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Showing 51 to 58 of 58 (0.071 seconds)Spelling suggestions: "subject:"underwriting"" "subject:"nderwriting""
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從兩岸入世論臺灣承銷商的發展契機 / The opportunity of the underwriting corporation in Taiwan after attending WTO陳慶洪, Chen, Ching-Hung Unknown Date (has links)
學年度：90
學期：2
校院：國立政治大學
系所：經營管理碩士學程
論文名稱：從兩岸入世論臺灣承銷商的發展契機
學位類別：碩士
研究生：陳慶洪
指導教授：杜化宇
關鍵詞：中國大陸、證券承銷、證券承銷商、發行人、配售方式、詢價圈購、公開申購、競價拍賣、世界貿易組織
中文摘要：
隨著中國大陸經濟的蓬勃發展，股票市場也在這個變動的社會中應運而生。股票市場做為溝通資金供需雙方的重要渠道，是傳統資本主義社會的重要表徵，最早發軔於西歐，臺灣和中國大陸也陸續引進這種商業型態的制度。隨著兩岸分別加入世界貿易組織，股票市場也必須積極地邁向國際化。當歐、美、日等國的投資銀行均已積極地進駐中國大陸，以搶佔其金融市場之際，國內業者受制於兩岸的政治氛圍卻顯得步履蹣跚。然而太晚進入大陸市場，將使國內證券承銷商處於不利的競爭地位。
在WTO的架構下，金融服務業必須受到服務貿易總協定的規範，兩岸都將適用最惠國待遇和多邊諮商原則，所以臺灣對中國大陸以及中國大陸對臺灣的經貿與金融政策都必須作大幅度的調整。臺灣地區的證券承銷商如何掌握此一發展趨勢，以開創華人世紀的新紀元，在在考驗著臺灣政府與業者的智慧。
摘要
回顧八零年代後期，中國大陸在鄧小平的主導下，踏上改革開放的試點工作，低廉的要素成本和政府的政策支持，吸引著外資源源不斷地注入，臺商得文化、地利之便，藉著轉移生產基地以延續產業生命並擴展生產規模。二十餘年來，西進的臺商從勞力密集，逐漸提升到資本密集與技術密集，對國內的經濟發展帶來相當大的衝擊。當臺商在異地逐漸站穩腳步，並於境外獲得資金供給的來源，對國內資本市場的依存度自然降低許多。做為資金供需雙方媒介的國內證券承銷商，遂因而陷入市場萎縮的困境。當兩岸次第加入世貿組織以後，國內承銷商是否有機會跟隨臺商腳步，將市場拓展至中國大陸，以延續生機並再創高峰，的確是一件值得深思的問題。
本研究的第二章、第三章分別介紹中國大陸和臺灣的承銷制度，依序分從 「證券商之分類及其業務範疇」、「承銷時機」、「承銷方式與資格」、「承銷作業程序」和「承銷價格訂定與配售方式」等五個面向加以探討，第四章則從比較制度的觀點，分析兩地承銷制度的異同。為了瞭解WTO入會架構將對兩岸承銷商帶來何等影響，本研究第五章首先介紹世界貿易組織的功能、理念與規範重點，其次則試圖探討兩岸入會後可能面臨的衝擊與因應之道。第六章則以建華金控為例，探討年前國內通過金融業者得以純粹控股公司形式跨業兼營的法令，將對證券承銷業者進軍中國大陸的努力帶來何等影響與可能的限制。
從制度面來看，由於臺海兩岸均係繼受歐美國家的先進體制，只是導入時期先後有別，除因政策性考量產生些許出入外，可說是大同小異。其次，兩岸分別在2001年11月間的卡達會議中獲准加入世界貿易組織，臺灣地區雖以已開發國家身份入世，因入世前長達九年的複邊磋商過程已陸續將相關要求內化，入世後應不致帶來太大的衝擊。而中國大陸係以開發中國家身份爭取入世，因此在國內市場的開放上有較多的調適時間，不過從其最近出台的《外資參股證券公司設立規則》來看，除了對於境外股東的持股比例，依其入世時承諾的進度設定限制外，可說是全面開放證券承銷市場；且該規則亦適用於香港、澳門及臺灣地區的業者。受限於兩岸政權迄今仍處於對立狀態，短期內恐無法假前述規則簽署證券監管合作諒解備忘錄，勢將嚴重斷喪臺灣承銷商西進的發展契機，徒將崛起的商機拱手讓與外資，國內政府誠應審慎考慮此一嚴肅課題，進而積極協助業者排除政治上的障礙，以延續並擴展臺灣業者的生存命脈。 / Academic year: 2001
Session:2
School: National Chengchi University
Department: Executive MBA of Finance
Title of Thesis: The Opportunity of The Underwriting Corporation in Taiwan After Attending WTO
Degree: Master
Author: Ching-Hung Chen
Advisor: Professor Anthony Tu
Keywords: Mainland China, securities underwriting, underwriter, issuer, offering method, book-building, fix-price, auction, WTO
Abstract:
As the economy of Mainland China is glooming, the stock market arises in the changing society. The stock market is an important channel to link the supply and demand, as well as a symbol of the traditional capitalist society. It has taken a long time for western countries to develop their stock systems. However, similar systems emerged in Taiwan and Mainland China. After Taiwan and Mainland China attending WTO, stock markets must be aggressively facing the globalization. When Europe, the United States, and Japan are going to compete to dominate the Mainland's financial market. Taiwan is moving at a slower pace and facing many restrictions. The late entry of Taiwan's underwriting corporations into the Mainland market will undermine their competitiveness.
Under the WTO framework, the basic principles on the financial services sector are governed by the General Agreement on Trade in Services (GATS). Once Taiwan and the Mainland become WTO members, they must both accept all WTO regulations, including those on MFN treatment and multilateral negotiations. In light of these requirements, both Taiwan and the Mainland must make large adjustments in their cross-strait and financial policies toward each other. The underwriting corporations in Taiwan are willing to create a new era. How to grasp the developing tendency is a critical trial to the enterprises and government in Taiwan.
