投資計畫和融資決策間存在強烈的連動關係，因此近年來推動新金融商品以為籌資來源在全球資本市場上蔚為風潮，資產證券化便是相當受到重視的新金融工具。
資產證券化（Asset Securitization）最早由美國投資銀行家 Ranieri, Lewis R.於1977年接受《華爾街日報》記者採訪時提出。有別於傳統的融資工具，資產證券化可靈活的設計出不同的架構來滿足不同融資者的需求，在各國也有不同的制度設計以適應不同國家的經濟、法律和社會環境。
由於資產證券化在歐美已行之有年，我國政府為與國際金融接軌，促進金融國際化、自由化及多元化，也展開對資產證券化商品的推動。繼1996年率先頒佈「信託法」、2000年「信託業法」作為資產證券化的鋪路法源後，2002年7月公佈實施「金融資產證券化條例」、2003年7月公佈實施「不動產證券化條例」，而「金融資產證券化條例施行細則」及「不動產證券化條例施行細則」等相關子法也分別於2003年8月、2003年12月陸續公佈實施，國內銀行與證券商等相關業者均相當看好這塊新金融市場之潛力。雖然國內已有金融資產證券化商品及不動產資產信託、不動產投資信託商品，但金融資產證券化商品目前仍以企業貸款、債券貸款及住宅抵押貸款為主要證券化標的，仍有開發新資產基礎的空間。
因應在金融海嘯後，國內政府陸續推出四年5,000億振興經濟擴大公共建設投資計畫及愛台十二項建設等計劃，如同國際潮流，政府諸多公共建設投資計劃中多個項目即規劃採用BOT、BOO、ROT或OT等模式發包予民間投資人。在內部及外在環境條件均有利於民間機構參與公共建設的狀況下，對於參與BOT或BOO的民間機構而言，最關切的問題便是資金的來源與規劃。
本研究以發展環境資源相關BOT案的個案公司為研究基礎，分別以BOT專案計劃本身財務規劃的角度出發之單一資產證券化；及以BOT資產組合透過信託基金方式籌資以募集資金池，支應個案公司長期發展BOT業務的資金來源等兩個方向，探討個案公司以BOT資產為基礎的籌資建議，以為個案公司多元化籌資之參考。 / Investment plan and financing decision have strong feedback relationship. Hence, promote creative financial instruments as the source of funds raising becomes widespread in global capital market in recent years. Asset securitization is regarded as a new and potential financial instrument.
The idea of asset securitization was brought up earliest by the American investment banker, Mr. Ranieri Lewis R. while interviewed by “The Wall Street Journal " reporter in 1977. Different from the traditional financing instruments, the request from various financing requirements can be satisfied by issuing asset securitization with the feasibility arrangements of transaction structure. And distinct systems have been structured to get with the local economic, legal and society environment in different countries.
Assets securitization has already implemented for a long time in America and Europe. In order to integrate with the global finance market and promote financial internationalization, liberalization and pluralism, the government launched the push of the assets securitization goods in Taiwan. “Trust Business Law”has been issued in 2000 after sourcing first “Trust Law” in 1996, as law of paving the way to assets of securitization. Continually, the government implemented “Financial Asset Securitization Act” in July of 2002 and promulgated “Clauses of the Real Estate Securitization Act” in July of 2003. Following these rules, such relevant sub laws, “Enforcement Rules of the Financial Asset Securitization Act” and “Enforcement Rules of the Real Estate Securitization Act” were announced in August of 2003 and December of 2003 respectively. Consequently, domestic banks and underwriters had already had an optimistic view of the potentiality of this new financial market. Even though there are already financial asset securitization goods, real estate trust and real estate investment trust goods trading in Taiwan capital market. However, the major financial asset securitization goods are major for Collateralized Loan Obligation (“CLO”), Collateralized Bond Obligation (“CBO”) and Residential Mortgage Backed Securities (“RMBS”). It has to cultivate more new asset types as the asset base for securitization goods.
After the financial tsunami, the government speeds up domestic public expenditure, such like “NT$ 500 billion for the Special Act for Expanding Investment in Public Works to Revitalize the Economy” and “The i-Taiwan 12 Projects”, etc.. To keep pace with the international market trend, the government plans to adopt the major projects with the participation of private sectors through BOT, BOO, ROT or OT model. Considering the favorable economy environment for public-private partnership, the most critical issue for BOT or BOO developers is only the sourcing and planning of the fund raising.
The study focus on an individual environmental resources company which developing BOT related business. The study proposes two options for the future fund raising of the case company. The single BOT assets securitization or raising trust fund as the capital pool for BOT asset combination should be taken as the capital source alternates for the case company to fulfill its capital requirement.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0096932016 |
| Creators | 蘇琪君, Su, Chi Chun |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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