| Summary: | 碩士 === 長庚大學 === 企業管理研究所 === 92 === In terms of corporate finance, this paper studied the establishment of finance company in Taiwan. After 1998, the overdue loan rates in local financial institutes went up rapidly, and forced them more conservative in making corporate loans. This impacts those enterprises with small and medium economic scales most. During the past 50 years, small and medium enterprises were the motive power to the economic growth in Taiwan. How to resolve their financing problems, hence, is the major topic in this study. Observing the agency development of oversea capital market, it is found that oversea finance companies and commercial banks are competitors apparently. However, after carefully review their business contents, it is found their functions are in complementary, i.e. finance companies can make up the defect of commercial banks in capital agency. In addition, with expertise and flexibility, finance companies are more capable of assuming risk, and thus becomes a strong competitor to commercial banks in product innovation. In both oversea and local practices, the leasing companies, with similar business to finance companies, define the small and medium enterprises as major target market, and to provide them with great help on equipment expansion and commercial finance.
In this study, related references, data from oversea and local finance and leasing companies as well as questionnaires from finance heads of 89 local companies were collected to process inductive and statistical analysis. The results showed that all interviewees have good impressions on the practices of leasing, divided payment and finance. They all agreed that the establishment of professional finance company would help to enhance the competencies of enterprises.
This paper demonstrates, through theories and practical experiences, that inviting famous multinational finance company to participate the establishment of finance company in Taiwan can not only partially resolve the finance problems of local medium and small enterprises, but also enhance local companies’ competency, and further to accelerate their internationalization. Besides, the development and management of oversea finance companies can be a reference for establishing finance company in Taiwan.
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