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[en] MODEL FOR CALCULATING THE NEED FOR CAPITAL TO COVER THE UNDERWRITING RISKS OF NON-LIFE OPERATIONS / [pt] MODELO DE CÁLCULO DA NECESSIDADE DE CAPITAL PARA COBRIR OS RISCOS DE SUBSCRIÇÃO DE OPERAÇÕES NÃO VIDAEDUARDO HENRIQUE ALTIERI 03 May 2019 (has links)
[pt] Importante questão que se coloca atualmente é a capacidade de medição do volume de capital necessário, às sociedades seguradoras, para fazer frente aos diversos tipos de risco que tais companhias suportam no exercício de suas atividades. Esse volume de capital necessário deve ser tal que permita à companhia suportar variabilidades no negócio. As motivações para o desenvolvimento de modelos matemáticos visando à determinação desta necessidade de capital são tanto a preocupação das próprias companhias com a sua gestão de risco, como também aspectos relacionados ao estabelecimento de requerimentos de capital exigidos pelo regulador de seguro às sociedades seguradoras para fazer frente aos riscos suportados. Entre tais riscos, encontra-se a categoria dos riscos de subscrição, relacionados diretamente à operação central de uma seguradora (design de produto, precificação, processo de aceitação, regulação
de sinistros e provisionamento). Esta dissertação apresenta uma proposta de modelo para determinação do volume necessário de capital para fazer frente aos riscos de subscrição, na qual tal categoria de riscos é segregada nos riscos de provisão de sinistros (relativos aos sinistros ocorridos e, assim, relacionados às
provisões de sinistros) e nos riscos de emissão/precificação (relativos aos sinistros à ocorrer num horizonte de tempo de 1 ano, considerando novos negócios). Em especial, o modelo proposto utiliza processos de simulação que levam em consideração a estrutura de dependência das variáveis envolvidas e linhas de
negócio, fazendo uso do conceito de cópulas condicionais. / [en] Important question that arises today is the ability to measure the amount of capital necessary to insurance companies, to cope with various types of risk that these companies support in performing their activities. This volume of capital required must be such as to enable the company to bear variability in business. The motivations for the development of mathematical models aimed at the determination of those capital needs are both the concern of companies with their own risk management, as well as aspects related to establishing capital requirements required by the insurance regulator to insurance companies to face the risks borne. Among such risks, is the category of underwriting risks, directly related to the core operation of an insurance company (product design, pricing, underwriting process, loss settlement and provisioning). This dissertation proposes a model for determining the appropriate amount of capital to cope with the underwriting risks, where such risk category is segregated in reserving risks (relative to incurred events) and pricing risks (relative to events occurring in the time horizon of 1 year, considering new businesses). In particular, the proposed model uses simulation processes that take into account the dependence structure
of the variables involved and lines of business, making use of the concept of conditional copulas.
