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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:\n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。\n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.\n2. Anonymous. (1991). Taiwan’s Capital Markets: A Sobering Dawn at the Casino, The Economist, 319, 83-84.\n3. 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.\n4. Bland, R. (1985). The Interest Cost Savings from Experience in the Municipal Bond Market. Public Administrative Review, 45(1), 233-237.\n5. 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.\n6. Bunch, B. S. (1991). The Effect of Constitutional Debt Limits on State Governments’ Use of Public Authorities. Public Choice, 68, 57-69. \n7. Charmaz, K. (2003). Qualitative Interviews and Grounded Theory Analysis. In F. G. Jabor and J. A. Holtein (Eds.), Inside Interviewing. CA: Sage Publications.\n8. Chen, Chien-Hsun. (2005). Taiwan’s Burgeoning Budget Deficit: A Crisis in the Making. Asian Survey, 45(3), 383-396.\n9. City of Portland. Debt Management Policies. Retrieved from http://ost.oregon.gov/bonds/samples/Debt%20Policy%20-%20City%20of%20Portland.pdf\n10. 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.\n11. Cuciti, P. (1991). Infrastructure and the Economy: Serious Debate in the Profession. Municipal Finance Journal, 12(4), 73-81.\n12. Denison, D. V., Hackbart, M. K., & Moody, M. (2006). State Debt Limits: How Many Are Enough. Public Budgeting and Finance, 26(4), 22-39.\n13. Douglas, J. R. (2000). Measuring Debt Capacity: The Washington County Experience. Government Finance Review, 16(4), 21-26.\n14. Economist Intelligent Unit, (2008).Country Analysis and Forecast. University of Connecticut Data Base.http://countryanalysis.eiu.com/country_reports\n15. Endersby, J. W., & Towle, M. J. (1997). Effects of Constitutional and Political Controls on State Expenditures. Publius, 27(1), 83-98.\n16. Fitch Ratings: Default Risk and Recovery Rates on U.S. Municipal Bonds. January 9, 2007 Retrieved from http://content.municipalbonds.com/2009/10/18/default-rates-on-municipal-bonds-part-1/\n17. GFOA Recommended Practice. (1995). 1995 and 2003: Debt Management Policy. Retrieved from http://www.gfoa.org/downloads/debt-management-policy.pdf\n18. Hackbart, M., & Leigland, J. (1990). State Debt Management Policy: A National Survey. Public Budgeting and Finance, 10(1), 37-54.\n19. Hildreth, B. W. (1993). State and Local Governments as Borrowers: Strategic Choices and the Capital Market. Public Administration Review, 53(1), 41-49.\n20. Howard County, Maryland. (2010). Debt Management Policy. Retrieved from http://www.co.ho.md.us/DOF/DOFDocs/DebtManagementPolicy.pdf\n21. 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.\n22. Joseph, J. (1994). Debt Issuance and Management: a Guide for Smaller Government. Chicago: GFOA.\n23. Kaufman, R. (1975). The Nature History of Human Organization, Administration and Society, 7, 131-49.\n24. 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.\n25. 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.\n26. Malanga, S. (2010, June 14). America`s Municipal Debt Racket. The Wall Street Journal. Retrieved from http://www.manhattan-institute.org/html/miarticle.htm?id=6296\n27. Martell, C. R., & Guess, G. M. (2006). Development of Local Government Debt Financing Markets: Application of a Market-Based Framework. Public Budgeting and Finance, 26(1), 88-119.\n28. Martell, C. R. (2000). Transformation of Municipal Credit Systems in Developing Countries: Evidence From Brazilian Municipalities ( Doctoral Dissertation, Indiana University). Available from ProQuest Dissertation and Theses Database.\n29. Merrifield, J. (2000). State Government Expenditure Determinants and Tax Revenue Determinants Revisited. Public Choice, 102(1), 25-50.