研究生: |
楊美萍 Mei-Ping Yang |
---|---|
論文名稱: |
不良債權損失攤銷對金融業及其股價影響之研究 A Study of the Impact of Amortization of Non-Performing Loan Losses on Banking Industries and Their Shares |
指導教授: |
張光第
Guang-Di Chang |
口試委員: |
徐中琦
JHONG-CI SYU 李志宏 JHIH-HONG LI |
學位類別: |
碩士 Master |
系所名稱: |
管理學院 - 財務金融研究所 Graduate Institute of Finance |
論文出版年: | 2010 |
畢業學年度: | 98 |
語文別: | 中文 |
論文頁數: | 66 |
中文關鍵詞: | 不良債權 、出售不良債權損失攤銷 、資產管理公司 、股價 、每股淨值 |
外文關鍵詞: | Asset Management Company, Share price, Equity book value, Amortization of Non-Performing Loan Losses, Non-Performing Loan |
相關次數: | 點閱:283 下載:1 |
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穩定健全的金融體系,可有效提升資金運用效率,協助經濟成長,故世界各國政府均十分重視金融產業經營良窳,並於銀行體系發生問題時,多透過立法進行大幅改革、兼以納稅人的錢彌補發生之缺口,以避免金融問題延燒成更大之經濟問題。我國金融業自1991年初新銀行開放設立後,進入戰國時代,銀行為搶客戶造成放款品質惡化,逾放比率升高,為加速改善其資產品質,主管機關引進資產管理公司收購不良債權模式,於2000年通過金融機構合併法第15條規範資產管理公司得辦理事項,並於同條第5項訂定金融機構出售不良債權之損失,得於5年分年攤銷。
上述將出售不良債權損失分年攤銷之處理,未符一般會計原則,對財務報表使用者-投資人之影響,為本研究關心的重點,故以2003年~2009年間上巿櫃樣本銀行之每股淨值、每股稅前淨利及逾放比率,探討證券巿場對將出售不良債權損失分年攤銷之上巿櫃銀行與一般銀行評價是否相同;並探討依前述法令辦理之上巿櫃銀行,其會計師於財務簽證報告之查核意見表達影響相關財務報表資料訊息,對股價之影響程度。此外,追蹤資產管理公司模式引進後金融業績效變化。
本研究結果發現資產管理公司模式引進迄今,本國銀行之逾放比率明顯降低,但經營績效則無穩定回升趨勢;採用將出售不良債權損失攤銷之銀行,其每股淨值、每股稅前淨利、逾放比率對股價影響程度較未採取之銀行為低,顯示巿場對採行該項措施的銀行財務報告資料存有疑慮;另該等將出售不良債權損失攤銷之銀行,財務報表所呈現之每股淨值、每股稅前淨利、逾放比率對股價影響程度較會計師查核意見所呈現之真實財務資料訊息高,顯示證券巿場對會計師查核意見內容較不重視。
本研究結果除希望提供金融主管機關未來於制定政策時,應同時考量對證券巿場之影響外,並期待銀行宜秉持公司治理精神,採用真實呈現財務狀況之方法,以贏得投資人之信任並利銀行永續健全經營。
In Taiwan, average of financial institutions’ ratio of Non-Performing Loan (NPL) had increased quickly since 1995 because of the open banking policy. Due to financial industries are very important in every country, which affected economics deeply. Financial supervisory adopted various ways of financial reform to solve the problem of increasing ratio of NPL. Some of which are establishing the Financial Restructuring Fund and introducing asset management company (AMC) mechanism to buy the financial institutions’ NPL. One of the reforming laws permits financial institutions to amortize their NPL losses after they sold NPL to AMC. However this treatment measure does not fit the general accounting principal, and makes the financial reports present unfairly.
This article studied the impact of amortization of NPL losses on banking industries and their shares. This study use regression analysis method and chose the equity book value, net income and ratio of NPL to predict the share price. Finding financial information of banks which took the amortization of NPL losses measures were less explanatory than those took the standard accounting principal on shares. Another finding is equity book value and net income from accountant’s opinions is less impact on share price than same information from financial report. Lastly, the banks which took the amortization of NPL losses measure are worse performance than the average of banking industries.
The conclusion would like to suggest the supervsory and banks should take notice of the financial reports transparency seriously.
一、中文部分:
1.中央存款保險公司翻譯,「美國聯邦存款保險公司與清理信託公司處理金融危機之經驗與啟示」,1998年。
2.中央銀行網站,金融統計月報。
3.王鶴松,「金融危機與金融改革」,2005年。
4.王佩珍,「資訊揭露評鑑制度對股價影響之研究」,2005年。
5.行政院金融監督管理委員會銀行局網站,金融業務資訊揭露。
6.李淑慧,2007年,經濟日報。
7.陳紹瑜,「我國不良債權處理機制之研究」國立台北大學會計學系,2005年。
8.黃婷瑜,「會計資訊與股價關聯性研究」,淡江大學會計學系,2002年。
9.黃惠敏,「我國金融機構處理不良債權處理機制之探究」中原大學會計學系,2003年。
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11.楊朝成,陳勝源,「投資學」,2009年。
12.楊良猷,「後重建基金時代之金融安全網-中華銀行擠兌事件的啟示」,2007年。
13.簡純彬,「銀行股價報酬之關鍵因素研究」,國立高雄第一科技大學金融營運系,2004年。
14.證券交易所網站,交易資訊。謝佩芬,「財務指標與非會計資訊對股價之影響」,中原大學國際貿易學系,2004年。
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二、英文部分:
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2.Ben F., Jason G. ,Stefan H. and Guonan Ma,(2004),Public Asset Management Companies In East Asia,Financial Stability Institute, Occasional Paper No.3。
3.Daniela K.(2000),The Use of Asset Management Companies in the Resolution of Banking Crises Cross-Country Experiences
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7.Deposit Insurance Corporation of Japan Website.