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題名 台灣直轄市政府債務管理因素之研究-預算制度、融資工具與管理行為對債務管理成果的影響
How Is the Debt Managed in Taiwan Municipal Governments? The Influence of Budget Institution, Financing Instruments and Managerial Behavior on Debt Management Outcome作者 林靜美
Lin, Ching Mei貢獻者 郭昱瑩
Kuo, Yu Ying
林靜美
Lin, Ching Mei關鍵詞 債務管理
地方政府
直轄市公債
債信
債務負擔能力分析
債務管理政策
資本市場
Debt Management
Local Government
Municipal Bonds
Creditworthiness
Debt Affordability Analysis
Debt Management Policy
Market-Based Capital Market日期 2012 上傳時間 1-Dec-2014 14:20:15 (UTC+8) 摘要 本文研究目的在於探討地方政府債務管理的影響因素,包含預算制度、融資工具的選擇與管理過程的考量。針對五個特別直轄市,以質化:二手資料分析與半結構式深度訪談,再輔以量化: 官方統計資料等資料蒐集方式,論證五直轄市的債務管理問題與解決之道。全文以三個小研究構成:研究一: 針對法治面、融資工具與制度面及債信與財務管理面評估總體的市場機制建立是否完善。基於研究一發現兩問題:台灣面臨法治面,融資舉債過度集權化與市場開放自由化之間,供給與需求規範的不對稱;以及缺少以市場為標準的信評資訊。據此,研究二: 探討影響五直轄市財務管理科行政人員管理決策因素;研究三: 量化財務資訊分析五特別直轄市的債務負擔能力債務成果對債信的影響。本文結論: 雖然融資工具與制度經過中央政府推動多年後已達市場健全;但是,地方政府傾向以政府的招牌輕易的向銀行融資,其實際舉債成本是納稅人無法監督的。為增加債務管理透明度,地方政府應以健全的資本市場為融資管道。其好處為 (1) 增加債務透明度: 有效提供願意借錢的債權人(需求者)與納稅人真實的債務資訊;(2) 以市場標準客觀正確的評估舉債成本: (3)強調債信: 可讓債務發行者(供給者)可以在市場中找到最便宜的借錢方式。債務融資市場化,可強化五直轄市政府的債務管理績效。據此,建議五特別直轄市應儘速訂定債務管理政策,出版債務負擔能力分析以加強自身債信。
This research aims to assess the influence of debt management factors regarding budgetary institution, choosing of financing instruments, and managerial behavior on the debt management outcome. Three studies are conducted to claim the adequacy of adopting a market-based for debt financing in special municipalities. Study 1 accesses the development of municipal bonds market with three critical dimensions: (i) legal and policy environment, (ii) financial instruments and institutions, and (iii) borrower creditworthiness and financial management. Based on the results of study 1, two further inquiries are emerged, the asymmetric development in the dimension of the legal and policy environment as well as the dimension of borrower creditworthiness and financial management. In order to address these two inquiries, study 2 applies in-depth interview to investigate how budgetary institution in terms of the legal and policy environment influences managerial decisions on debt management; study 3 adopts debt affordability model to evaluate the borrower creditworthiness and financial management outcome. The research concludes as follows: first of all, the capital market is ready for the central government to delegate the authority of bond issuance to local governments. However, in five municipalities, the lack of transparency strengthens strong ties between banks and special municipalities. This has formed obstacles to adopt capital market as low cost and transparent financing mechanism. Second, although data for debt affordability ratios are available, without a market-based financing mechanism and well-established debt management policies, the new formed municipalities lack the motivation construct creditworthiness that complies with the standard of market-based capital market. This further impedes the debt capacity and lower borrowing cost. As a result, more invisible debts are accumulating without symmetric information for taxpayers to oversight. This dissertation claims that five municipalities are urgent to establish debt management policies and applying stock market and a well-organized securities market to issue debt. Through market-based capital financing, financial information disclosure and debt affordability analysis will be strengthened. Furthermore, market-based financing facilitates competition on debt management outcome regarding self-financing and debt capacity in special municipalities. This redirects their efforts from political debates on getting more centrally-allocated fund to solid managerial improvement on debt capacity.