\n30. Miranda, R., Picur, R., & Straley, D. (1997). Elements of a Comprehensive Local Government Debt Policy. Government Finance Review, 13(5), 9-14.\n31. Nice, D. C. (1991). The Impact of State Policies to Limit Debt Financing. Publius, 21(1), 69-82.\n32. Pfeffer, J. and Salancik, G. R. (1978). The External Control of Organizations: A Resource Dependence Perspective. New York: Harper and Row.\n33. Pindyck, R.S., & Rubinfeld, D.L. (2009). Microeconomics. New Jersey: Pearson Prentice Hall Press.\n34. Poterba, J. M. (1996). Budget Institutions and Fiscal Policy in the U.S. States. The American Economic Review, 86(2), 395-400.\n35. Republic of China Constitutional Court interpretations No. 400, Retrieved from http://www.judicial.gov.tw/CONSTITUTIONALCOURT/EN/p03_01_printpage.asp?expno=400\n36. Robbins, M. D., & Dungan, C. (2001). Debt Diligence: How States Manage the Borrowing Function. Public Budgeting and Finance, 21(1), 88-105.\n37. 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.\n38. Robbins, M. D., & Simonsen, B. (2004). Predicting Municipal Bond Interest Rates: Uses in Negotiated Sale Pricing, Municipal Finance Journal, 25(2), 1-12.\n39. Robbins, M. D., & Simonsen, B. (2006). Why do Issuers Privately Place Municipal Bonds? Municipal Finance Journal, 27(3), 1-17.\n40. Robbins, M. D., & Simonsen, B. (2007). Competition and Selection in Municipal Bond Sales: Evidence from Missouri. Public Budgeting and Finance, 26(1), 88-103.\n41. 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.\n42. Robbins, M. D., Simonsen, B., & Rocco, C. (2004). Municipal Bond Auctions and Borrowing Costs. Municipal Finance Journal, 25(1), 1-16.\n43. Rose, S. (2006). Do Fiscal Rules Dampen the Political Business Cycle? Public Choice, 128(3), 407-431.\n44. Simonsen, B,. & Hill, L. (1999). Municipal Bond Issuance: Is There Evidence of a Principal-Agent Problem? Public Budgeting and Finance, 18(4), 71-100.\n45. 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.\n46. Simonsen, B., Robbins, D., & Helgerson, L. (2001). The Influence of Jurisdiction Size and Sale Type on Municipal Bond Interest Rates: An Empirical Analysis. Public Administration Review, 61(6), 709-717.\n47. Simonsen, B., Robbins, M. D., & Brown, R. (2003).Debt Affordability. In J. Rabin (Ed.), Encyclopedia of Public Administration and Public Policy (pp. 795-798). New York: Marcel Dekker. \n48. Simonsen, B., Robbins, M. D., & Jump, B. J. (2001). Is TIC Always the Most Appropriate Cost of Capital Measure? Municipal Finance Journal, 22(2), 1-13.\n49. Simonsen, B., Robbins, M. D., & Jump, B. J. (2005). State Rules About the Use of Net Interest Cost and True Interest Cost for Calculating Municipal Bond Interest Rates, Municipal Finance Journal, 26(1), 1-25.\n50. Simonsen, B., Robbins, M. D., & Kittredge, B. (2001). Do Debt Policies Make a Difference in Finance Officers’ Perceptions of the Importance of Debt Management Factors. Public Budgeting and Finance, 21(1), 87-102.\n51. Simonsen, W., & Robbins, M. (1996). Does It Make Any Difference Anymore? Competitive versus Negotiated Municipal Bond Issuance. Public Administrative Review, 51(6), 57-64.\n52. State of Florida. (2002). Debt Affordability Update. Prepared by the Division of Bond Finance.\n53. State of Texas. (2007). Affordability Study. Prepared by the Legislative Budget Board Staff.\n54. Trautman, R. R. (1995). The Impact of State Debt Management on Debt Activity. Public Budgeting and Finance, 15(1), 33-51.\n55. Wade, R. (1985). East Asia Financial Systems as a Challenge to Economics: Lessons from Taiwan. California Management Review, 27(1), 106-126.\n\nChinese References\n56. 丁紹曾Ding, Shao-Zeng & 簡忠陵Jian, Jhong-Ling. (2008). 證券市場理論與實務 Security Market Theory and Practice. Taipei: Securities & Futures Market Development Foundation Press. Taiwan.\n57. 王薇綾Wang, Wei-Ling. (2003). 中央公債主要交易商制度之簡介 (An introduction of the Primary Dealer for Central Government Bonds). 