The Management of Bills Finance Corporation and Their Future Development
Date Issued
2006
Date
2006
Author(s)
Hsu, Ming-Chang
DOI
zh-TW
Abstract
The main objective of this thesis is to explore the progress of establishment and development pertaining to the Money Market of Taiwan, the present situation of interest-rate securities market, the characteristics of Bills Finance Corporation’s management and thereof business restrictions plus the possible solutions to their future development.
Established in 1970’s, the organized Taiwan Money Market has experienced a markedly bullish market monopolized by three Bills Finance Corporations, a deregulation of financial industry in 1990’s and a monetary reform toward the development of internationalization and deregulation in recent years with new financial products constantly derived from existing products and launched in the market. In the face of such a drastically competitive environment with profit margin decreasingly narrowed, what will be the scenario for the development of Bills Finance Corporations in the future? This issue is not only concerned by the service providers but also the understanding of this issue is commonly desired by those persons in charge of the planning of financial market and the implementation of financial policy.
The major conclusions of this research are as follows:
1.Practically, in addition to the role as the trader of traditional short-term notes and bills, the business scope of Bills Finance Corporation also includes bonds, securitized beneficiary certificate, interest rate derivatives, trade and investment of equities, etc. According to the cognition in the past, it is apparent that direct dividing the financial market into two distinct parts, the notes & bills and the bonds, is not pragmatically realistic.
2.The results of analysis and research with respect to the variety of trading information of notes & bills and bonds, the securitized certificate of beneficiary and the relating equity derivatives, etc., provided by this research will be helpful in understanding the development and present situation of interest-rate market.
3.Particular worth sharing with other industries is the unique technique of administrative management and core competitive competence in the possession of Bills Finance Corporation. As impacted by the craze of internationalization and deregulation, the operating environment of Bills Finance Corporations becomes extremely hard. In view of this, an objective and fair judgment in this regard is required as well.
4.Bills Finance Corporation’s strategies of development are proposed, including a further approval of new businesses, a merger & acquisition within the trade or cross-trade, an integration of notes & bills financial trade and security trade and an investment bank in pursuit of the international competitiveness, etc. They may be helpful for the future development of Taiwan Money Market and Capital Market.
Subjects
貨幣市場
債券市場
資產證券化市場
衍生性金融商品
直接金融
存續期限
投資銀行
money market
bonds market
asset securitization market
derivatives
direct finance
duration
investment bank
Type
other