參考文獻 1. Anonymous. (1992). Sitting on Its Billions: with Only 20m People, Taiwan Has More Liquidity Than Most Places Five Times Its Size. The Economist, 322, 97-98.2. Anonymous. (1991). Taiwan’s Capital Markets: A Sobering Dawn at the Casino, The Economist, 319, 83-84.3. Bierman, H., Jr. (1985). The Valuation of Municipal Bond Bids: Four Solutions. In G. J. Miller. (Ed.), Handbook of Debt Management (pp. 557-560). New York: Marcel Dekker.4. Bland, R. (1985). The Interest Cost Savings from Experience in the Municipal Bond Market. Public Administrative Review, 45(1), 233-237.5. Brecher, C., Richwerger, K., & Wanger, M. V. (2003). An Approach to Measuring the Affordability of State Debt. Public Budgeting and Finance, 23(4), 65-85.6. Bunch, B. S. (1991). The Effect of Constitutional Debt Limits on State Governments’ Use of Public Authorities. Public Choice, 68, 57-69. 7. Charmaz, K. (2003). Qualitative Interviews and Grounded Theory Analysis. In F. G. Jabor and J. A. Holtein (Eds.), Inside Interviewing. CA: Sage Publications.8. Chen, Chien-Hsun. (2005). Taiwan’s Burgeoning Budget Deficit: A Crisis in the Making. Asian Survey, 45(3), 383-396.9. City of Portland. Debt Management Policies. Retrieved from http://ost.oregon.gov/bonds/samples/Debt%20Policy%20-%20City%20of%20Portland.pdf10. Cluff, G. S., & Farnham, P. G. (1984). Standard & Poor vs. Moody’s: Which City Characteristics Influence Municipal Bond Ratings. Quarterly Review of Economics and Business, 24(3): 72-94.11. Cuciti, P. (1991). Infrastructure and the Economy: Serious Debate in the Profession. Municipal Finance Journal, 12(4), 73-81.12. Denison, D. V., Hackbart, M. K., & Moody, M. (2006). State Debt Limits: How Many Are Enough. Public Budgeting and Finance, 26(4), 22-39.13. Douglas, J. R. (2000). Measuring Debt Capacity: The Washington County Experience. 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Debt Management Policy. Retrieved from http://www.co.ho.md.us/DOF/DOFDocs/DebtManagementPolicy.pdf21. Huang, C. J., Cheng, J-C., Chou, C-S., & Lin, S-Y. C. (1992). The Substitutability of Monetary Assets in Taiwan. Southern Economic Journal, 58(4), 975-987.22. Joseph, J. (1994). Debt Issuance and Management: a Guide for Smaller Government. Chicago: GFOA.23. Kaufman, R. (1975). The Nature History of Human Organization, Administration and Society, 7, 131-49.24. Larkin, R., & Joseph, J. (1991). Development Formal Debt Policies: A Carefully Crafted Debt Policy Can Enhance a Government’s Credit Quality and Improve Access to Both Taxable and Tax-Exempt Credit Markets. Government Finance Review, 7(4), 11-14.25. Leigland, J. (1997). Accelerating Municipal Bond Market Development in Emerging Economics: An Assessment of Strategies and Progress. Public Budgeting and Finance, 17(2), 57-79.26. Malanga, S. (2010, June 14). America`s Municipal Debt Racket. The Wall Street Journal. 