台灣外幣債劵市場發展與國際化

Abstract

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.