cloud reference model. The QBroker component was introduced into a cloud computing architecture BEQoS (Bursty, Energy and Quality of Service), developed in the Laboratory of Distributed Systems and Concurrent Programming at ICMC-USP. Performance evaluations analysis the of results of QBroker architecture were conducted through simulation programs using the CloudSim simulator API and CloudSim-BEQoS architecture. Three experimental scenarios were evaluated and, according to analysis of the results, it was possible to validate that the architectural features implemented in QBroker resulted in significant impact on response variables considered. Thus, it was possible to prove that the use of QBroker as mediation mechanism in hybrid cloud environments with SOA promoted performance gains for the cloud system and allowed improvement in the quality of services offered.

This thesis consists of four self-contained empirical essays. In the first essays "Markets for Risk and Openness to Trade: How are They Related?" (with Helena Svaleryd), we ask if there is an empirical relationship between financial development and openness to trade. Numerous theoretical papers have noted that trade policies can be used as an insurance against shocks from international markets. It follows that the development of markets for risk should reduce the incentives to rely on trade policy for insurance purposes. Feeney and Hillman (2001) explicitly demonstrate how asset-market incompleteness can affect trade policy in a model where trade policy is determined by the lobbying of interest groups. If risk can be fully diversified, special-interest groups have no incentive to lobby for protection, and free trade will prevail. Likewise, trade liberalization might increase the demand for financial services, thereby spurring the development of financial markets. Using several indicators of both openness to trade and financial development, we find an economically significant relation between the two. In particular, the relation holds when using the well known, although criticized (Rodriguez and Rodrik 1999), Sachs-Warner index, and structurally adjusted trade, as indicators of openness. For tariff levels and non-tariff barriers, the results hold only for relatively rich countries. Causality seems to be running both from openness to financial development and the other way around, depending on which indicator and methodology are used. Due to underlying technological differences, industries differ in their need for external financing (Rajan and Zingales, 1998). Since services provided by the financial sector are largely immobile across countries (Pagano et al., 2001), the pattern of specialization should be influenced by the degree of financial development. In the second essay, "Financial Markets, the Pattern of Specialization, and Comparative Advantage: Evidence from OECD Countries" (with Helena Svaleryd), we find this effect to be strong. In fact, the financial sector has an even greater impact on the pattern of specialization among OECD countries than differences in human- and physical capital. Further, the financial sector gives rise to comparative advantage in a way consistent with the Hecksher-Ohlin-Vanek model. Large and active stock markets, as well as the degree of concentration in the banking sector, produce the strongest and most consistent effects. The results also support the view that the quality accounting standards and the legal protection of creditors affect the pattern of industry specialization, while the depth of the financial system (measured by the amount of liquidity in an economy) is a source of comparative advantage. The third essay, "Who Wants Political Integration? Evidence from the Swedish EU-Membership Referendum" looks directly at the determinants of political attitudes towards regional integration and separation. More precisely, the regional voting pattern of the 1994 Swedish EU-membership referendum is analyzed. To explain this variation, an empirical investigation based on the extensive theoretical literature analyzing the determinants of regional economic and political integration is undertaken. Since enhanced possibilities of inter-regional risk sharing is one of the main gains from integration discussed in the literature (e.g Persson and Tabellini, 1996), special attention is given to this issue. The empirical results show that individuals living in labor markets exposed to a high degree of risk were