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New York: Harper and Row.33. Pindyck, R.S., & Rubinfeld, D.L. (2009). Microeconomics. New Jersey: Pearson Prentice Hall Press.34. Poterba, J. M. (1996). Budget Institutions and Fiscal Policy in the U.S. States. The American Economic Review, 86(2), 395-400.35. Republic of China Constitutional Court interpretations No. 400, Retrieved from http://www.judicial.gov.tw/CONSTITUTIONALCOURT/EN/p03_01_printpage.asp?expno=40036. Robbins, M. D., & Dungan, C. (2001). Debt Diligence: How States Manage the Borrowing Function. Public Budgeting and Finance, 21(1), 88-105.37. Robbins, M. D., & Simonsen, B. (2003). Municipal Securities. In J. Rabin (Ed.), Encyclopedia of Public Administration and Public Policy (pp. 795-798). New York: Marcel Dekker.38. Robbins, M. D., & Simonsen, B. (2004). Predicting Municipal Bond Interest Rates: Uses in Negotiated Sale Pricing, Municipal Finance Journal, 25(2), 1-12.39. Robbins, M. D., & Simonsen, B. (2006). Why do Issuers Privately Place Municipal Bonds? Municipal Finance Journal, 27(3), 1-17.40. Robbins, M. D., & Simonsen, B. (2007). Competition and Selection in Municipal Bond Sales: Evidence from Missouri. Public Budgeting and Finance, 26(1), 88-103.41. Robbins, M. D., (2002). Testing the Effects of Sale Method Restrictions in Municipal Bond Issuance: The Case of New Jersey. Public Budgeting and Finance, 22(2), 40-56.42. Robbins, M. D., Simonsen, B., & Rocco, C. (2004). Municipal Bond Auctions and Borrowing Costs. Municipal Finance Journal, 25(1), 1-16.43. Rose, S. (2006). Do Fiscal Rules Dampen the Political Business Cycle? Public Choice, 128(3), 407-431.44. Simonsen, B,. & Hill, L. (1999). Municipal Bond Issuance: Is There Evidence of a Principal-Agent Problem? Public Budgeting and Finance, 18(4), 71-100.45. Simonsen, B., & Robbins, M. D. (2002). Measuring Municipal Borrowing Cost: How Missing Cost Information Biases Interest Rate Calculation. Public Budgeting and Finance, 22(1), 46-59.46. 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(2010). 提高地方自主財源努力的方向 (Improving Self-Finance in Local Governments). 財稅研究 Public Finance Review, 42(5), 17-43.59. 李述德 Li, Shu-Te. (2009),開創地方財政新契機--談財政收支劃分法之修正 (The Opportunity for Public Finance in Local Governments-The Amendment of Act Governing the Allocation of Government Revenues and Expenditures). 研考雙月刊 Research, Development and Evaluation Commission Bimonthly Journal Publication, 33(4), 77-84. 60. 李義燦Li, Yi-Tasn. (2000). 台灣公債市場如何建立利率指標 (How to Build the Yield Rate Curve in Taiwanese Bond Market). 證券櫃檯 OTC Monthly Review, 54, 1-9.61. 李賢源Lee, Shyan-Yuan. 2006. 活絡債券期貨促進債市國際化 ( The Prospection in Taiwan’s Bond Market Reforming and Internationalizing ). 證券櫃檯 OTC Monthly Review, 117, 9-11.62. 徐仁輝 Hsu, Jen-Hui. (2010) 五都制下地方財政的未來 (The Financial Future in Five Municipalities). 財稅研究 Public Finance Review, 42(5), 8-102.63. 徐振文 Hsu,Chen-Wen. (2006),債務基金與政府債務管理 (Debt Service Fund and Governmental Debt Management). 主計月刊 Budget, Accounting and Statistics Journal, 607, 17-24.64. 財政部Ministry of Finance. (2008). Guide to ROC Tax 2008, Taxation and Tariff Committee Press.65. 陳立剛Chen, Li-Kang. (2003). Research on Issuing and Management of American Municipal Bonds: A Preliminary Assessment on Taiwan Local Government Bonds. Journal of Social Sciences, 11(2), 71-91.66. 陳聖心Chen, Sheng-Hsin. (2003). 政府公債投資實務介紹 (An Introduction for the Practice of Investment in Public Bonds). 中信通訊Communication of Central Trust of China, 224, 23-31. (Chinese)67. 黃細清 Huang, Hsi-Ching. (2010). 健全地方財政收支及財政調整機制 (Well-Constructed the mechanism of modification on Expenditure and Expenditure in Public Finance). 主計月刊, 658, 22-28.68. 廖欽福 Liao,Chin-Fu. (2013). 