近來非傳統(Non-banks)金融機構(非銀行機構)，不論在聯合貸款市場或是在一般貸款市場所參與的程度愈來愈多，所承作的借款金額也逐年增加。這樣的趨勢尤其以歐美市場更為明顯。而一般文獻對於非銀行機構在聯合貸款市場與傳統金融機構在貸款條件差異的相關研究較少，因此本文研究非銀行機構利用1995至2007年美國企業在聯合貸款市場的資料，透過結合「Thomson Reuters LPC’s Dealscan」以及「Compustat」資料庫，分析包括融資公司(Finance Company)、投資銀行(Investment Bank)、保險公司(Insurance Company)、機構投資者(Institutional Investors) 的聯貸條件，實證結果發現非銀行機構參與的聯貸案件，通常都會要求較高的借款利率，其中又以保險公司所要求的借款利率為最高，可見非銀行機構是屬於追求較高風險的中介機構，但是本文也發現非銀行機構卻也會承作貸款期間較長的契約。 本文同時探討2000年美國通過金融服務業現代化法案是否對於非銀行機構造成影響，實證結果發現母公司為金融控股公司的非銀行機構在通過金融服務業現代化法案後，會放款給較高風險的公司，說明了在允許跨業經營下，隸屬金控的非銀行機構子公司承做風險較高的貸款業務非銀行機構。 / Non-bank institutions have participated in the commercial lending market and syndication market in recent years, especially in the U.S market. However, the literature addressing this issue is sparse. This paper aims to analyze the effects of participation by Non-bank lenders in the syndicated loan markets.We examine the loan contracts which started from 1995 to 2007, and use 「Thomson Reuters LPC’s Dealscan」and 「Compustat」datasets to analyze the lending behavior of Non-banks. Empirical results show that when the Non-banks participate in the loan market, they tend to charge higher credit spreads. However, when Non-banks participate in the facility, they also provide longer-maturity loans. Furthermore, this research also examines the effect of Financial Services Modernization Act‘s influence on lending behavior. The results show that after the Act was put into force, non-banks that are associated with Financial Holding Company tend to be more risk-taking. We find that Financial Holding Company would transfer the more risky operation into non-bank subsidiaries after they are allowed to cross sell their products.

In this paper we will resume the main differences between the application of IFRS 9 «Financial Instruments» to be imperatively implemented in Peru since the commencement of the exercise 2018 with regards to the current IAS 39 «Financial Instruments: Recognition and Measurement», focusing in the classification and measurement of financial assets. Furthermore, a practical analysis will be applied to financial instruments in the investment banking industry. / En este trabajo, se busca sintetizar las principales diferencias en la aplicación de laNIIF 9 «Instrumentos Financieros» a implementarse de forma obligatoria en el Perú desde el inicio del ejercicio 2018 con respecto a la actual NIC 39 «Instrumentos Financieros: Reconocimiento y Medición», específicamente en clasificación y medición de las partidas de activos financieros. Además, se realiza un análisis práctico aplicado a instrumentos financieros del rubro de la banca de inversión. / Neste artigo, retomaremos as principais diferenças entre a aplicação da Normas Internacionais de Relatório Financeiro (IFRS) 9 «Instrumentos Financeiros» a implementar de forma imperativa no Peru desde o início do exercício de 2018 no que se refere ao atual Normas internacionais de contabilidade (IAS) 39 «Instrumentos Financeiros: Reconhecimento e Medição», focado em A classificação e mensuração de ativos financeiros. Além disso, uma análise prática será aplicada aos instrumentos financeiros no setor de banca de investimento.

