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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 李存修 | |
dc.contributor.author | Kuo-Lung Li | en |
dc.contributor.author | 李國龍 | zh_TW |
dc.date.accessioned | 2021-06-08T02:06:22Z | - |
dc.date.copyright | 2016-02-24 | |
dc.date.issued | 2016 | |
dc.date.submitted | 2016-02-03 | |
dc.identifier.citation | 中文部分
上官鳴、周唯及白猛猛. (2015). 基於永續債視角的恒大地產財報分析-以恒大地產2013年年報為例. 財會月刊, 2, 74-76. 何嬌. (2014). 永續債業務開展的動因及風險分析—以恒大地產集團為例. (碩士論文), 暨南大學. 劉益陽、時龍龍及馬晨光. (2014). 企業新型融資工具—永續債券. 財務與會計(理財版). 周俊. (2014). 淺析非金融企業發行永續債券的會計處理. 現代商業. 張繼強、楊冰及姬江帆. (2013). 永續債:海外經驗及國內前景探討. 債券, 43-49. 王自榮. (2014). 永續債(券)的性質:分析與認定. 生產力研究, 12. 程俊. (2015). 華爾街見聞網站. http://wallstreetcn.com/node/218614 胡挺. (2013). 永續債券破解房地產融資困境—以雅居樂為例. 中國房地產. 臧蓉. (2015). 永續債能確認為權益工具嗎?——基於武漢地鐵與國電電力永續債發行的案例分析. 現代商業. 陳宏彬. (2005). 銀行資本與BASEL II 簡介. 玉山銀行雙月刊文集, 75. 馬濤. (2014). 金融負債和權益工具區分問題研究. (碩士論文), 財政部財政科學研究所. 馮俏彬. (2014). 永續債利弊. 新理財(政府理財). 英文部分 Avdjiev, S., Kartasheva, A., & Bogdanova, B. (2013). CoCos: a primer. BIS Quarterly Review, September 2013, 43-56. Basel III. (2015). www.bis.org/bcbs/basel3.htm. Dealogic. (2015). Dealogic. http://www.dealogic.com/ Finch. (2015). https://www.fitchratings.com. Geisst, C. R. (2013). Beggar thy neighbor : a history of usury and debt. Philadelphia: University of Pennsylvania Press. Langner, Christopher. (2015). Singapore Perpetual Bond Investors Hope Never Means Three Years. Bloomberg Business. Levinson, M., & Economist Newspaper, L. (2006). Guide to financial markets. Loh, C.-Y. (2012). Attractive yields from perpetual bonds, but understand the risks involved. The Edge. Moody's. (2015). https://www.moodys.com/. Morgan Stanley. (2015). 未出版報告. S&P. (2015). https://www.standardandpoors.com. Simonian, H. (2009). Credit Suisse losses widen to SFr8bn. Financial Times. Treanor, J. (2009). Bad debts plunge Lloyds Banking Group £4bn into the red. The Guardian. Trefis. (2015). Q1 2015 U.S. Banking Review: Common Equity Tier 1 Capital Ratios. | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/19575 | - |
dc.description.abstract | 永續債的歷史淵源悠久,概念起源於17世紀的荷蘭。不同於一般債券,永續債(perpetual bonds)是一種永久、沒有到期期限的債券,購買者可每一期向發行機構收取一定的利息金額,如同收取年金一樣。永續債券的市場非常龐大,在2015年,永續債發行量已達1000億美元以上。以財務的角度來說,永續債是一種亦為債券、亦為股票的金融工具。永續債券可以被視為「債券中的股票」,僅在公司被清算時才有權要求本金的償還,償還順序在特別股和普通股之前。永續債券由於其特殊性,常伴隨特別條款,例如贖回條款、利息支付條款、股息推動和停發條款、無違約/交叉違約條款、償還順序次級性條款、無擔保條款、利率重製條款,而在2008年金融風暴後,永續債券的限制條款產生了許多的改變,加入「損失吸收條款」和永續可轉債(Contingent Convertible Bonds,簡稱CoCo)。一般投資人對於永續債券的了解較淺,因此本研究選出五張不同性質和擁有不同條款的永續債券進行介紹、說明和比較。此外,本研究亦針對Basel III和新的CoCo債券進行探討和說明。 | zh_TW |
