An Analysis of Demand for Mortgage-Backed Securitization in Taiwan

• Main Authors: Sheng-Pin Hsu, 許勝斌
• Other Authors: Shih-Jen Liao
• Format: Others
• Language: zh-TW
• Published: 2006
• Online Access: http://ndltd.ncl.edu.tw/handle/06395845964753200827

碩士 === 樹德科技大學 === 金融保險研究所 === 94 === The system of Mortgage-Backed Securitization had developed successfully in the United States since 1970’s, by using mortgage loan collaterals to issue securities to the investors. Taiwan has enacted and promulgated Financial Asset Securitization Law in 2002. The financial institutions can issue mortgage-backed securities to increase the channels of fund raisings and capital adequacy ratio and to improve asset-liabilities structure. It has been three years for the legislation in practice, five mortgage-backed securities had been established and issued. This fact shows that the domestic mortgage-backed securities market has gradually been formed. The study mainly achieves the legislation of Mortgage-Backed Securitization in practice in Taiwan on the demand side. This research uses Logit model to analyze the factors of demand side of impact of Mortgage-Backed Securitization system on the institutional investors’ behavior of buying mortgage-backed beneficiary certificates by sampling from institutional investors. The empirical results show that the institutional investors emphasize on the more market information transparency, the higher divergence of portfolios and liquidity. In addition as the investors’ characters, the more probability of buying mortgage-backed beneficiary certificates, the longer with the establishment time of institutional investors and the more investment instruments as the main factors of their buying those certificates. However, the facters of macroeconomic variances is insignificant.