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題 名 | 郵政儲金支應中長期資金問題解析=Issues on Postal Remittances and Savings Bank's Support for the CEPD Medium and Long-term Loan |
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作 者 | 吳壽山; 鍾惠民; 許和鈞; | 書刊名 | 經社法制論叢 |
卷 期 | 27 2001.01[民90.01] |
頁 次 | 頁1-31 |
分類號 | 557.661 |
關鍵詞 | 中長期資金; 資金成本; 信用評等; Cost of capital; Postal remittances and savings bank; Credit rating; |
語 文 | 中文(Chinese) |
中文摘要 | 基於一般金融若無法滿足公私部門所需大量中長期資金,將不利於經濟成長,我國的中長期資金運用制度,乃將公共資金導引至公共建設及重大民間投資計畫使用。此項政策金融係將新增郵政儲金效率運用於融通公共建設及重大民間投資計畫,即結合融通公共建設的財政政策與限定特定融資對象產業政策來加以執行,用以補足一般金融的不健全。展望未來我國的中長期基金,在供給重大公共工程建設與產業投資所需的資金上仍扮演著重要角色。然而,因應金融自由化、金融市場之變遷及我國產業發展概況,中長期資金的相關運作必須有效地加以檢討,逐步回歸市場機制,才能更健全地達成其任務。 本文針對郵政儲金支應中長期資金的資金成本加以探討,在考量中長期資金運用狀況及未來之供需環境,與郵匯局目前之經營環境及未來發展,提供相關之分析以為進一步研討之基礎。在整體郵匯局之轉存款過度受限於其一年期定儲利率時,郵政儲金一年期定存利率出現僵固性,扭曲市場資金配置,降低貨幣政策之效果。本研究認為造此現象實為郵匯局經營層面之問題所致,因此在文中亦對郵匯局轉存款之運用整體地加以評估。以下彙整各相關問題之研議結果:1.郵匯儲金支應中長期資金之運用,應以反應成本為原則。2.考量郵政事業公司化逐漸接近之同時,且未來十年以上之中長期資金貸款金額亦十分龐大,新的利率指標之適用範圍應研擬比較較彈性之方式來設定,以暢通未來郵政事業公司化生存之空間。3.本研究建議以郵匯局資金運用利率(=實質資金成本 + 處理成本 + 合理利潤)由郵匯局每月定期公佈,以作為中長期資金貸款的利率指標。4.在執行上將「金融機構參與中長期資金運用應注意事項」中加入將信幅評等列入主辦銀行及金融機構辦理貸款資格與金幟之主要考量。5.增加郵匯局投資管道,以此已規劃未及動用之資金,若再考慮郵政總局公司化及角色定位的配合,應可成為權責部會的重要課題。最後,任何新建議之提出,應考量其實行之基本適法性及相關影響層面,亦應瞭解申貸者、承貸銀行及資金供給單位等之角色定任,及評估其對整體社會效益之提昇效果,因此有待從全面性角度加以評估。 |
英文摘要 | This paper discusses the important economic functions of the Postal Remittances and Savings Bank (PRSB) in providing the major funding support for the medium and long-term loan (MLTL) program of Council of Economic Development (CEPD). Postal service funds are important policy tools and are used in accord with government financial policies and monetary policy. Because the portion of time deposit to the total of savings of PRSB is now more than 65%, the total cost of capital of PRSB (including costs of operation and costs of deposit reserves) is now higher than traditional benchmark interest rate of MLTL, i.e., the one-year time deposit rate. Hence, a downward stickiness of the market interest rate of time deposit has been observed for PRSB since January 1999. Furthermore, many new MLTL loans have maturity more than 10 years and PRSB will be transformed as state-owned company. Under current design, PRSB will suffer serious loss in competitiveness after transforming into a state-owned company. This paper argues that, to resolve this problem, the benchmark interest rate of MLTL can be defined as the cost of capital of PRSB with a certain percentage markup in required return. |
本系統中英文摘要資訊取自各篇刊載內容。