| dc.contributor.advisor | 張冠群 | zh_TW |
| dc.contributor.advisor | Chang, Kuan-Chun | en_US |
| dc.contributor.author (Authors) | 楊恩柔 | zh_TW |
| dc.contributor.author (Authors) | Yang, En-Jou | en_US |
| dc.creator (作者) | 楊恩柔 | zh_TW |
| dc.creator (作者) | Yang, En-Jou | en_US |
| dc.date (日期) | 2020 | en_US |
| dc.date.accessioned | 2-Sep-2020 11:51:04 (UTC+8) | - |
| dc.date.available | 2-Sep-2020 11:51:04 (UTC+8) | - |
| dc.date.issued (上傳時間) | 2-Sep-2020 11:51:04 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0103358017 | en_US |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/131514 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 風險管理與保險學系 | zh_TW |
| dc.description (描述) | 103358017 | zh_TW |
| dc.description.abstract (摘要) | 國際聯貸案乃國際間企業頻繁使用之融資方式之一，而聯合交易已於世界各地運行數十年之久，係一發展成熟之交易模式，而我國之金融機構亦長期以不同之角色參與國際聯貸交易。然而，實務上不乏出現借款人違約之情事，可能是借款人最終無資力償還貸款之單純民事違約事件；亦可能為借款人惡意詐貸之刑事案件，然而，無論何種違約態樣均導致籌組聯貸案之行政方或提供貸款之融資方於參與國際聯貸案時，於各時期面臨各種不同態樣之風險。國際聯貸實務面臨的法律問題涵蓋層面甚廣，諸如聯貸契約之約定事項是否明確、是否限制或禁止相關交易、貸款人是否能依賴他行進行盡職調查、貸款人進入次級貸款市場之時間點、進行方式、交易對象有無限制、貸款人是否負擔揭露義務等。實則，若聯貸案順利簽約、撥款並還款，則過程中任何交易安排均不會成為交易各方之著眼點；反之，一旦發生借款人違約之情事，則交易過程中或嗣後任何有關甚或無關之安排及細節均可能成為當事人著重之焦點。就次級貸款市場而言，因隱名參貸相較其他交易模式而言更為便利、有效率且具匿名性，故實務上許多貸款人傾向選擇隱名參貸做為資金及風險管理之方式，然而，隱名參貸乃屬單獨且獨立之契約關係，故一般而言相關細節不為聯貸契約所約定，以致借款人違約後，相關交易安排較容易被放大檢視或曲解而產生爭議。就此，本文將以國際聯貸案之實務運作為基礎，由國際金融市場慣例及交易文件出發，介紹當事人間之法律關係、相關交易文件之重要條款，進而討論次級貸款市場中隱名參貸之適法性、實務操作、進行模式及法律關係等議題，並分析交易各方當事人於國際聯貸案中之權利義務及可能面臨之風險及困境，以供處理聯貸相關事務之參考。 | zh_TW |
| dc.description.abstract (摘要) | The international syndicated loan transaction is one of the financing methods which is commonly used by enterprises globally. This kind of syndicated arrangement has been adopted around the world for decades and is already a mature and well-developed transaction model. Financial institutions in Taiwan also have been participating in the international loan market via different roles for a long period of time.In practice, as long as there’s a loan transaction, there will always be the possibility of borrower’s default. It can be either a purely civil matter that the borrower has financial difficulties which makes it fail to repay the loan; or it can involve criminal liabilities that the borrower maliciously defrauds the syndicated lenders. However, in either way, it leads to the same consequence that both the administrative party, who arranges the loan; and the finance party, who commits a loan amount, will be exposed to various risks when becoming one of the parties of a syndicated loan transaction.In an international syndicated loan arrangement, it covers a wide variety of legal issues, such as whether there’s any ambiguities in the clauses of the facility agreement, whether the agreement is clear and comprehensive enough to serve as a binding document among parties, whether there is any transactions or arrangements that is restricted or prohibited by the facility agreement, whether a lender can rely on others to carry out its due diligence, what