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研究生:高宏文
研究生(外文):Hung-Wen Kao
論文名稱:創新型高收益債權投資商品-以緬甸地區附不動產擔保之高利率債權為例
論文名稱(外文):The Innovative High-Yield Claims on Investment-Oriented Commodities: Exemplified By The high interest rate claims of the real estate as collateral equity in Myanmar
指導教授:郭瑞祥郭瑞祥引用關係
口試委員:盧秋玲柯冠州
口試日期:2020-05-29
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:創業創新管理碩士在職專班
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2020
畢業學年度:108
語文別:中文
論文頁數:75
中文關鍵詞:高利率投資東協債權擔保
外文關鍵詞:high interest ratesinvestmentsASEANsecured claims
DOI:10.6342/NTU202000959
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按依民法第203條之規定,「應付利息之債務,其利率未經約定,亦無法律可據者,週年利率為百分之五。」及其立法理由揭示,「查民律草案第三百三十條理由謂依法令或法律行為,其債權可生利息者,若法令無特別規定,當事人亦無特別約定,不可無法定利率,以杜無益之爭。故本條斟酌本國習慣,定利率為週年百分之五。」,可知我國民眾原本對於利率約定之習慣應為週年利率為百分之五;但自2000年中央銀行將重貼現率調整為週年利率為4.625%後,歷經20餘年,不僅未調升過重貼現率,甚至逐年下跌至最低的1.375%,導致台灣實質利率於2004年起就斷斷續續處於負值的狀態下,不僅金融業苦不堪言,更讓一般民眾在儲蓄或投資方面更無所適從,進而發生2008年雷曼連動債及2018年TRF之投資爭議事件。

而反觀台灣附近東協如緬甸、柬埔寨等國家,因經濟發展起步較晚,相對而言,一般利率仍維持在台灣的法定利率(5%)之上,如果能將該等國家的債權轉化成投資商品,嫁接給台灣民眾投資,對於民眾就多了一個穩定的投資管道,但因事涉東協國家,相關債權確保風險及國家、匯兌、外匯管制風險就會產生,本創業項目就是計劃如何管控上開風險,讓民眾在投資時,一方面享受高利息之收益、一方面又能確保其本金無虞,如能在操作層面上又能減少麻煩,才會對民眾有實質之助益。

而在解決上開東協國家債權操作模式後,接下來要面對的就是台灣金融管制的法律風險,依台灣目前之相關法規之規定,一般吸引民眾投資,是不得保證給予固定且高於一般市場行情之報酬,否則即有違反金融法規之風險,此點亦係本項目須著重關注並解決之部份。

