臺灣博碩士論文加值系統

隨著亞洲風暴的過後 亞洲各國開始積極進行債券市場之改革與發展以提高對於未來危機的免疫力。發展健全的債券市場並加入全球資本市場的運作是近年來許多亞洲國家經濟的重要目標。
目前國內缺乏外幣有價證券之交易平台，導致投資資訊之取得相對不易，也無法有效率與國際接軌。其中的障礙包括法令限制參與者及平台有效運作，缺乏國際觀，國內現有交易平台無法有效與國際接軌以及缺乏稅賦上之獎勵。
國內法人及金融機構本身通常有庫存相當金額之外幣，加上國內商業活動高度倚賴國際貿易，對於提高外幣投資收益及分散資金調度工具之需求頗大，因此提供國內廠商適切之外幣投資工具甚為迫切。
本研究主要是探討有關發展台灣外幣債券市場之關鍵問題與提供可行架構。過程當中將介紹台灣資本市場的狀況與發展潛力，需進行改革之因素及方向，市場架構建立之過程以及交割操作之細節。

In post-crisis Asia, the development of domestic bond markets is increasingly seen as one of the key requirements to strengthen the financial sectors of East Asian countries and to reduce their vulnerabilities to future financial crises.

In line with the regional development processes, the liberalization of investment barriers, legal reforms and improvement in the trading/settlement platforms should take place simultaneously in Taiwan. The system needs to step in to the international standards in order to participate in the global markets and establish connection with international capital flows.

Taiwan possesses one of the deepest domestic bond markets in Asia and has sufficient conditions to further develop the foreign currency bond market. The main barriers that have been delayed this process include the investment restrictions for domestic participants, the regulatory framework that limit the creation of an international market, the lack of international perspective by local participants, the incompatibility of local platforms with international standards and finally the inexistence of fiscal incentives for foreign investors.

This study approaches the issues related to the development of foreign currency bonds, focused on the internationalization of domestic bond markets. The structure presented herein include the review of domestic market background, actual situation, the problematic, reforms that should be taken place in detail as well as the process of how the market should be formed, concluding with the operational considerations to establish connectivity with the global markets under international standards.

Chapter I Introduction 1

1.1 Motivation 1
1.2 Connecting with the globe 2
1.3 Regional initiatives on bond market development 5
1.4 East Asian bond markets 7

Chapter II Taiwan Situation Overview 10

2.1 Taiwan internal conditions overview 10
2.1.1 The economy 10
2.1.2 Fiscal deficit 12
2.1.3 Interest rates 13
2.1.4 Financial system 13
2.2 Security exchanges 14
2.2.1 Taiwan Securities Exchange 14
2.2.2 GreTai Securities Market 15
2.2.3 Taiwan Futures Exchange 16
2.2.4 Comparing with global exchanges 17
2.3 Bond market development overview 18

Chapter III Challenges and Initiatives 21

3.1 Main barriers 21
3.1.1 Investment restrictions 21
3.1.2 Regulatory framework 21
3.1.3 Lack of international perspective 21
3.1.4 Local system is not easily adjustable to international standards 21
3.1.5 Lack of tax incentives 22
3.2 Connecting with the global system 22
3.3 Rationale for internationalization 23
3.3.1 To be a financial center and increase competitiveness 23
3.3.2 Lead domestic brokerage houses into global investment banks 23
3.3.3 Promote the company’s global perspective 23
3.3.4 Satisfaction of investor needs 24
3.3.5 Balance the development of brokerage houses and banks 24
3.3.6 Enforce the availability of various instruments to create new products 24
3.4 Overview of the offshore market system 24
3.4.1 Adopting the offshore system 25

Chapter IV Reforms and changes 28

4.1 Identification of participants 28
4.2 Creating the market 31
4.3 Creating suitable systems and software 32
4.4 Liberalize investor limitations 32
4.4.1 Brokerage houses 32
4.4.2 Insurance companies 34
4.4.3 Individuals and corporations 35
4.5 Liberalization of restricted amount to invest in foreign currency bonds 35
4.6 Broadening the institutional investor base 36
4.7 Attracting investors 36
4.7.1 Taxation 36
4.7.2 Financial incentives in Singapore 39
4.8 Clarification of government laws 40
4.9 Media improvement 41
4.10 Information availability 41
4.11 Promotion of voluntary disclosure 41
4.12 Strengthening the regulatory framework 42
4.13 Promoting regional bond market centers 43
4.14 Picturing the system 43
4.14.1 Private sector issuances 44
4.14.2 Government issuances 46
4.14.3 Over-funding and proceeds management 47
4.14.4 Development of repo and derviatives market 49
4.14.5 Integrating the offshore market and local market 50

Chapter V Clearing and Settlement 51

5.1 Overview of international clearing and settlement standards 51
5.1.1 Matching 52
5.1.2 Clearing and settlement practices 53
5.1.3 Registering local issues in foreign exchanges 55
5.1.4 Financing 57
5.1.5 Regulation framework 57
5.2 Risks 58
5.2.1 Principal risk 58
5.2.2 Liquidity risk 59
5.2.3 Market risk 60
5.2.4 Market risk in repo transactions 62

Chapter VI Conclusion 63
References 68

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14.Singapore government legislation
15.Taiwan Government legislation