more negative towards EU-membership than those living in safe ones. It is also shown that inhabitants of high-income labor markets, with a high level of schooling and small receipts of central government transfers were relatively positive towards the EU-membership. Given the restrictive regulations limiting discretionary policies within the EU, these results suggest that inhabitants of safe and rich regions voted in favor of secession from the Swedish transfer system, rather than in favor of European integration. In the final essay, "Does Labor Market Risk Increase the Size of the Public Sector? Evidence From Swedish Municipalities", I study if a high degree of private labor-market risk is related to a larger public sector in Swedish municipalities. The theoretical hypothesis is based on Rodrik (1998), who argues (and shows empirically) that countries exposed to a high degree of external risk also tend to have larger governments. The safe public sector is expanded at the expense of risky sectors and hence provides insurance against income volatility. Several problems related to data availability and comparability that apply to cross-country studies are circumvented by using data on Swedish municipalities. Further, there is no need to aggregate the public sector across different levels of governance: local risk is directly related to the size of the local public sector. The paper is not a complete parallel to Rodrik’s study, however. Several alternative insurance mechanisms that do not exist between countries are available between municipalities. For example, the central government provides insurance against individual-specific risk such as unemployment and illness, private capital markets are better integrated within than between countries, and the central government can hand out grants to municipalities. Despite these mitigating factors, local labor-market risk is found to have a substantial impact on municipal public employment. It is also found that shocks increasing the size of the public sector across all municipalities tend to generate a larger increase in risky locations. For municipal public spending and taxation the results are, however, much weaker. Hence, labor-market risk affects the labor intensity of the municipal public sector, rather than its size. / <p>Diss. Stockholm : Handelshögskolan, 2002</p>

自2008年以來，兩岸實質交流與政府政策的開放下，金融產業在多年的紅海競爭下，出現新契機。尤以2010年兩岸經濟合作架構協議（ECFA）的簽署，將金融服務業列為早收清單，使臺灣銀行業者能縮短等待期提早進入中國大陸市場開展業務。 本文以臺灣31家本國銀行（不含專業銀行及外資銀行）為研究對象，自2007至2013年為研究期間，以中介法選擇「利息支出」、「營業費用」、「存款」等3項投入變數；「利息收入」、「非利息收入」、「放款及貼現」、「投資」等4項產出變數。運用資料包絡分析法（DEA）及Tobit迴歸模型，由全體銀行、金控子銀行與非金控銀行的角度，探討兩岸簽訂ECFA對其經營績效的影響。 實證結果發現：1.銀行經營績效深受外在金融環境及規模大小影響。2.全體樣本銀行於簽訂ECFA後之平均效率不如簽訂ECFA前，惟部分銀行效率值提高。3.簽訂ECFA前非金控銀行純技術效率優於金控子銀行；簽訂ECFA後金控子銀行整體效率、純技術效率及規模效率皆優於非金控銀行。4.簽訂ECFA前後公股銀行之整體效率、純技術效率及規模效率皆優於民營銀行。 / The financial industries led to a red ocean market due to high and intensive competition many years ago. However, the relaxation of government policy of substantial cross-strait economic interactions has brought the turning point since 2008. Especially, the Economic Cooperation Framework Agreement (ECFA) between Taiwan and China was signed in 2010 and the financial service industry is covered under the Early Harvest list which can make Taiwanese bank sectors shorten the time and enter the Mainland China market early. This study is to research 31 domestic banks (exclude professional bank and foreign banks) and choose interest expense, operation expense and deposit as the three input variables and interest revenue, non-interest revenue, loan and discount and investment as output variables from 2007 to 2013. With the use of Data Envelopment Analysis (DEA) and Tobit regression mode, it explores the effect of operating performance for the banks, the financial holding banks and the Independent Banks under the ECFA. Finding: After the signing of the ECFA，the sample banks' efficiency is not as good as before the signing, but some banks to improve the efficiency. Before the signing ECFA, the pure technical efficiency of non-bank financial holding is superior than financial holding banks ; however, efficiency of financial holding banks ,including technical efficiency pure technical efficiency scale efficiency,is superior than non-financial holding banks. Overall, the performance of public financial holding banks is superior than the private banks. However, the performance of banks is impact by financial environment and the size.