當前我國農業金融施政目標將配合農業加值政策，多元化推動政策性專案農貸，農貸對象將由個別農漁民推廣至農企業，是以，資金用途亦將由農業生產擴及農漁業運銷、加工與技術研發；穩健持續的發展農業將需要充分的資金，如何為農業發展自金融市場引入資金，融資是我國金融施政的當務之急。 　　我國農漁會組織結構脆弱，規模小且欠缺增資機制，本論文鑑於美國資產證券化發展至今已半個世紀，其對直接融資環境的建樹及國家經濟的繁榮功不可沒；直接融資的優點有三：降低借款者的融資成本、提高貸款者的營運效率、增加投資者的投資標的，本論文冀望借鏡美國資產證券化發展經驗及運作模式，創新我國融資思維，以「農業貸款證券化」的方式自金融市場直接取得資金，消弭農業金融當前的瓶頸，為農業發展提供有效的融資，全力發展農業貸款證券化尚能促進國內證券化及信託業務的健康發展。 　　本論文參考美國資產支持證券與小型企業署證券化的運作模式，規劃我國農業貸款支持證券的發行程序，包括創始資產、資產群組化、現金流結構、信用增強機制、發行架構、風險分析、信用評等及訂價策略八個構面，並探討發行之可行性，獲得適法性無疑、市場供給面與需求面具有發行正當性之結論。 　　在促進次級市場流動性議題上，本論文建議以「指定集合管理運用金錢信託」平台，透過投資人的多元性參與以及投資商品的多樣性選擇，在金錢信託架構下促進交易市場的活絡，進而帶動流動性的增強；最後，本論文建議信託業運用信託機制發揮投資銀行之功能，於兼顧企業融資與客戶投資之同時，實踐扶持中小企業、促進地方經濟繁榮的責任與願景。 　　國內如能順利推動農業貸款證券化業務，對市場各個參與者之利基臚列於下，此亦為本論文衷心冀盼的： 一、對政府、農委會等中央主管機關而言： 　　（一）得以建立我國農業資本市場、擴大我國債券之發行。 　　（二）得以解決農地閒置休耕問題、增進農企業規模發展。 　　（三）得以樽節政府農業發展支出、普及全民投資農漁業。 二、對全國農業金庫而言： 　　（一）得以差異化的營運方式有別於農漁會之經營。 　　（二）得以超然的立場貫徹執行金融監督管理之責。 三、對農漁會而言： 　　（一）得以縮減資本計提的需求、提升ROA與ROE。 　　（二）得以提升金融資產流動性、增進資金使用效率。 　　（三）得以提高自有資本的比率、改善經營的績效。 　　（四）得以開創資金調度的渠道、降低資金取得成本。 　　（五）得以分散金融資產的區域性風險與集中性風險。 四、對農、林、漁、牧業者而言： 　　（一）得以取得貸款資金。 　　（二）得以降低融資成本。 五、對投資人而言： 　　（一）得以直接參與本土農業投資。 　　（二）得以享有多樣化的投資選擇。 / The current Agriculture-Finance policy of R.O.C. is to cope with Agriculture Value-up policy, so as to promote diversified project loans from individuals to corporates. Consequently, the purpose of finance will be extended to agricultural and fishing logistics, process and technic inventions. Constant and stable development of agriculture needs sufficient capital; however, the main and urgent issue of agricultural development is to direct financing from capital market. The construction of farmers’ and fishermen’s association of R.O.C. is relevantly fragile, in miniature and in lack of the mechanism of capital injection. The securitization of the U.S.A. has been developed through half century, which flourishes economy and direct finance. There are three advantages of direct finance; the first is to lower the cost of borrowers, the second is to level-up the business efficiency of debtors, and the third is to increase the objects of investors. The essay is about to refer to the experiences of US securitization and its models, so as to innovate our financing thinking with direct financing from Agriculture-Loan-Securitization; where the bottleneck of agriculture financing can be breached and provide more sufficient and efficient capital to boost Agriculture-Loan-Securitization with advantageous growth of domestic business of securitization and trust. This essay consults the methods of US ABS and SME construction to plan the issuance of Agriculture-Loan-Securitization, including aspects of original assets, assets sectors, financing construction, credit enhancing mechanism, issuance construction, risk analysis, credit rating and pricing; that leads to the justification of feasibility, legality, supply and demand of issuance. As to the issue of increase liquidity of secondary market, this essay suggests that the building of Semi-discretionary collectively managed money trust platform can provide a varieties of diversified participation and investing products to investors under the construction of money trust to activate vivid market transaction and empower liquidity. This essay also suggests that the business of trust shall use the function of investment banking, with the balance between corporate financing and client investment, to support SME and improve local economy as a liability and vision. In the event of the succession of domestic Agriculture-Loan-Securitization, the niches of each participant are suggested as followed with sincerely: 1. To Council of Agriculture and government at large, (1) Building up agriculture financing market, expanding the issuance of bonds. (2) Sorting out farmland fallow, increasing the scale of agriculture business. (3) Saving the cost of governmental agriculture cost, promoting the investment to agriculture and fishing. 2. To Agricultural Bank of Taiwan, (1) Setting up the differentiation of management from farmers’ and fishermen’s association. (2) Supervising independently. 3. To farmers’ and fishermen’s association, (1) Minimizing the demand of capital adequacy, increasing ROA and ROE. (2) Increasing capital liquidity and efficiency. (3) Level up tier 1 capital, improve return. (4) Developing new capital channel, lowering the risk of financing. (5) Spreading finance area risk and concentric risk. 4. To agriculture, forestry, fishing and animal husbandry business, (1) Acquiring finance (2) Lower the cost of financing 5. To investors, (1) Participating local agriculture investments directly. (2) Have diversified options of investment.