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The impact of solvency assessment and management on the short-term insurance industry in South AfricaVan Huyssteen, Johan 11 1900 (has links)
The financial stability of the insurers is important to fulfil its role as a risk transfer mechanism and to protect the purchasers of their products. The European Union is introducing the Solvency II to modernise the current Solvency I regime and to harmonise the different insurance legislation of the members of the European Union. Solvency II introduces an architecture consisting of three pillars, with Pillar I setting the solvency capital requirements, Pillar II the governance and risk management requirements and Pillar III the reporting requirements. The South African Regulator initiated Solvency Assessment and Management for implementation in 2016 to align the South African prudential regulatory framework to meet the Solvency II requirements for third country equivalence. The problem that this study addressed is the possible effect that the introduction of Solvency Assessment and Management may have on the sustainability of short-term insurers in South Africa. The results of a empirical component of the study indicated that small and medium short-term insurers may be negatively impacted due to the costs incurred to implement and comply with the requirements of the new regulatory framework. The effect on the South African short-term industry can be that cover is concentrated among a few large short-term insurers. / Business Management / M. Com. (Business Management)
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保險業因應全球運籌物流風險之對策-以高科技電子產業運輸保險為例 / The Strategy for Insurers on the Global Logistic Risk- A Case Study on the Marine Cargo Insurance of Electronic Industry梁銳華, Liang,Jui-Hwa Unknown Date (has links)
隨著高科技產業的興起，電子產業因應市場快速與客戶滿意度的高度需求，供應鏈物流業的快速發展，使得傳統運送模式之風險形態產生戲劇性的變化，損失頻率及損失幅度均已隨著運籌模式物流的風險由傳統運輸Door to Door構成線性的低度風險，轉變為Hub、組裝中心、物流倉庫、承攬人、次承攬人等複雜的關係方所構成，網狀物流模式的高度風險區塊。而運輸保險長期以來處於保險業者、保險經紀人的惡性競爭市場，高科技電子業基於風險成本考量，強勢壓縮保險費，使得電子業運輸保險損失率居高不下。
本研究透過個案電子公司之重大損失案例研究，歸納高科技電子業物流損失的發生原因，提出核保、理賠管理、及物流倉庫、運送人損防、管理建議供保險業界，物流業者參考。
未來，保險業面對全球運籌業物流風險經營，除積極運用核保策略，加強同業間的共保協商機制，以分散風險外，針對此特殊業務的核保應加強倉庫管理人風險查勘及物流運送人之委任規範、以達到風險預防之效果。更重要的是，保險經營者應修正，以利潤導向的經營理念代替市場佔有率的迷思，方是杜絕市場惡性競爭的根本。
關鍵字：電子業、全球運籌、供應鏈、風險管理、
損失頻率、損失幅度、核保策略、理賠管理、
損失率。 / With the blooming growth of high-tech industry, the electronic industry pursued for swiftness and clients satisfaction as well as the fast development of logistics business, risk of cargo distribution had transformed from the traditionally low-risk lineal “door to door” model to a high-risk complex structure of network composed by Hubs, Configuration Centers, warehouses, contractors, and sub-tractors. Moreover, the intense competitiveness among insurers and insurance agents as well as the cost-down strategy on cargo transit insurance premium of high-tech companies even make the loss-claim ratio have stayed high for such a long time.