2012年「財政收支劃分法」修正草案之立法評析 (Comments on the Draft Amendment of Act Governing the Allocation of Government Revenues and Expenditures of 2012), 當代財政 Contemporary Finance, 27, 34-49.69. 蔡吉源 Tsai,Chi-Yuan, 林健次 Lin,Chien-Tzu & 田君美 Tien,Chun-Mei. (2010). 1999年版財政收支劃分法修正實施十年之檢討與展望 (The examination and prospect of the amendment of Act Governing the Allocation of Government Revenues and Expenditures of 1999). 臺灣經濟金融月刊 Monthly Journal of Economics and Finance in Taiwan, 46(7), 48-66.70. 蔡佩芬Cai, Pei-Fen and 李怡蓁Yi-Jhen Li. (2008). 維持我國公債定期適量發行之可行方案 (The Feasible Alternatives for Maintaining the Optimal Amount of Bonds Issuance in Taiwan). 證券暨期貨月刊 Securities and Futures Monthly, 26(1), 24-36. 描述 博士
國立政治大學
公共行政研究所
92256504
101資料來源 http://thesis.lib.nccu.edu.tw/record/#G0922565042 資料類型 thesis dc.contributor.advisor 郭昱瑩 zh_TW dc.contributor.advisor Kuo, Yu Ying en_US dc.contributor.author (Authors) 林靜美 zh_TW dc.contributor.author (Authors) Lin, Ching Mei en_US dc.creator (作者) 林靜美 zh_TW dc.creator (作者) Lin, Ching Mei en_US dc.date (日期) 2012 en_US dc.date.accessioned 1-Dec-2014 14:20:15 (UTC+8) - dc.date.available 1-Dec-2014 14:20:15 (UTC+8) - dc.date.issued (上傳時間) 1-Dec-2014 14:20:15 (UTC+8) - dc.identifier (Other Identifiers) G0922565042 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/71723 - dc.description (描述) 博士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 公共行政研究所 zh_TW dc.description (描述) 92256504 zh_TW dc.description (描述) 101 zh_TW dc.description.abstract (摘要) 本文研究目的在於探討地方政府債務管理的影響因素,包含預算制度、融資工具的選擇與管理過程的考量。針對五個特別直轄市,以質化:二手資料分析與半結構式深度訪談,再輔以量化: 官方統計資料等資料蒐集方式,論證五直轄市的債務管理問題與解決之道。全文以三個小研究構成:研究一: 針對法治面、融資工具與制度面及債信與財務管理面評估總體的市場機制建立是否完善。基於研究一發現兩問題:台灣面臨法治面,融資舉債過度集權化與市場開放自由化之間,供給與需求規範的不對稱;以及缺少以市場為標準的信評資訊。據此,研究二: 探討影響五直轄市財務管理科行政人員管理決策因素;研究三: 量化財務資訊分析五特別直轄市的債務負擔能力債務成果對債信的影響。本文結論: 雖然融資工具與制度經過中央政府推動多年後已達市場健全;但是,地方政府傾向以政府的招牌輕易的向銀行融資,其實際舉債成本是納稅人無法監督的。為增加債務管理透明度,地方政府應以健全的資本市場為融資管道。其好處為 (1) 增加債務透明度: 有效提供願意借錢的債權人(需求者)與納稅人真實的債務資訊;(2) 以市場標準客觀正確的評估舉債成本: (3)強調債信: 可讓債務發行者(供給者)可以在市場中找到最便宜的借錢方式。債務融資市場化,可強化五直轄市政府的債務管理績效。據此,建議五特別直轄市應儘速訂定債務管理政策,出版債務負擔能力分析以加強自身債信。 zh_TW dc.description.abstract (摘要) This research aims to assess the influence of debt management factors regarding budgetary institution, choosing of financing instruments, and managerial behavior on the debt management outcome. Three studies are conducted to claim the adequacy of adopting a market-based for debt financing in special municipalities. Study 1 accesses the development of municipal bonds market with three critical dimensions: (i) legal and policy environment, (ii) financial instruments and institutions, and (iii) borrower creditworthiness and financial management. Based on the results of study 1, two further inquiries are emerged, the asymmetric development in the dimension of the legal and policy environment as well as the dimension of borrower creditworthiness and financial management. In order to address these two inquiries, study 2 applies in-depth interview to investigate how budgetary institution in terms of the legal and policy environment influences managerial decisions on debt management; study 3 adopts debt affordability model to evaluate the borrower creditworthiness and financial management outcome. The research concludes as follows: first of all, the capital market is ready for the central government to delegate the authority of bond issuance to local governments. However, in five municipalities, the lack of transparency strengthens strong ties between banks and special municipalities. This has formed obstacles to adopt capital