| 摘要: | 由於國內關於不良債權回收方面的統計資料相當缺乏，如此將不利於不良債權估價模型以及銀行信用風險模型的建立，故本研究的主要目的是蒐集整理國內處理不良債權的回收率資料。 本論文首先蒐集整理美國、南韓及國內處理不良債權的方法，並且詳細介紹國內三種主要處理方式（法院拍賣、銀行委託拍賣、與AMC交易）的流程。接著深入探討不良債權的評價方式，特別是審查評鑑（Due Diligence）與抵押品鑑價的流程。最後一章則是個案分析，資料來源主要是中華誠信資產經營公司在2002年為各家AMC所做的資產鑑價報告書，本章蒐集整理了去年（2002）國內銀行出售不良債權給AMC的回收率，並且分析各項抵押品的特徵是否與銀行的回收率有顯著的關係。 實證結果發現，對回收率有顯著影響的抵押品特徵包括所在區位（中、南、東）、資產類型中的可開發土地及價值低土地、是否位於都市計畫區內（作為是否靠近市區的替代變數）以及債權順位是否為第一順位等。而資產類型中的住宅及工廠類型則並沒有發現與回收率有顯著關係。 Due to the lack of the recovery rate data of NPL in Taiwan, it is difficult to build the NPL valuation model and the credit risk model. Therefore, the main purpose of this research is to analyze and collect the recovery rate data of NPL in Taiwan. In the first place, we will see how RTC and KAMCO deal with NPLs in their countries, and then particularly introduce three main processing programs in Taiwan: court auction, consigning auction, and dealings with AMC. Secondly, we will discuss how to value NPL and pay more attention to the process of due diligence and collateral appraisal. The final chapter is a case study. The source comes from the asset appraisal reports, provided by VerTrust Property Management & Consulting Company, for the AMCs in 2002. In this chapter, we calculate the recovery rate of NPL in Taiwan last year and analyze whether the characteristics of collateral and the recovery rate of NPL are statistically significant. The empirical result reveals that the characteristics of collateral, which include geographical distribution (in North, Central, South, or East of Taiwan), property type (developable land and useless land), urban zoning (as a proxy of whether the property is near the downtown area), and Registration Priority (whether the creditor is in the first priority), have statistical significance with the recovery rate, but other characteristics of property type (residence and factory) do not show statistical significance with the recovery rate. |