By studying cases of specific high-tech company claiming for great loss amount, we herby conclude several main causes of loss during transit and bring up suggestions on Underwriting, Claim Adjustment, Logistics Warehouse, Carrier Loss Prevention, and Logistics Management for your reference.
In the future, in terms of risk management and diversification, we should not only aggressively adjust our underwriting strategy, enhance co-insurance policy but also strengthen investigations on the warehouse staffs and designate supplier adequate responsibilities.
Besides, what’s more important is to alter the myth of being purely interest-oriented and to discard the thought of expanding market percentage by cutting prices, only then we could really make a sound foundation at the market instead of suffering malignant competition with each other.
Key Word：Electronic Industry，Global Logistic，Supply Chain，Risk Management，Loss Frequency，Loss Severity，Underwriting Strategy，Claim Management，Loss Ratio。
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Critical factors for the financial success of South African short-term insurersSandrock, Gerrit Johann 12 1900 (has links)
This study shows that managers of short-term insurers may improve their financial results if they can identify and manage the factors that are critical to their financial results. The development and application of the concept of critical success factors are therefore used as a basis for this study. The study reviews the functions performed by short-term insurers, focusing on the effect these functions have on their cash flows. Selection and pricing of risk are discussed in detail. The
underwriting cycle in South Africa, and several possible causes of the cycle are investigated. Reinsurance, claims handling and rilanagement expenses are important components of the cash flows of short-term insurers and are therefore examined in detail. The optimum risk level at various combinations of underwriting and investment income is
empirically tested, using the financial results of several insurers. The study investigates different approaches to the measurement of financial success of insurers, and the return on shareholders' funds is found to provide the fairest and most reliable method. Empirical
comparisons are made on the financial results of the insurers that participated in the study to distinguish between those that are financially successful and those that are not. To discover what the industry consider to be their critical financial success factors, a postal
survey was done of key decision makers in the South African short-term insurance industry. Respondents identified several success factors, but did not include some success factors discovered during the review of the literature. Respondents apparently experienced difficulty
in separating strategic issues from operational ones. The survey revealed that the pricing of risk is problematic for short-term insurers. The importance of the investment function is also underestimated by the industry. The study concludes that the combined systematic risk of the investment and underwriting portfolios is a critical success factor, along with the capital base of the insurer, the ability of the insurer to use the leverage provided by using policyholders' funds as free reserves and the size and direction of an insurer's cash flows. / Business Management / D. Com (Business Management)
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Vývoj metodiky psaní levou rukou a přístup pedagogů k levorukým žákům / Development of the Methodology of Left-hander's Writing and Teacher's Attitude toward Left-handed ChildrenHradecká, Lucie January 2017 (has links)
The thesis follows the development of the methodology of left-handers's writing, teacher's usage of the knowledge of methodology in a practice, researching the materials aimed in left- handness dedicated to teachers and parents, describing statements and opinions of the concrete primary teachers on left-hander's methodology. The thesis consists of the theoretical part and the empiric part. In the therotical part there are defined terms laterality and dominance, the development of the methodology of left-hander's writing since the year 1967 when this type of writing was legalised in the Czech Republic. The possibilities of getting information about the problematic of left-handness are summed, including books and trainings for primary school teachers. Finally, available equipment for left-handers is introduced. The research combines two methods - questionnaire and interview. The quantitative research is supposed to come up with the concrete percentage of left-handed pupils and with the general knowledge of teachers connected with methodology of left-hander's writing. The qualitative research was made by the form of interiewing teachers and Ivo Vodička. The aim of the thesis is to find out the way how to train teachers effectively based on researched information. KEYWORDS laterality, diagnostics of...