market as low cost and transparent financing mechanism. Second, although data for debt affordability ratios are available, without a market-based financing mechanism and well-established debt management policies, the new formed municipalities lack the motivation construct creditworthiness that complies with the standard of market-based capital market. This further impedes the debt capacity and lower borrowing cost. As a result, more invisible debts are accumulating without symmetric information for taxpayers to oversight. This dissertation claims that five municipalities are urgent to establish debt management policies and applying stock market and a well-organized securities market to issue debt. Through market-based capital financing, financial information disclosure and debt affordability analysis will be strengthened. Furthermore, market-based financing facilitates competition on debt management outcome regarding self-financing and debt capacity in special municipalities. This redirects their efforts from political debates on getting more centrally-allocated fund to solid managerial improvement on debt capacity. en_US dc.description.tableofcontents TABLE OF CONTENTSLIST OF TABLES VIILIST OF FIGURES XABBREVIATIONS XIICHAPTER 1 INTRODUCTION 1I. Research Rationale 1II. Research Objectives and Questions 2III. Organization of this Dissertation 3CHAPTER 2 LITERATURE REVIEW: CAPITAL MARKET, BUDGETARY INSTITUTION AND DEBT MANAGEMENT 4I. Theory and Practice of a Capital Financing and Budgeting of the U.S. Government 41.1 The U.S. Bond Market’s history, Institutions, Participants and Practices 41.2 The Players and Their Roles 6II. The Motivation, Decisions and Practice of an Issuer in the Municipal Bond Market 7III. Literature on Debt Financing Factors That Influence Issuance Costs 93.1 Structuring, Sizing and Issuance Cost 93.2 Interest Rate Calculation Index and Cost 113.3 Sale Methods and Debt Structuring 123.4 Issuance Cost and Credit Enhancement 133.5 Debt Affordability, Debt Policy, Capital Improvement Programs and Debt Management 14A. Debt Policies 16B. Effect of Debt Policies 17C. Elements of Debt Policy in State and Local Governments 173.6 Three Studies 18CHAPTER 3 STUDY 1: MARKET-BASED CAPITAL MARKET AND READINESS TO ISSUE MUNICIPAL BONDS IN TAIWAN 20I. Introduction 20II. Literature Review 212.1 Political-Economy and Changed Government Structure in Taiwan 21Regulated Capital Market and Economic Development in Taiwan 222.2 From a Highly Regulated Market to a Liberalized One 232.3 Adjusted Government Structure and Liberalized Capital Market 26A. Government Structure 26B. Central Government Bonds 26C. Bonds Issuance in Local Governments 27D. Emergent Issues 282.4 Assessing Municipal Bond Market Development 292.5 Evaluation Criteria of Each Dimension 302.6 Summary 32III. Methodology 333.1 Measurements and Analysis 333.2 Data Collection Methods 353.3 Limitations 36IV. Findings and Discussion of Study 1 364.1 Legal and Policy Environment 36A. Supply Side in Legal and Policy Environment in the 1990s 361. Public Debt Act and Debt Limitation 372. Central Government Bonds and Loans Act 373. Tax, Centrally-Funded Tax Revenues and Expenditures 384. Bonds Issuance Procedure and Monitory 39B. Demand Side in Legal and Policy Environment 391. Outstanding Debt and Scale of Market 392. Organization Structure in the Capital Market 402. Diversity of the Primary Market 433. Depth of Bonds Market 444. Underwriter