自2003年臺灣發行第一件資產證券化商品以來，整體證券化市場發展快速，在可預見的未來，臺灣資產證券化將迅速普及。不過，就一般而言，間接金融與直接金融間似有替代關係，亦即資產證券化可能產生金融逆中介現象。因此，本文的研究目的即在於探討資產證券化對臺灣銀行業放款之影響為何。 　　本文以2001年第4季至2004年第4季臺灣銀行業將其資產予以證券化的不平衡追蹤資料，搭配固定效果模型的估計，實證研究發現，從臺灣短暫的資產證券化經驗來看，資產證券化的增加確實會造成銀行放款量的相對減少（放款餘額占資產之比率下降），即臺灣實施資產證券化後，產生金融逆中介現象。長期而言，直接金融（含資產證券化）的增加將造成銀行放款成長率趨緩，以及銀行放款餘額占資產之比率下降，但此並不意味資產證券化的普及，將造成銀行總放款量減少，而降低銀行體系金融中介的功能。 　　另外，透過固定效果模型，發現其他因素對銀行放款之影響如下：（1）銀行逾期放款比率雖與放款呈負向關係，但並不顯著。意即銀行在逾期放款比率增減時，並不會特別調整放款餘額占資產之比率。（2）銀行淨值與放款之關係亦不顯著。表示銀行淨值增加時，放款可能只會與其他資產同步增加，而不會因此特別擴大其占資產之比率。（3）房價指數的係數為顯著正值。顯示擔保品價值愈高時，銀行愈願意辦理放款。（4）其他直接金融存量（扣除資產證券化）的係數為顯著負值。顯示直接金融與間接金融存在明顯替代關係。（5）國內生產毛額與銀行放款之關係不顯著。表示國內生產毛額增加時，銀行放款可能只會與銀行其他資產同步增加，而不會因此特別擴大其占資產之比率。 　　在控制其他解釋變數後，計算各樣本銀行的特質效果（即放款餘額占資產之比率），發現除了放款餘額占資產之比率較高者，逐漸降低該比率外，其餘銀行並無特定趨勢。因此，似可推論出銀行放款餘額占資產比率的高低，與銀行本身之經營策略有關，致使該比率在不同銀行間有不同水準。 / The entire securitization market has been evolving rapidly since the first asset securitization product was issued in Taiwan in 2003. In the foreseeable future, asset securitization in Taiwan will become prevalent. However, there seems to be a substitution relationship between direct finance and indirect finance; that is, financial disintermediation may emerge as a result of asset securitization. Therefore, this paper aims to discuss the effects of asset securitization on bank loans in Taiwan. Based on the unbalanced panel data of the asset securitization of banks in Taiwan from Q4 2001 to Q4 2004 along with the estimates from the fixed-effects model, it is found in this study that, judging from Taiwan’s brief experience in asset securitization, an increase in asset securitization does indeed bring about a relative decline in the amount of loans (a decreased ratio of loan balance in assets). In other words, financial disintermediation has arisen with asset securitization in Taiwan. From a long-term perspective, increment of direct finance (including asset securitization) will lead to retarded growth in bank loans as well as a lower ratio of loan balance in assets. This, however, may not necessarily imply that the popularization of asset securitization would result in a decrease in the amount of bank loans or weaken the financial intermediation function of the banking system. In addition, effects of other factors on bank loans found via the fixed-effect model are as follows: (1) Non-performing loan (NPL) ratio and bank loans have an inverse relationship, albeit insignificant. This means that banks do not usually adjust the ratio of loan balance in assets in accordance with their NPL ratios. (2) The relationship between the net worth of banks and the amount of loans is insignificant as well. This indicates that the amount of loans would only rise with other assets as the net worth of banks increases; the ratio of loan balance in assets will not be specifically elevated. (3) The coefficient of Housing Price Index is significantly positive, indicating that the higher value a collateral has, the more a bank is willing to release a loan. (4) The coefficient of other stock of the direct finance (excluding asset securitization) is significantly negative, which reveals an obvious substitution relationship between direct finance and indirect finance. (5) The relationship between gross domestic product (GDP) and bank loans is insignificant, which indicates that the amount of bank loans would only rise with other bank assets as GDP increases; the ratio of loan balance in assets will not be elevated accordingly. As other explanatory variables are under control, the results gained from computing the specific effects (the ratio of loan balance in assets) of each sample (bank) show that only those with a higher ratio of loan balance in assets are found gradually reducing the radio. Such a trend is not found in others. Consequently, it can be inferred that the ratio of loan balance in assets depends on the business strategy of the bank itself, which results in different levels of the ratios among different banks.