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| Title: | 台灣直轄市政府債務管理因素之研究-預算制度、融資工具與管理行為對債務管理成果的影響
How Is the Debt Managed in Taiwan Municipal Governments? The Influence of Budget Institution, Financing Instruments and Managerial Behavior on Debt Management Outcome |
| Authors: | 林靜美
Lin, Ching Mei |
| Contributors: | 郭昱瑩
Kuo, Yu Ying
林靜美
Lin, Ching Mei |
| Keywords: | 債務管理
地方政府
直轄市公債
債信
債務負擔能力分析
債務管理政策
資本市場
Debt Management
Local Government
Municipal Bonds
Creditworthiness
Debt Affordability Analysis
Debt Management Policy
Market-Based Capital Market |
| Date: | 2012 |
| Issue Date: | 2014-12-01 14:20:15 (UTC+8) |
| Abstract: | 本文研究目的在於探討地方政府債務管理的影響因素，包含預算制度、融資工具的選擇與管理過程的考量。針對五個特別直轄市，以質化:二手資料分析與半結構式深度訪談，再輔以量化: 官方統計資料等資料蒐集方式，論證五直轄市的債務管理問題與解決之道。全文以三個小研究構成:
研究一: 針對法治面、融資工具與制度面及債信與財務管理面評估總體的市場機制建立是否完善。基於研究一發現兩問題:台灣面臨法治面，融資舉債過度集權化與市場開放自由化之間，供給與需求規範的不對稱；以及缺少以市場為標準的信評資訊。據此，研究二: 探討影響五直轄市財務管理科行政人員管理決策因素；研究三: 量化財務資訊分析五特別直轄市的債務負擔能力債務成果對債信的影響。
本文結論: 雖然融資工具與制度經過中央政府推動多年後已達市場健全；但是，地方政府傾向以政府的招牌輕易的向銀行融資，其實際舉債成本是納稅人無法監督的。為增加債務管理透明度，地方政府應以健全的資本市場為融資管道。其好處為 (1) 增加債務透明度: 有效提供願意借錢的債權人(需求者)與納稅人真實的債務資訊；(2) 以市場標準客觀正確的評估舉債成本: (3)強調債信: 可讓債務發行者(供給者)可以在市場中找到最便宜的借錢方式。債務融資市場化，可強化五直轄市政府的債務管理績效。據此，建議五特別直轄市應儘速訂定債務管理政策，出版債務負擔能力分析以加強自身債信。
This research aims to assess the influence of debt management factors regarding budgetary institution, choosing of financing instruments, and managerial behavior on the debt management outcome. Three studies are conducted to claim the adequacy of adopting a market-based for debt financing in special municipalities. Study 1 accesses the development of municipal bonds market with three critical dimensions: (i) legal and policy environment, (ii) financial instruments and institutions, and (iii) borrower creditworthiness and financial management. Based on the results of study 1, two further inquiries are emerged, the asymmetric development in the dimension of the legal and policy environment as well as the dimension of borrower creditworthiness and financial management. In order to address these two inquiries, study 2 applies in-depth interview to investigate how budgetary institution in terms of the legal and policy environment influences managerial decisions on debt management; study 3 adopts debt affordability model to evaluate the borrower creditworthiness and financial management outcome. The research concludes as follows: first of all, the capital market is ready for the central government to delegate the authority of bond issuance to local governments. However, in five municipalities, the lack of transparency strengthens strong ties between banks and special municipalities. This has formed obstacles to adopt capital market as low cost and transparent financing mechanism. Second, although data for debt affordability ratios are available, without a market-based financing mechanism and well-established debt management policies, the new formed municipalities lack the motivation construct creditworthiness that complies with the standard of market-based capital market. This further impedes the debt capacity and lower borrowing cost. As a result, more invisible debts are accumulating without symmetric information for taxpayers to oversight. This dissertation claims that five municipalities are urgent to establish debt management policies and applying stock market and a well-organized securities market to issue debt. Through market-based capital financing, financial information disclosure and debt affordability analysis will be strengthened. Furthermore, market-based financing facilitates competition on debt management outcome regarding self-financing and debt capacity in special municipalities. This redirects their efforts from political debates on getting more centrally-allocated fund to solid managerial improvement on debt capacity. |
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| Description: | 博士
國立政治大學
公共行政研究所
92256504
101 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0922565042 |
| Data Type: | thesis |
| Appears in Collections: | [公共行政學系] 學位論文
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