臺灣博碩士論文加值系統

摘 要

金融相關產業係以授信品質為其獲利根源亦為永續經營存續之命脈，其中租賃產業在中小企業資金供給面佔有十分重要地位，而面對之授信戶多數為財務資訊不透明，擔保力不足的中小企業，尚須完全自負盈虧風險而無類似政府信保基金協助，租賃業所面對授信品質之挑戰更甚於銀行相關產業，而近年最巨大之金融損失莫過於金融海嘯之發生，期間造成鉅幅之授信違約損失，更應成為提升授信品質之重要參考依據與課題。

本研究係以台灣租賃業領導廠商C公司之資料樣本，針對授信企業之公司狀況構面、財務構面、承作條件構面中萃取出可能影響企業違約之因素，並進行羅吉斯迴歸分析，探討金融海嘯前後與不同產業類別間影響違約發生之不同因素，而分析結果：以借款利率在各項樣本區隔之分析中皆存在顯著正向影響為最重要且明確，另外以下游客戶穩定度與集中度在全體樣本、金融海嘯後、製造業皆為顯著，擴建新廠在全體樣本、金融海嘯前、非製造業皆為顯著，而針對C公司的授信策略則建議對於合約期間之核准應配合違約發生之現況做適度調整，其他變數則在不同分類樣本中各有可能影響違約發生之探討，綜上結果本文冀望可作為相關授信人員之參考。

Abstract

The primary profitability source in finance-related industries is the credit quality of its products. Leasing companies play a very important role in the supply side of financing for small and medium enterprises (SMEs). They need to face the challenges include opaque financial information of borrowers, insufficient guarantee protection of SMEs, and entirely self-financing risk without the similar assistance like government SME Credit Guarantee Fund. In addition, these challenges of credit quality are severe relative to banking industry. Furthermore, the greatest financial losses in recent years of financial crisis, which draw attention to the leasing industry in the credit quality of leasing products to SMEs.


We base on the data of C Company, which is the leader in Taiwanese leasing industry, to perform the related tests in the paper. From the aspects of the company's status, financial structure, and the conditions of leasing contracts, we try to answer the question that what are important factors that may affect corporate defaults. We utilize Logit regression to explore the impact of these factors on the corporate defaults before and after the financial crisis in 2008. The empirical results show that the borrowing rate has significant positive impact on the corporate defaults. In addition, the stability and concentration of downstream clients also has significant explanatory power for corporate defaults. Finally, the extension of the new plant is also significant factor that affect the corporate defaults. However, we suggest that the approval recommended by C Company shall depend on the current situation of credit history and adjust by clients’ recent situation. The other variables in the different categories may affect the default occurred. To integrate above-mentioned result, I hope this research article can be used as a reference for the relevant loan officer.

目 次
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 2
第三節 研究流程與架構 3
第二章 文獻探討 5
第一節 租賃業簡介 5
第二節 金融海嘯之影響 11
第三節 金融授信原則 15
第四節 金融相關產業對信用風險影響因素之相關文獻探討 16
第五節 研究假說 19
第三章 研究設計與方法 21
第一節 研究方法Logit迴歸分析法 21
第二節 研究期間、對象及資料來源 21
第四章 實證結果與分析 23
第一節 各項變數之述敘統計分析 23
第二節 租賃公司對企業授信違約行為:羅吉斯迴歸結果分析 25
第五章 結論與建議 42
第一節 結論 42
第二節 研究限制 44
第三節 建議 45
參考文獻 47
英文參考文獻 49

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