and Bonds Issuances Process 455. The Combinations of Instruments 464.2 Financial Instruments and Institutions 46A. Supply Side in Financial Instruments and Institutions 471. Financial Instruments and Institutions in the Market 472. Relaxing the Regulations for Diversity of Investors and Instruments 48B. Demand Side in Financial Instruments and Institutions 494.3 Borrow Creditworthiness and Financial Management 50A. Supply Side of the Borrow Creditworthiness and Financial Management 501. Accounting Systems that Support Local Liability Management 502. Criteria for Budgetary Grants and Subsidized Market Loans 51B. Demand Side of Borrower Creditworthiness and Financial Management 511. Strong Credit Quality in Taiwan, and Information Regarding Risk 512. Tax-Support Debt 523. Separate Corporate Issuers 52V. Conclusions and Implications 535.1 Research Findings 545.2 Research Contribution to the Literature 545.3 Implications of the Research Findings 555.4 Research Recommendation for Advanced Research 55CHAPTER 4 STUDY 2: THE IMPACTS OF BUDGETARY INSTITUTION AND FINANCIAL BEHAVIORS ON DEBT MANAGEMENT OUTCOME 56I. Introduction 56Research Questions 57II. Literature Review 572.1 Asymmetric Information Theory and Application 58A. Moral hazard with Hidden Actions 59B. Moral Hazard with Hidden Information 59C. Adverse Selection 59D. Signal Model 592.2 Budgetary Institutions and Their Impacts on Fiscal Outcome 602.3 Conceptual Framework and Research Questions 60III. Methodology 613.1 Qualitative Data Collection with In-Depth Interview 613.2 Interview Sampling 623.3 Semi-Structured Questionnaire 623.4 Secondary Data 633.5 Qualitative Data Analysis 63A. Horizontal and Thematic Analysis 631. Description of Organizations 632. Description of Concept 633. Planning and Adopting a Debt Financing Strategy 634. Internal and External Factors Affecting Debt Management 645. Changing and Adapting Debt Management 64B. Steps Horizontal Analysis of NVIVO 641. Opening a Project 642. Highlighting Coded Sections 643. Creating Annotations 64IV. Findings and Discussion of Study 2 654.1 Factors Affecting the Debt Management of Organizations 65A. External Factors 661. Political Climate, Conflict and Interdependence 682. Limitations Imposed by Organizational Debt Limits 703. Compromising and Managing Differences within a Coalition 714. Inaccurate Public Perceptions 73B. Internal Factors 741. Capacity 742. Leadership 763. Administration Costs 774.2 The Players and Their Roles in Municipal Debt Issuance Process 77A. No Financial Advisor in Five Municipalities 78B. Short-Term or Long-Term Financing 811. Short-Term and Long-Term Debt 822. Bond Issuance 833. Others 84C. Negotiated or Competitive 84D. Structuring and Sizing 86E. Interest Rate 87F. Credit Worthiness 87G. Citizens/ Taxpayers 88V. Conclusion of Study 2 895.1 Research Findings and Implications 895.2 Policy Recommendations to Debt Policies of Five Special Municipalities 895.3 Debt Management Practice (Rule of Thumb) and Policy in Taiwan 915.4 The Limitations of the Study 2 93CHAPTER 5 STUDY 3: FISCAL AFFORDABILITY AND BORROWER CREDIT WORTHINESS IN FIVE MUNICIPALITIES 94I. Introduction 94II. Literature Review 952.1 Act Governing the Allocation of Government Revenues and Expenditures 95A. 1999 AGAGRE 95B. 2012 AGAGRE Draft Bill 98C. Regulations for Allocation of Centrally-Funded Tax Revenues 1002.2 Debt Accumulation in Five Municipalities 100A. Taipei Special Municipality 101B. New