is the legitimate timing for entering into secondary loan market, how to proceed a secondary loan market arrangement, is there any restrictions on the identity of the counterparty for said deal, whether a lender has a disclosure obligation to share the information of said arrangement…etc. In fact, if there’s no default, then any of the aforementioned will never become an issue. On the contrary, once there’s an event of default, the parties will focus on all the details of any relevant or even irrelevant events, arrangements, facts that happened during the course of the deal or even post of the deal. For example, in the secondary loan market, many lenders tend to engage to sub-participation to manage its funds and risks because it is more convenient, efficient and most importantly, is an anonymous arrangement. Given sub-participation is a separate and independent deal, the details of how to proceed the arrangement usually will not be stipulated in the facility agreement and therefore, any arrangements of sub-participation can easily be twisted, misinterpreted and be examined through a magnifying glass after borrower’s default.Accordingly, this article will introduce the contractual relationship among parties, important terms / clauses in transaction documents, and further elaborate the legality, feasibility, practice and relevant legal issues of secondary loan market transactions. The focus will be on sub-participation arrangement based on industry practice and relevant transaction documents of a syndicated loan transaction. This article will also touch on parties’ rights and obligations and analyze the risks and difficulties one may face when involving in the international loan market. | en_US |
| dc.description.tableofcontents | 第一章 緒論 1第一節 研究動機及目的 1第二節 研究範圍與架構 3第三節 研究方法與限制 6第二章 國際聯合貸款交易介紹 8第一節 國際金融交易市場綜觀 8第一項 國際聯合貸款概述 8第二項 國際金融市場交易指導原則 10第三項 私法自治、契約自由於國際聯貸案之適用 12第二節 國際聯貸案之基本介紹 14第一項 聯貸案之參與者概述 14第二項 聯貸案所涉及之文件概述 17第三節 交易流程及相關交易文件解析 21第一項 步驟一：借款人委任協調安排行 22第二項 步驟二：借款人及協調安排行啟動前階段之準備 29第三項 步驟三：協調安排行啟動聯貸案 33第四項 步驟四：潛在貸款人各自進行獨立資訊核實及盡職調查 36第五項 步驟五：潛在貸款人出具承諾函、協調安排行分配貸款 42第六項 步驟六：交易各方簽署聯貸契約 46第七項 步驟七：管理行代表全體貸款人動撥貸款款項 64第四節 臺灣金融機構參與國際聯貸案之困境兼評中華民國銀行公會會員授信準則 67第一項 中華民國銀行公會會員授信準則評析 67第二項 國內銀行進行國際聯貸案之困境 74第三章 國際聯貸案之風險及次級貸款市場介紹 77第一節 國際聯貸案存在之風險 78第一項 國際聯貸案相關風險概述 78第二項 小結 86第二節 次級貸款市場之基本介紹 87第一項 前提概念釐清 87第二項 次級貸款市場之源起及目的 90第三項 次級貸款市場之交易模式 94第四項 小結 96第四章 隱名參貸之介紹及相關法律問解析 97第一節 隱名參貸之介紹 97第一項 隱名參貸之優勢、類型及法律關係 99第二項 隱名參貸之進行 107第三項 實務上針對隱名參貸限制之事例 120第二節 進行隱名參貸可能產生之風險 129第一項 相關無法律或契約依據之主張事例及剖析 130第二項 小結 136第五章 結論 138參考文獻 144 | zh_TW |
| dc.format.extent | 1945482 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0103358017 | en_US |
| dc.subject (關鍵詞) | 國際聯合貸款交易 | zh_TW |
| dc.subject (關鍵詞) | 國際聯貸案 | zh_TW |
| dc.subject (關鍵詞) | 協調安排行 | zh_TW |
| dc.subject (關鍵詞) | 次級貸款市場 | zh_TW |
| dc.subject (關鍵詞) | 隱名參貸 | zh_TW |
| dc.subject (關鍵詞) | 契約移轉 | zh_TW |
| dc.subject (關鍵詞) | 債權轉讓 | zh_TW |