最後,如能解決上開2疑義,則為讓本項目得長久順遂走下去,項目之收益自係須考量之一環,亦即在每個債權債務之案件上,得取得之利潤不僅能支應項目之運作,更能獲得不斐之收益,這才可以完成民眾跟項目進行者之雙贏。
Article 203 of Taiwanese Civil Code provides that “In the case of a debt bearing interest, if no rate has been fixed by the contract or by the act, the rate shall be five percent (5%) per annum.” Plus, its legislative explanation also revealed, “Based on the legislative explanation on Article 330 of Chinese Civil Code draft in 1926, it states that those actions are derived from decrees or laws, those whose debts would accrue interest. In the cause of eliminating disputes entirely, if the decrees or laws are not specified, and there are no special agreements existing among interested parties before, the interest rates must not be unfixed. Therefore, this article takes the marketing and business conventions in our country into account, setting the interest rates at 5% per annum expressly.” From these regulations, it can be seen that the original Chinese business market convention regarding the interest rates should be 5% per annum.
However, ever since 1998, the central bank adjusted the rediscount rate to 4.75% per annum, it not only had not raised the rediscount rate of interests at all in these two decades, it even dropped down year by year to the lowest point of 1.375% . As a result, state of real interest rates in Taiwan have been being negative intermittently since 2004. Not only the entire financial industry is suffering tremendous hardships, but it also makes the general public more at a complete loss regarding to the concerns of savings or investment subjects. Then here came the collapse of Lehman Brothers structured notes in 2008 and the TRF investment disputes happened in 2018.
In contrast some ASEAN countries near Taiwan, such as Myanmar and Cambodia, have had relatively late economic development. Therefore, the general rate of interest of these countries still remains above 5%, which is the Taiwan statutory interest rate. If the obligatory claims of these countries could be converted into investment commodities for Taiwanese investors. For the public, there would be a one more additional stable investment option. However, because of the matters have involved with ASEAN countries, some related risks such as, secured claims, states, foreign exchanges, and foreign exchange control might arise. This entrepreneurial project is aiming to control the risks mentioned above.
So that when the public invest money in the organizations, they could be profited by high interests on the one hand, and presence of capital could be ensured safely on the other hand. If the potential risks could be controlled on the operational level, then it would truly provide some substantial help to the public. After resolving the operational problems and issues of obligatory claims in the ASEAN countries mentioned above, the next thing to deal with is the legal risks of Taiwan financial regulations. According to the related regulations of Taiwan, those investment subjects which are drawing in investors, are not allowed to guarantee to provide a continuous and higher return than the market average. Otherwise, the risk of violating financial regulations would be generated, this is the major issue would be concerned and resolved in this project。
Finally, if these two major issues mentioned above could be resolved, then this could be the key reason this project could be proceeded with in the long haul. Plus, the profits of this projects would be taken into consideration. In other words, in every cases of claims and debts, the profits obtained would not only support the operation itself, but also obtain extraordinary profits at the same time. Then, this would be the win-win relationship between the public and the operators of this project.
論文審定書 i
感言與誌謝 ii
中文摘要 iii
ABSTRACT v
目錄 vii
表目錄 x
圖目錄 xi
第一章、引言 1
1.1、背景 1
1.2 構想與緣由 5
第二章、商業模式 8
2.1產品及服務設計說明(需求性) 8
2.1.1 產品及服務的基本說明 8
2.1.2價值主張 18
2.1.3 目標客群 22
2.1.4 顧客關係 22
2.1.5 通路 24
2.2 營運模式說明(可行性) 26
2.2.1 關鍵合作夥伴 26
2.2.2 關鍵活動 29
2.2.3 關鍵資源 31
2.3 獲利來源(持續性) 31
2.3.1 成本結構 31
2.3.2 營收模式 32
第三章、市場分析及競爭策略 33
3.1 產品、服務模式分析 33
3.2 產業環境分析 34
3.3 產業競爭分析 39
3.4 競爭者分析 41
第四章、風險分析與管理 46
4.1 國家風險 46
4.2 金融風險 49
4.2.1匯率風險 49
4.2.2外匯管制風險 50
4.3 法律風險 54
第五章、財務規劃 56
5.1初期設置費用 56
5.2開辦第一年損益表 56
5.3預估損益表 58
5.4資金來源 59
5.5股權配置 59
5.6退場機制 60
5.6.1股票上市 60
5.6.2股權轉讓 60
5.6.3利潤分紅 60
第六章、專案進度及日後展望 61
6.1專案進度 61
6.2日後展望 64
附錄-訪談重點紀錄 66
一、緬甸銀行副總經理 66
二、緬甸銀行貸款部經理 68
三、在台灣曾經經營網路P2P借貸平台人員 70
四、融資租賃公會人員 71
五、一般會員 72
參考文獻 73
一、英文文獻
1.Barasinska, Nataliya; Schaefer, Dorothea(2014),"Is Crowdfunding Different? Evidence on the Relation between Gender and Funding Success from a German Peer-to-Peer Lending Platform",GERMAN ECONOMIC REVIEW,Vol.15(4),450-451.
2.Freedman, Seth; Jin, Ginger Zhe(2017),"The information value of online social networks: Lessons from peer-to-peer lending",INTERNATIONAL JOURNAL OF INDUSTRIAL ORGANIZATION,Vol.51,185-222.
3.Mild, Andreas; Waitz, Martin; Woeckl, Juergen(2015),"How low can you go? - Overcoming the inability of lenders to set proper interest rates on unsecured peer-to-peer lending markets",JOURNAL OF BUSINESS RESEARCH,Vol.68(6),1291-1305
4.Statista Digital Market Outlook 2017
5.BIS Statistics (2018), “Credit to the private non-financial sector,” Updated 5 Jun.。
6.Cambridge Centre for Alternative Finance (2017), “Cultivating Growth: The 2nd Asia Pacific Region Alternative Finance Industry Report,” Sep.
二、中文文獻
1.《Smart智富》真‧投資研究室,長抱穩健成長股股息、價差兩頭賺,2018-05-23。
2.施羅德證券投資信託股份有限公司,施羅德投資人大調查,2019。
3.經濟日報,018-03-13。
4.自由時報,2019-04-01。
5.今周刊,中產階級抗貧理財術,2007-02-01。
6.行政院,「新南向國家投資環境安全報告」。
7.駐緬甸台北經濟文化辦事處新聞稿,2020-02-17。
8.自由時報-金管會新聞稿,2017-09-14。
9.呂嘉穎、徐正戎,從法制層面分析P2P網路借貸在中國大陸造成之影響-兼論台灣之展望與衝擊,2017-06。
10.張貴東等,互聯網金融理論與實務,2017。
11.Patrick van der Pijl, Justin Lokitz & Lisa Kay Solomon,設計一門好生意,2017。
12.楊強英,緬甸總體經濟及金融環境簡介,2018。
三、網站資料
1.司爾亞司資料資訊有限公司(CEIC)網站資訊。https://www.ceicdata.com/en/products/global-economic-database
2.聰明貸款官方網站,什麼是P2P借貸?台灣有發展空間嗎?https://www.smartloan.com.tw/index.jsp
3.中華民國中央銀行全球資訊網。https://www.cbc.gov.tw/tw/lp-640-1-1-60.html
4.YOMA 銀行官方網站。https://www.yomabank.com/en/about
5.SHWE 銀行官方網站。https://shwebank.com/
6.信用市集官方網站。https://www.lnb.com.tw/
7.日昇金互聯網股份有限公司官方網站。https://dailygold.com.tw/
8.旭新科技官方網站。https://seedintw.com/
9.債權商城官方網站。https://www.lmarket.com.tw/
10.網貸天眼官網。https://www.p2peye.com/
11.網貸之家官網。https://www.wdzj.com/
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