Taipei Special Municipality 102C. Taichung Special Municipality 103D. Tainan Special Municipality 104E. Kaohsiung Special Municipality 1052.3 Public Debt Management and Creditworthiness 106III. Methodology 1083.1 Quantitative Data Collection 1093.2 Measurements 1093.3 Creditworthiness Analysis 1103.4 Conceptual Framework 1113.5 Limitations 111IV. Findings and Discussions 1114.1 Debt Affordability Analysis of Five Municipalities after the Reorganization 112A. Taipei Special Municipality 113B. New Taipei Special Municipality 114C. Taichung Special Municipality 114D. Tainan Special Municipality 115E. Kaohsiung Special Municipality 1164.2 Debt Affordability, Debt Management Performance and Creditworthiness 116A. Debt Management Performance and Creditworthiness 1171. Ratio 1-Growth in Outstanding Public Debt Ratio 1172. Ratio 2 and 3-Self-Supporting Debt and Net Tax-Supported Debt Service Ratio 1173. Ratio 4, 5, and 6-Long-Term Debt Capacity under a Cap Benchmark Ratio, Long-Term Debt Ratio, and Short-Term debt Ratio 1184. Ratio 7-Total Financing Revenue as a Percentage of General Expenditure 1225. Ratio 8 Debt Service as a Percentage of Total Debt Financing Revenue for General Expenditure 1226. Ratio 9 Self-Financing Ratio 1247. Ratio 10, 11, and 12 Outstanding Debt Per Capita, Total Outstanding Debt to Personal Income, and Total Outstanding Debt to Household Income 125B. Economics Ratios 1264.3 Overall Evaluation of Creditworthiness in Five Special Municipalities 127Summary 127CHAPTER 6 EPILOGUE: CONCLUSIONS AND IMPLICATIONS 128I. Summary 128II. Research Findings and Policy Implications 129III. Contribution to the Literature 130IV. Research Advices for Advanced Research 131V. Conclusion 131BIBLIOGRAPHY 133Chinese References 137APPENDICES 140Appendix A 141Function of a Financial Advisor 141Appendix B 142Creditworthiness Indicators 142Appendix C 143Elements of Debt Policies 143Appendix D 144Semi-Structure Interview Questions 144Appendix E 145Interview Questions in Chinese 145Appendix F 146Interview Case 1 146Appendix G 156Interview Case 2 156Appendix H 173Interview Case 3 173Appendix I 177Interview Case 4 177Appendix J 189Interview Case 5 189 LIST OF TABLESTABLE 2-1 MUNICIPAL BOND DEFAULTS, 1940-1994 5TABLE 2-2 DEFAULT RATE 1987-2003 5TABLE 2-3 BOND ISSUERS-STATE AND LOCAL GOVERNMENTS’ MOTIVATIONS AND LIMITATIONS 8TABLE 2-4 $100 BOND ISSUANCE AND FIXED-RATE DEBT SERVICE STRUCTURE 10TABLE 2-5 FISCAL AFFORDABILITY STATISTICS FOR CREDIT WORTHINESS 16TABLE 3-1 PERCENTAGE OF SMALL/MEDIUM ENTERPRISES IN TAIWAN 24TABLE 3-2 THE ALIGNMENT OF SUPPLY AND DEMAND IN ANALYZING CAPITAL MARKET 35TABLE 3-3 DOMESTIC GOVERNMENT AND PRIVATE OUTSTANDING DEBT 40TABLE 3-4 DIVERSE ISSUERS AND SECURITIES IN TAIWAN CAPITAL MARKET 44TABLE 3-5 NUMBER OF BANK AND FINANCING INSTITUTIONS 48TABLE 3-6 NUMBER OF SECURITIES SERVICES PROVIDERS 49TABLE 3-7 RESEARCH CONCLUSIONS: READINESS FOR BOND ISSUANCE 53TABLE 4-1 INTERVIEW CASES 62TABLE 4-2 EXTERNAL AND INTERNAL FACTORS AFFECTING THE DEBT MANAGEMENT WORK OF THE MUNICIPAL ORGANIZATIONS 66TABLE 4-3 DEBT MANAGEMENT POLICIES AND RULE OF THUMB IN THE FIVE MUNICIPALITIES 92TABLE 5-1 ACT GOVERNING THE ALLOCATION OF GOVERNMENT REVENUES AND EXPENDITURES AT PRESENT 97TABLE 5-2 THE CHANGED DISTRIBUTION OF CENTRALLY-ALLOCATED TAX REVENUES 98TABLE 5-3 NATIONAL TAXES THAT IS ALLOCATED TO LOCAL AS RACFTR 99TABLE 5-4 DRAFT BILL 2012 AND ITS REGULATIONS FOR ALLOCATION OF CENTRALLY-FUNDED TAX REVENUES 