我國建立外幣票券市場之研究

Abstract

本論文主要目的在探討我國建立境內外幣票券市場，由於我國企業籌資與投資愈來愈國際化，票券商客戶常有美元需求的客戶，證券商協助企業在海外發行債券，也有美元需求，但現階段因涉及外匯，主管機關仍未開放票券商承作短期外幣票券市場，現在台灣企業取得美元資金仍要透過銀行國際業務分行或透過海外子公司借款，若台灣建立美元貨幣市場，票券商與企業可直接發行美元票券，在貨幣市場取得美元資金，不但使貨幣市場更活絡，讓參與者也能擴大。 在票券業發展面臨困境時，多元化的策略及固定收益證券與集中保管結算交割系統之整合，是必需要走的方向，推動與尋找具有發展潛力金融商品，才有可能展現出競爭力。鑒於亞洲金融市場最進步的是香港與新加坡，但相較之下，國內金融市場顯示落差甚大，但也有交易活絡的金融商品與其條件： 一、國內積極建立無實體票券集中保管結算交割制度與發行人信用評等。 二、票、債券市場活躍度與週轉率高及參加家數多，初、次級市場交易量與GDP比例來看非常高。在金融人才培育上，非常努力投入金融創新與新金融商品研發。 三、在現行法規與制度有相當程度的管制下，容許金融創新的空間，使市場創造者(Market Maker)有效發揮，建構外幣金融商品的空間與機會。 四、在金融監理上，當市場上有太多創新時，會造成市場的不穩定；在金融穩定和新金融商品的權衡，一直是主管機關非常關注的問題，因此在風險管理上需建立風險管理機制，首要考量避險機制，一方面不抺煞金融創新機會又能維持穩定，這是需要整套機制來運作。 五、金融創新與電腦運用有很大關係，集保與結算系統功能發揮，可以延長營業時間，爾後票券發行與交易在地理上、時間上就不受限制，可能會把業務量提升或客戶需求帶上。

The main purpose of this paper is to discuss on developing the onshore foreign currency bill market in Taiwan. In a globalized economic system, more corporates in our country increase the demand for capital raising and investment using U.S. dollar. Clients request the the bills finance companies to provide U.S. dollar products. At this moment, only security houses could provide foreign currency bonds issuing offshore. Owing to the existing currency exchange regulations, the competent authorities prevent bills finance companies from underwriting commercial papers in foreign currency. If corporates need to borrow U.S. dollar, they need to borrow through overseas subsidiaries or from offshore banking branches. Should the U.S. dollar money market in Taiwan been developed, the bills finance companies and corporates are able to issue U.S. dollar CP and collect U.S. dollar from the money market directly. Accordingly, it will expand the number of participators and further stimulate the money market activities in Taiwan. Facing increasing difficulties within the industry, the bills finance companies need to discover and develop novel and more lucrative business in order to gain a competitive edge. Hong Kong and Singapore have the most highly developed money market environment in Asia, rather, the market in Taiwan lags behind in this matter. However, the Taiwan money market possesses some advantages and also has ample high trading volume products. Strong 1. The implementation of TDCC system and the issuer credit rating requirements. 2. Considerable numbers of participators and high turnover rate in commercial papers and bond market; high primary/secondary trading volume to GDP ratio; corporates efforts to improve specialized finance knowledge, and financial products innovations. 3. Under existing regulations, the market environment has space for financial innovation, and allows the market makers to create a foreign currency money market. 4. It causes instability on the market if there is a dramatic financial innovation. Thus, the balance between innovation and stability always causes the authorities’ concern. In order to develop a risk control mechanism, we have to consider a safety net system to monitor the situation and, at the same time, support the innovations. It requires more considerations and efforts to do so. 5. The implementation of new information system and financial innovations are strongly related. With TDCC and liquidation system, the trading hours could be prolonged. There will be less geographic and timing constraints on CP trading, and it will also expand the demands and supplies of money market.