Page 39 - 銀行家雜誌第79期
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ʮ௅ژ՘пdਗ਼౤৷ვБ׳൲ʕʃΆุจᗴ


                     3םᜫѰᄴፄ༟̋஺ɪ༩






                     މ՘пვБ੶ʷՉ˸Ѱᄴፄ༟˙ࣩԸ՘п༆ӔΆุٙ೯࢝d
                     ʮ௅ژપ̈ՈϞႰΪٙႾኬ˙ࣩԸ̋˸ቇࣛႾኬ݊޴຅̀ࠅٙf
                     ίʮ௅ژዄڭɨdࣨ൲̙ϓࣩٙዚଟਗ਼ɽష౤৷f

                     撰文:彭勝本






                     ʕ     ʃΆุ౷ཁաՓ׵༟͉                 Ԓᐶࣖڌତdਗ਼ᆠʕ׵ආБ৷                   ݊޴຅࠽੻̋˸ਞϽ̙ٙБ׌

                                                      ࠬᎈ׌ਖ਼ࣩdኬߧΆุৌਕ࿳
                                                                                      ৌਕʈՈf
                           ᕘ஝ᅼ༰ʃe˞ॹΥࣸ
                     תץۜdኬߧᘪ༟޴࿁ʔ׸ਪ                    ૖ܓ৷f
                     ᕚᗭ༆dԱኽৌਕኪٙፄ༟ॹ                      ਂމ׳൲ᄲࣨ٫dމ༆Ӕɪ                  Ѱᄴፄ༟3ɽत׌
                     ɹ(Financing Gap)ሞႭd              ࠑ˜ʔ࿁၈༟ৃ™ʿ˜˾ଣɛ
                     ίආБʕʃΆุબڦ׳൲ุਕ                    ਪᕚ™ٙପ͛d̙મБ˸ɨৌ                     त׌1.᙮׵ϣනЗ൲ಛ(
                     ᄲࣨࣛdࣨ൲٫౷ཁࠦᑗ˸ɨ                    ਕʈՈٙτર̋˸ࠥЭਪᕚ೯                   Subordinated loan)ഃॴd׳
                     ਪᕚdኬߧબڦᄲݟѩ਋Σڭ                    ͛ዚଟj                            ൲лଟึ৷׵Ꮄሯ൲ಛ(senior

                     ςdϤɚ٫މ˜ʔ࿁၈༟ৃ™                      1.˸ᄣ౤תץۜٙ˙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
                       ࠯΋d˜ʔ࿁၈༟ৃ™ሞႭ                     3.ீཀዚՓτરணࠇdᜫٰ                 warrant)ٙৌਕτરɨdਗ਼ʪ
                     ܸ̈dږፄዚ࿴׳൲ࠦᑗ͡൲                    ᛆҳ༟ɛ̙˸္ຖΆุᐄ༶d                   ஢׳൲ٙვБ̙˸ᕐ˙ԫۃਠ
                     Άุה౤Զৌਕజڌ͊Ո௪ԑ                    ҳ༟٫ீཀਞၾʮ̡຾ᐄd౛                   ᙄٙ༰Эᙄ֛ᄆࣸd՟੻ʮ̡
                     ੄ீ׼ܓਪᕚdɓ͇༟ږ׳൲                    છਖ਼ࣩٙࠬᎈ׌f                        ٰᛆf
                     ܝd࿁׵Άุה੽ԫٙਖ਼ࣩᗭ                      νО՘пʕʃۨΆุ༆Ӕᘪ                    त׌3.ვБਗ਼̙ʱԮ׳൲Ά

                     ˸ආБ৛ᔳd˲ೌ੽ʱ፫ࡈй                    ༟ʔ׸ਪᕚeනлආБᐄ༶ࠇ                   ุ͊Ըᐄ༶ϓڗeٰᄆᄣပٙ
                     ҳ༟ਖ਼ࣩࠬᎈٙࢨମ׌৷Эf                    ೥dމ˴ԫٙ΢਷၍ଣႾኬ                    ༟͉๐࠽dʱԮΆุٙлᆗf
                     ˜˾ଣɛਪᕚ™ሞႭܸ̈dʮ                    ఊЗڗಂ˸Ըהрɢٙ˙Σf                     Ѱᄴፄ༟ਖ਼ࣩࠇ೥ɓছίڢ
                      ̡຾ଣɛމӋʮ̡೵ಂ׌ᐄл                   ί਷ყɪપБʊɮٙѰᄴፄ༟                   ʮක׌༟͉̹ఙʕ༶Ъdீཀ
                      ٙҞ஺ϓڗdא৛Ӌ຾ଣɛІ                   (mezzanine finance)ݖ࿴ۆ          రӋϞจᗴٙਖ਼ุҳ༟ɛ̋˸





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