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[en] A MIXED PARAMETRIC AND NON PARAMETRIC INTERNAL MODEL TO UNDERWRITING RISK FOR LIFE INSURANCE / [pt] MODELO INTERNO MISTO, PARAMÉTRICO E NÃO PARAMÉTRICO DE RISCO DE SUBSCRIÇÃO PARA SEGURO DE VIDAMARIANA DA PAIXAO PINTO 09 November 2017 (has links)
[pt] Com as falências ocorridas nas últimas décadas, no setor de seguros, um movimento surgiu para desenvolver modelos matemáticos capazes de ajudar no gerenciamento do risco, os chamados modelos internos. No Brasil, a SUSEP, seguindo a tendência mundial, exigiu que as empresas, interessadas em atuar no país, utilizassem um modelo interno para risco de subscrição. Com isto, obter um modelo interno tornou-se primordial para as empresas seguradoras no país. O modelo proposto neste trabalho ilustrado para seguro de vida para risco de subscrição se baseia em Cadeias de Markov, no Teorema Central do Limite, parte paramétrica, e na Simulação de Monte Carlo, parte não paramétrica. Em sua estrutura foi considerada a dependência entre titular e dependentes. Uma aplicação a dados reais mascarados foi feita para analisar o modelo. O capital mínimo requerido calculado utilizando o método híbrido foi comparado com o valor obtido utilizando somente o método paramétrico. Em seguida foi feita a análise de sensibilidade do modelo. / [en] The bankruptcies occurred in recent decades in the insurance sector, a movement arose to develop mathematical models capable of assisting in the management of risk, called internal models. In Brazil, the SUSEP, following the worldwide trend, demanded that the companies, interested in working in the
country, using an internal model for underwriting risk. Because of this, developing an internal model has become vital for insurance companies in the country. The proposed model in this work illustrated to life insurance for the underwriting risk was based on the Markov chains, on the Central Limit Theorem
to the parametric method, and Monte Carlo Simulation to the non-parametric method. In its structure, the dependence between the holder and dependents was considered. An application to masked real data was made to analyze the model. The minimum required capital calculated using the hybrid method was compared with the value obtained using only the parametric method. Then the sensitivities
of the model were investigated.
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銀行聯合貸款業務之經營模式與策略研究-以台灣聯貸市場為例 / The Study of Banking Business Model and Strategy about Syndicated Loan Product – in Taiwan Syndication Market葉美華, Yeh, Mei-Hua Unknown Date (has links)
政府在1990年開放新銀行申請設立、1991年共核准通過15家新銀行籌設，國內銀行自此即進入百家爭鳴的時代，各家銀行惡性競爭的結果，除了利差不斷降低外，授信品質亦不斷惡化，各銀行資本報酬率直直落，為求生存，遂絞盡腦汁不斷推出各種新型商品以促進客戶擴大信用；聯合貸款業務亦不例外，各銀行有鑑於傳統企業授信漸不能達到應有績效之際，紛紛著重於聯貸業務，於是業務競爭日趨白熱化，如何設計符合貸款企業期望的授信方案，是各銀行贏得聯合授信主辦權的重要課題。
因此，企業如何選擇聯合貸款主辦行之影響因素，是各銀行放款經理人亟盼了解的經營知識，而根據這些關鍵影響因素，各銀行為爭取主辦權所擬定的各項經營模式與策略，即是足以決定聯合貸款業務在各銀行未來之發展情形與定位，甚而決定其在聯貸市場所扮演之角色與市場佔有率。
有鑑於此，本研究主要以銀行端的角色來探討各銀行針對聯合貸款業務所為之相關措施及其後續之影響結果，並針對國內主要聯貸銀行做個案分析，以了解各銀行所採取的策略及經營方針。
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