100TABLE 5-5 OUTSTANDING DEBT IN TAIPEI CITY, 2002 THROUGH 2011 101TABLE 5-6 OUTSTANDING DEBT IN NEW TAIPEI CITY, 2002 THROUGH 2011 102TABLE 5-7 OUTSTANDING DEBT IN TAICHUNG CITY, 2002 THROUGH 2011 103TABLE 5-8 OUTSTANDING DEBT IN TAINAN CITY, 2002 THROUGH 2011 104TABLE 5-9 OUTSTANDING DEBT IN KAOHSIUNG CITY, 2002 THROUGH 2011 105TABLE 5-10 DEBT AFFORDABILITY RATIOS: DEFINITIONS AND FORMULAS 109TABLE 5-11 DEBT AFFORDABILITY ANALYSIS, 2010 VS. 2011 112TABLE 5-12 GROWTH IN OUTSTANDING PUBLIC DEBT RATIO (%) 117TABLE 5-13 SELF-SUPPORTING DEBT RATIO, 2010 VS. 2011 118TABLE 5-14 DEBT CAPACITY, 2010 VS. 2011 122TABLE 5-15 TOTAL FINANCING REVENUE AS A PERCENTAGE OF GENERAL EXPENDITURE 122TABLE 5-16 DEBT SERVICE AS PERCENTAGE OF TOTAL DEBT FINANCING REVENUE FOR GENERAL EXPENDITURE 124TABLE 5-17 TABLE DEBT AFFORDABILITY RATIO, 2010 VS. 2011 125TABLE 5-18 OUTSTANDING DEBT PER CAPITA, TO PERSONAL INCOME, AND TO HOUSEHOLD INCOME 126 LIST OF FIGURESFIGURE 2-1 PARTICIPANTS IN THE MUNICIPAL BONDS ISSUANCE PROCESS 6FIGURE 2-2 EQUAL PRINCIPAL AND LEVEL DEBT SERVICE 10FIGURE 2-3 THE RELATIONSHIPS AMONG THE CAPITAL IMPROVEMENT PROGRAM, DEBT POLICY, AND AFFORDABILITY 15FIGURE 3-1 PERCENTAGE OF GDP IN AGRICULTURE, INDUSTRY, AND SERVICE INDUSTRY 22FIGURE 3-2 FRAMEWORK FOR ASSESSING MUNICIPAL BONDS MARKET DEVELOPMENT 29FIGURE 3-3 CONCEPTUAL FRAMEWORK 33FIGURE 3-4 STRUCTURE OF SECURITY MARKET 41FIGURE 3-5 STRUCTURE OF BONDS MARKET 42FIGURE 3-6 ACTORS IN DEVELOPING BOND MARKET 42FIGURE 4-1 CONCEPTUAL FRAMEWORK 61FIGURE 4-2 PARTICIPANTS IN THE MUNICIPAL DEBT ISSUANCE PROCESS IN TAIWAN 78FIGURE 5-1 TREND OF DEBT ACCUMULATION IN TAIPEI 102FIGURE 5-2 TREND OF DEBT ACCUMULATION IN NEW TAIPEI 103FIGURE 5-3 TREND OF DEBT ACCUMULATION IN TAICHUNG CITY 104FIGURE 5-4 TREND OF DEBT ACCUMULATION IN TAINAN CITY 105FIGURE 5-5 TREND OF DEBT ACCUMULATION IN TAINAN CITY 106FIGURE 5-6 CONCEPTUAL FRAMEWORK 111FIGURE 5-7 SELF-SUPPORTING DEBT RATIO IN FIVE SPECIAL MUNICIPALITIES, 2002 THROUGH 2011 118FIGURE 5-8 DEBT CAPACITY UNDER A CAP BENCHMARK RATIO IN TAIPEI MUNICIPALITY 119FIGURE 5-9 DEBT CAPACITY UNDER A CAP BENCHMARK RATIO IN NEW TAIPEI MUNICIPALITY 119FIGURE 5-10 DEBT CAPACITY UNDER A CAP BENCHMARK RATIO IN TAICHUNG MUNICIPALITY 120FIGURE 5-11 DEBT CAPACITY UNDER A CAP BENCHMARK RATIO IN TAINAN MUNICIPALITY 120FIGURE 5-12 DEBT CAPACITY UNDER A CAP BENCHMARK RATIO IN KAOHSIUNG MUNICIPALITY 121FIGURE 5-13 DEBT SERVICE AS A PERCENTAGE OF OPERATING EXPENDITURES 123FIGURE 5-14 DEBT SERVICE AS A PERCENTAGE OF TOTAL DEBT FINANCING REVENUE FOR GENERAL EXPENDITURE, 2002 THROUGH 2011 123FIGURE 5-15 SELF-FINANCING RATIO 125 zh_TW dc.format.extent 3417458 bytes - dc.format.mimetype application/pdf - dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0922565042 en_US dc.subject (關鍵詞) 債務管理 zh_TW dc.subject (關鍵詞) 地方政府 zh_TW dc.subject (關鍵詞) 直轄市公債 zh_TW dc.subject (關鍵詞) 債信 zh_TW dc.subject (關鍵詞) 債務負擔能力分析 zh_TW dc.subject (關鍵詞) 債務管理政策 zh_TW dc.subject (關鍵詞) 資本市場 zh_TW dc.subject (關鍵詞) Debt Management en_US dc.subject (關鍵詞) Local Government en_US dc.subject (關鍵詞) Municipal Bonds en_US dc.subject (關鍵詞) Creditworthiness en_US dc.subject (關鍵詞) Debt Affordability Analysis en_US dc.subject (關鍵詞) Debt Management Policy en_US dc.subject (關鍵詞) Market-Based Capital Market en_US dc.title (題名) 台灣直轄市政府債務管理因素之研究-預算制度、融資工具與管理行為對債務管理成果的影響 zh_TW dc.title (題名) How Is the Debt Managed in Taiwan Municipal Governments? 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