| dc.subject (關鍵詞) | international syndicated loan transaction | en_US |
| dc.subject (關鍵詞) | coordinating arranger | en_US |
| dc.subject (關鍵詞) | secondary loan market | en_US |
| dc.subject (關鍵詞) | sub-participation | en_US |
| dc.subject (關鍵詞) | novation | en_US |
| dc.subject (關鍵詞) | transfer | en_US |
| dc.subject (關鍵詞) | assignment | en_US |
| dc.subject (關鍵詞) | Loan Market Association | en_US |
| dc.subject (關鍵詞) | Asia Pacific Loan Market Association | en_US |
| dc.title (題名) | 國際聯合貸款交易之實務操作及風險管理： 以隱名參貸為研究核心 | zh_TW |
| dc.title (題名) | Industry Practice and Risk Management for International Syndicated Loan Transactions: Focusing on Sub-Participation Arrangement | en_US |
| dc.type (資料類型) | thesis | en_US |
| dc.relation.reference (參考文獻) | 一、中文部分(一)法規及函令1.公司法2.證券交易法3.臺灣地區與大陸地區金融業務往來及投資許可管理辦法4.中華民國銀行公會會員授信準則5.發行人募集與發行有價證券處理準則6.公司募集發行有價證券公開說明書應行記載事項準則7.中國大陸國家外匯管理局《外債登記管理辦法》(二)碩博士論文1.盧孟涵，〈聯貸契約之違約條款及豁免機制〉，碩士論文，國立政治大學法學院碩士在職專班，2013年9月。二、英文部分(一)書籍1.Michael Bellucci and Jerome McCluskey (Second Edition, 2017). The LSTA’s Complete Credit Agreement Guide.2.Roy Goode, (Third Edition, November 2, 2004). Commercial Law.(二)政府及國際公會公開資料1.Asia Pacific Loan Market Association (APLMA), 2015 Thomson Reuters League Tables and Wrap up, (December 31, 2015).2.Asia Pacific Loan Market Association (APLMA), Debtwire: 2019 APAC (ex-Japan) Loans League Table Report (2019).3.Asia Pacific Loan Market Association (APLMA), APLMA Mandate Letter (Best Efforts), (28 August 2018).4.Asia Pacific Loan Market Association (APLMA), Single Borrower, Single Guarantor, [Hong Kong Dollars]/[Single Currency] Term Facility Agreement (Hong Kong Law), (27 December 2018 version).5.Hong Kong Monetary Authority (HKMA), Supervisory Policy Manual CR-S-2 Syndicated Lending, (V.1 – 29.06.01).6.Loan Market Association (LMA), Guide to Syndicated Loans & Leveraged Finance Transactions, (2013 October).7.Loan Market Association (LMA), Guide to the Secondary Loan Market Transactions.8.Loan Market Association (LMA), LMA Funded Participation Agreement, (29 October 2018 version).9.Loan Market Association (LMA), SECONDARY DEBT TRADING DOCUMENTATION (PAR AND DISTRESSED) USERS GUIDE, (January 30, 2019).(三)期刊文章1.Dr. Eva Reudelhuber, LMA, Introduction to Syndicated Lending, (2016)2.Thomson Reuters, Practical Law – Sub-participation, (Resource ID: 1-107-7333), (2017).3.Thomson Reuters, LPC - 2011 Asia Pacific loan volume / league tables, (December 31, 2011).(四)網路資源1.Asia Pacific Loan Market Association (APLMA), List of Members,https://www.aplma.com/en/membership/associate-member (last visited on April 12, 2020).2.Lexis Practical Guidance (Lexis®PSL), Banking & Finance / Lending: Syndication and transfer of loans / Transferring a loan by sub-participationhttps://www.lexisnexis.com/uk/lexispsl/bankingandfinance/document/391290/55KX-XBB1-F185-S107-00000-00/Transferring_a_loan_by_sub_participation (last visited on May 23, 2020). | zh_TW |
| dc.identifier.doi (DOI) | 10.6814/NCCU202001549 | en_US |