證券櫃檯 OTC Monthly Review, 88, 5-11.\n58. 吳新福 Wu, Hsin-Fu. (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.\n59. 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. \n60. 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.\n61. 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.\n62. 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.\n63. 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.\n64. 財政部Ministry of Finance. (2008). Guide to ROC Tax 2008, Taxation and Tariff Committee Press.\n65. 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.\n66. 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)\n67. 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.\n68. 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.\n69. 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.\n70. 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) https://ah.lib.nccu.edu.tw/item?item_id=80251 - 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:\n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。\n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 CONTENTS\nLIST OF TABLES VII\nLIST OF FIGURES X\nABBREVIATIONS XII\nCHAPTER 1 INTRODUCTION 1\nI. Research Rationale 1\nII. Research Objectives and Questions 2\nIII. Organization of this Dissertation 3\nCHAPTER 2 LITERATURE REVIEW: CAPITAL MARKET, BUDGETARY INSTITUTION AND DEBT MANAGEMENT 4\nI. Theory and Practice of a Capital Financing and Budgeting of the U.S. Government 4\n1.1 The U.S. Bond Market’s history, Institutions, Participants and Practices 4\n1.2 The Players and Their Roles 6\nII. The Motivation, Decisions and Practice of an Issuer in the Municipal Bond Market 7\nIII. Literature on Debt Financing Factors That Influence Issuance Costs 9\n3.1 Structuring, Sizing and Issuance Cost 9\n3.2 Interest Rate Calculation Index and Cost 11\n3.3 Sale Methods and Debt Structuring 12\n3.4 Issuance Cost and Credit Enhancement 13\n3.5 Debt Affordability, Debt Policy, Capital Improvement Programs and Debt Management 14\nA. Debt Policies 16\nB. Effect of Debt Policies 17\nC. Elements of Debt Policy in State and Local Governments 17\n3.6 Three Studies 18\nCHAPTER 3 STUDY 1: MARKET-BASED CAPITAL MARKET AND READINESS TO ISSUE MUNICIPAL BONDS IN TAIWAN 20\nI. Introduction 20\nII. Literature Review 21\n2.1 Political-Economy and Changed Government Structure in Taiwan 21\nRegulated Capital Market and Economic Development in Taiwan 22\n2.2 From a Highly Regulated Market to a Liberalized One 23\n2.3 Adjusted Government Structure and Liberalized Capital Market 26\nA. Government Structure 26\nB. Central Government Bonds 26\nC. Bonds Issuance in Local Governments 27\nD. Emergent Issues 28\n2.4 Assessing Municipal Bond Market Development 29\n2.5 Evaluation Criteria of Each Dimension 30\n2.6 Summary 32\nIII. Methodology 33\n3.1 Measurements and Analysis 33\n3.2 Data Collection Methods 35\n3.3 Limitations 36\nIV. Findings and Discussion of Study 1 36\n4.1 Legal and Policy Environment 36\nA. Supply Side in Legal and Policy Environment in the 1990s 36\n1. Public Debt Act and Debt Limitation 37\n2. Central Government Bonds and Loans Act 37\n3. Tax, Centrally-Funded Tax Revenues and Expenditures 38\n4. Bonds Issuance Procedure and Monitory 39\nB. Demand Side in Legal and Policy Environment 39\n1. Outstanding Debt and Scale of Market 39\n2. Organization Structure in the Capital Market 40\n2. Diversity of the Primary Market 43\n3. Depth of Bonds Market 44\n4. Underwriter and Bonds Issuances Process 45\n5. The Combinations of Instruments 46\n4.2 Financial Instruments and Institutions 46\nA. Supply Side in Financial Instruments and Institutions 47\n1. Financial Instruments and Institutions in the Market 47\n2. Relaxing the Regulations for Diversity of Investors and Instruments 48\nB. Demand Side in Financial Instruments and Institutions 49\n4.3 Borrow Creditworthiness