dc.description.abstract | Perpetual bonds can trace their history to as far back as the 17th century. Unlike normal bonds, perpetual bonds are a type of bond that never mature (ie, have no maturity date); investors earn bond dividends much in the same manner as from perpetual annuities and can theoretically continue collecting interest payments forever. In 2015, the amount of perpetual bonds issued had surpassed 100 billion US dollars, showing that there is an active market and trading base for perpetual bonds. From a financial viewpoint, perpetual bonds are a type of investment tool that combine the characteristics of both bonds and stocks. Perpetual bonds can be viewed as a 'stock-type bond' in that it claims prior to preferred stock and common stock in the event of default. Due to their perpetual nature, perpetual bonds tend to have various clauses and provisions that normal bonds may not (for example call provisions, interest payment provisions, dividend provisions, breach of contract provisions, claim provisions, guarantee provisions, interest rate provisions, and so on). After the financial crisis of 2008, additional changes were made to perpetual bond provisions, such that perpetual bonds could be written down or converted to common stock in the event of a trigger event. Most investors lack knowledge concerning perpetual bonds and tend to overstate the risk involved in investing in perpetual bonds; therefore this study has chosen five different perpetual bonds for analysis and comparison, to show the characteristics of different perpetual bonds. Furthermore, this study also explains the effect of Basel III and CoCo clauses on perpetual bonds. | en |
dc.description.provenance | Made available in DSpace on 2021-06-08T02:06:22Z (GMT). No. of bitstreams: 1 ntu-105-P02745012-1.pdf: 2467116 bytes, checksum: 826cdae53fd8a6fd459d3af20d6385fd (MD5) Previous issue date: 2016 | en |
dc.description.tableofcontents | 口試委員會審定書 i
中文摘要 ii THESIS ABSTRACT iii 目 錄 iv 圖目錄 vii 表目錄 viii 第一章 緒論 1 第一節 研究背景、動機與目的 1 第二節 研究架構 2 第二章 永續債券之市場發展與相關文獻 4 第一節 永續債券之意義與特色 5 第二節 永續債之市場規模與成長狀況 10 第三節 永續債之報酬率與風險 14 第四節 永續債之相關文獻探討 16 第三章 永續債券個案分析 21 第一節 次順位永續債券 24 第二節 非優先次順位、非累積、Fix to Variable永續債券 26 第三節 次順位、累積、Fix to Variable永續債券 27 第四節 次順位、非累積、Fix to Variable、CoCo永續債券 30 第五節 次順位、Fix to Variable、Writedown永續債券 32 第四章 永續債券投資策略分析 34 第一節 永續債券之投資風險 34 第二節、永續債券的投資考量 46 第五章 結論與建議 47 參考文獻 49 附錄一、Prudential, 6.5% perp.債券資訊 51 附錄二、渣打銀行6.409%永續債券資訊 52 附錄三、Li & Fung, 6.0% perp. Step-up債券資訊 53 附錄四、Lloyds, 7.5% perp.債券資訊 54 附錄五、DBSSP 4.7% Perp.債券資訊 55 | |
dc.language.iso | zh-TW | |
dc.title | 新型理財工具:永續債券 | zh_TW |
dc.title | New Type of Bond for Wealth Management:Perpetual Bonds | en |
dc.type | Thesis | |
dc.date.schoolyear | 104-1 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 廖咸興,沈中華 | |
dc.subject.keyword | 債券,永續債,投資組合,金融, | zh_TW |
dc.subject.keyword | Bond,Perpetual Bond,Portfolio,Investment,Finance, | en |
dc.relation.page | 55 | |
dc.rights.note | 未授權 | |
dc.date.accepted | 2016-02-03 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 財務金融組 | zh_TW |
顯示於系所單位: | 財務金融組 |
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