Page 39 - 銀行家雜誌第79期
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ʮژпdਗ਼৷ვБ׳൲ʕʃΆุจᗴ
3םᜫѰᄴፄ༟̋ɪ༩
މпვБ੶ʷՉ˸Ѱᄴፄ༟˙ࣩԸп༆ӔΆุٙ೯࢝d
ʮژપ̈ՈϞႰΪٙႾኬ˙ࣩԸ̋˸ቇࣛႾኬ݊̀ࠅٙf
ίʮژዄڭɨdࣨ൲̙ϓࣩٙዚଟਗ਼ɽష৷f
撰文:彭勝本
ʕ ʃΆุ౷ཁաՓ༟͉ Ԓᐶࣖڌତdਗ਼ᆠʕආБ৷ ݊࠽̋˸ਞϽ̙ٙБ
ࠬᎈਖ਼ࣩdኬߧΆุৌਕ
ৌਕʈՈf
ᕘᅼ༰ʃe˞ॹΥࣸ
תץۜdኬߧᘪ༟࿁ʔਪ ܓ৷f
ᕚᗭ༆dԱኽৌਕኪٙፄ༟ॹ ਂމ׳൲ᄲࣨ٫dމ༆Ӕɪ Ѱᄴፄ༟3ɽत
ɹ(Financing Gap)ሞႭd ࠑʔ࿁၈༟ৃʿ˾ଣɛ
ίආБʕʃΆุબڦ׳൲ุਕ ਪᕚٙପ͛d̙મБ˸ɨৌ त1.᙮ϣනЗ൲ಛ(
ᄲࣨࣛdࣨ൲٫౷ཁࠦᑗ˸ɨ ਕʈՈٙτર̋˸ࠥЭਪᕚ೯ Subordinated loan)ഃॴd׳
ਪᕚdኬߧબڦᄲݟѩΣڭ ͛ዚଟj ൲лଟึ৷Ꮄሯ൲ಛ(senior
ςdϤɚ٫މʔ࿁၈༟ৃ 1.˸ᄣתץۜٙ˙όࠥЭ loan)d׳൲͉ږஷ੬ίՑಂ
(Asymmetric information) ̙ঐ൲ಛฦ̰i ˚ʑცᎵ˹f
ʿ˾ଣɛਪᕚ(Agency 2.ਗ਼༟ପڦࠬ͜ᎈ˸ʮකʹ त 2 . ί ৌ ਕ ૢ ߒ ʕ d
problems)f ˙όd˸ᕁИڦࠬ͜ᎈi ͟೯Бतйᛆᗇ(equity
dʔ࿁၈༟ৃሞႭ 3.ீཀዚՓτરணࠇdᜫٰ warrant)ٙৌਕτરɨdਗ਼ʪ
ܸ̈dږፄዚ׳൲ࠦᑗ͡൲ ᛆҳ༟ɛ̙˸္ຖΆุᐄ༶d ׳൲ٙვБ̙˸ᕐ˙ԫۃਠ
ΆุהԶৌਕజڌ͊Ո௪ԑ ҳ༟٫ீཀਞၾʮ̡ᐄd ᙄٙ༰Эᙄ֛ᄆࣸd՟ʮ̡
ீܓਪᕚdɓ͇༟ږ׳൲ છਖ਼ࣩٙࠬᎈf ٰᛆf
ܝd࿁Άุהԫٙਖ਼ࣩᗭ νОпʕʃۨΆุ༆Ӕᘪ त3.ვБਗ਼̙ʱԮ׳൲Ά
˸ආБᔳd˲ೌʱ፫ࡈй ༟ʔਪᕚeනлආБᐄ༶ࠇ ุ͊Ըᐄ༶ϓڗeٰᄆᄣပٙ
ҳ༟ਖ਼ࣩࠬᎈٙࢨମ৷Эf dމ˴ԫٙ၍ଣႾኬ ༟͉๐࠽dʱԮΆุٙлᆗf
˾ଣɛਪᕚሞႭܸ̈dʮ ఊЗڗಂ˸Ըהрɢٙ˙Σf Ѱᄴፄ༟ਖ਼ࣩࠇɓছίڢ
̡ଣɛމӋʮ̡ಂᐄл ίყɪપБʊɮٙѰᄴፄ༟ ʮක༟͉̹ఙʕ༶Ъdீཀ
ٙҞϓڗdאӋଣɛІ (mezzanine finance)ݖۆ రӋϞจᗴٙਖ਼ุҳ༟ɛ̋˸
̨ᝄვБ2016.7˜ 39

