碩士 / 元智大學 / 管理研究所 / 98 / The mechanism of financial assets securitization was announced with the Rules of Financial Assets Securitization by the government in 2002. It helps the domestic financial organizations to increase assets liquidity and to transfer risks, as well as to provide vary investment options to investors. As a result, it receives good feedback from the market. Since the Rules of Financial Assets Securitization was approved, 57 financial assets securities have been issued, NTD572.5 billion has been approved and NTD190.5 billion has been issued. The development of financial assets securitization cannot be neglected. The financial market predicts that the future securitization market will get more mature and the liquidity will be increased with the increasing issued amount. However, due to the affection of financial crisis in the recent years, the size of financial assets securitization is largely regressed. There were 3 financial assets securities issued and NTD33 billion approved in 2008, but no financial assets security was issued successfully in 2009. Furthermore, the financial assets securitization plans repealed in 2009 and 2008 are: Mortgage Backed Securities of Sinopac Bank (March, 2009), 2008-1 CBO Security of Capital Securities (December, 2008), Mortgage Backed Securities of Taiwan Cooperative Bank (October, 2008), CBO Securities of Polaris Securities (February, 2008), and 2007-1 CBO Security of Yuanta Securities (February, 2008). These have impacted the asset liquidity and risk transfer patterns of the well-known domestic financial organization.
This research focused on mortgage backed securities, the very first financial asset security of the complicate structure products that triggered off the risk of subprime mortgage and caused global financial tsunami, to study its development, market participants, credit enhanced methods, evaluation of mortgage backed securities, factors of price change, and risk analysis and ratings of mortgage backed securitization. Furthermore, it studied on case study analysis, in accordance with the control theory literature, to identify the impact of mortgage backed securities of financial tsunami, the rating rationale, how the financial supervision institutions can strengthen supervision, and to use it as a reference of future development of mortgage backed securities in Taiwan.
An analysis was summarized based on the fore-mentioned data collection and concluded this research as follows:
1.The government should not deny financial asset securitization for American’s subprime financial crisis. The government should continue strengthening the relate regulations, strictly examine the content of financial asset securitization products and its structure, control of asset poll quality, internal credit, external credit, take measures to reduce risks, check initial and service organization’s operation process and professions, never allow the financial institutes packaging or marketing randomly. It is a must to provide investors with attribute assessment and improve the selling limit, never sell them to the public without relate financial knowledge.
2.The government should help the development of secondary markets of financial asset securitization products. If there was no complete financial tax law or a market, investors would be hesitating due to the loss caused by incomplete regulation or no secondary market for securities circulation after paying for beneficial securities. This will affect the development of issuing market and twist the price of issued securities.
| Identifer | oai:union.ndltd.org:TW/098YZU05457155 |
| Date | January 2010 |
| Creators | Yung-Cheng Chang, 張雍政 |
| Contributors | Bang-Han Chiu, 丘邦翰 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 90 |
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