Les hedge funds sont devenus des acteurs incontournables des marchés financiers et, pourtant, ils demeurent toujours inconnus ou «mal connus» à la fois par le grand public, les régulateurs et les juristes. À l’heure du bilan de la directive AIFM qui avait pour ambition de proposer une réglementation ambitieuse de l’industrie des hedge funds au sein de l’Union européenne, il convient de revenir sur ces entités dont l’histoire, les stratégies, le statut juridique, les caractéristiques et le régime juridique demeurent, encore, flous. La thèse vise à proposer une définition et un portrait-robot précis des hedge funds via leur identification par leurs caractéristiques, qu’elles soient propres ou empruntées à d’autres entités. Un hedge fund n’est pas un fonds de gestion collective ni une forme juridique à part entière. Un hedge fund peut revêtir tout type de forme sociale et sera communément considéré comme tel dès lors que l’entité s’emploiera à adopter certaines stratégies d’investissement et disposera d’une structure de rémunération et organisationnelle particulière. Ces dernières sont des indices permettant la caractérisation d’un hedge fund dont la nature juridique est quasi-exclusivement celle d’un fonds.Le hedge fund en tant que fonds est, selon le droit français, dépourvu, à tort, de la personnalité juridique alors même qu’il dispose de tous les attributs juridiques nécessaires à une telle reconnaissance. La présente étude démontre que le législateur français a ôté la personnalité juridique à la forme sociale originelle du hedge fund en droit français alors que les arguments en faveur de cette reconnaissance étaient plus convaincants. Un hedge fund en tant que fonds s’apparente davantage à une société hybride qu’à un numéro de compte. Cette théorie s’appuie principalement sur l’argument selon lequel il existe une personnalité morale embryonnaire où la personnalité juridique serait graduelle selon l’entité concernée. / Hedge funds have become key players in financial markets and are still unknown or « poorly known » by the general public, regulators and lawyers. At the time of the review of the AIFM directive which aimed to propose an ambitious regulation of the hedge fund industry within the European Union, it is necessary to return to these entities whose history, strategies, legal status, characteristics and legal regime remain, still, unclear. The thesis aims to propose a definition and an accurate robot portrait of hedge funds through their identification by their characteristics. These characteristics are both specific to hedge funds and borrowed from other entities. A hedge fund is not a collective fund or a legal form in its own right. A hedge fund can take any legal form and will be commonly considered as such when the entity strives to adopt certain investment strategies and will have a particular compensation and organizational structure. These characters are clues allowing the characterization of a hedge fund whose legal nature is almost exclusively that of a fund. However, the hedge fund as a fund is, under French law, wrongly deprived of legal personality even though it has all the legal attributes necessary for such recognition. The present study demonstrates that the French legislature removed the legal personality from the original social form of the hedge fund in French law while the arguments in favor of this recognition were more convincing. A hedge fund as a fund is more like a hybrid company than an account number. This theory is based mainly on the argument that there is a cohabiting legal personality where the legal personality is gradual depending on the entity concerned.

The aim of my thesis on the topic „Regional and structural EU policy – economic and legislative aspect“ is a description of all important aspects of Regional policy EU and the performance of regional policy in the context of a specific project.