and Financial Management 50\nA. Supply Side of the Borrow Creditworthiness and Financial Management 50\n1. Accounting Systems that Support Local Liability Management 50\n2. Criteria for Budgetary Grants and Subsidized Market Loans 51\nB. Demand Side of Borrower Creditworthiness and Financial Management 51\n1. Strong Credit Quality in Taiwan, and Information Regarding Risk 51\n2. Tax-Support Debt 52\n3. Separate Corporate Issuers 52\nV. Conclusions and Implications 53\n5.1 Research Findings 54\n5.2 Research Contribution to the Literature 54\n5.3 Implications of the Research Findings 55\n5.4 Research Recommendation for Advanced Research 55\nCHAPTER 4 STUDY 2: THE IMPACTS OF BUDGETARY INSTITUTION AND FINANCIAL BEHAVIORS ON DEBT MANAGEMENT OUTCOME 56\nI. Introduction 56\nResearch Questions 57\nII. Literature Review 57\n2.1 Asymmetric Information Theory and Application 58\nA. Moral hazard with Hidden Actions 59\nB. Moral Hazard with Hidden Information 59\nC. Adverse Selection 59\nD. Signal Model 59\n2.2 Budgetary Institutions and Their Impacts on Fiscal Outcome 60\n2.3 Conceptual Framework and Research Questions 60\nIII. Methodology 61\n3.1 Qualitative Data Collection with In-Depth Interview 61\n3.2 Interview Sampling 62\n3.3 Semi-Structured Questionnaire 62\n3.4 Secondary Data 63\n3.5 Qualitative Data Analysis 63\nA. Horizontal and Thematic Analysis 63\n1. Description of Organizations 63\n2. Description of Concept 63\n3. Planning and Adopting a Debt Financing Strategy 63\n4. Internal and External Factors Affecting Debt Management 64\n5. Changing and Adapting Debt Management 64\nB. Steps Horizontal Analysis of NVIVO 64\n1. Opening a Project 64\n2. Highlighting Coded Sections 64\n3. Creating Annotations 64\nIV. Findings and Discussion of Study 2 65\n4.1 Factors Affecting the Debt Management of Organizations 65\nA. External Factors 66\n1. Political Climate, Conflict and Interdependence 68\n2. Limitations Imposed by Organizational Debt Limits 70\n3. Compromising and Managing Differences within a Coalition 71\n4. Inaccurate Public Perceptions 73\nB. Internal Factors 74\n1. Capacity 74\n2. Leadership 76\n3. Administration Costs 77\n4.2 The Players and Their Roles in Municipal Debt Issuance Process 77\nA. No Financial Advisor in Five Municipalities 78\nB. Short-Term or Long-Term Financing 81\n1. Short-Term and Long-Term Debt 82\n2. Bond Issuance 83\n3. Others 84\nC. Negotiated or Competitive 84\nD. Structuring and Sizing 86\nE. Interest Rate 87\nF. Credit Worthiness 87\nG. Citizens/ Taxpayers 88\nV. Conclusion of Study 2 89\n5.1 Research Findings and Implications 89\n5.2 Policy Recommendations to Debt Policies of Five Special Municipalities 89\n5.3 Debt Management Practice (Rule of Thumb) and Policy in Taiwan 91\n5.4 The Limitations of the Study 2 93\nCHAPTER 5 STUDY 3: FISCAL AFFORDABILITY AND BORROWER CREDIT WORTHINESS IN FIVE MUNICIPALITIES 94\nI. Introduction 94\nII. Literature Review 95\n2.1 Act Governing the Allocation of Government Revenues and Expenditures 95\nA. 1999 AGAGRE 95\nB. 2012 AGAGRE Draft Bill 98\nC. Regulations for Allocation of Centrally-Funded Tax Revenues 100\n2.2 Debt Accumulation in Five Municipalities 100\nA. Taipei Special Municipality 101\nB. New Taipei Special Municipality 102\nC. Taichung Special Municipality 103\nD. Tainan Special Municipality 104\nE. Kaohsiung Special Municipality 105\n2.3 Public Debt Management and Creditworthiness 106\nIII. Methodology 108\n3.1 Quantitative Data Collection 109\n3.2 Measurements 109\n3.3 Creditworthiness Analysis 110\n3.4 Conceptual Framework 111\n3.5 Limitations 111\nIV. Findings and Discussions 111\n4.1 Debt Affordability Analysis of Five Municipalities after the Reorganization 112\nA. Taipei Special Municipality 113\nB. New Taipei Special Municipality 114\nC. Taichung Special Municipality 114\nD. Tainan Special Municipality 115\nE. Kaohsiung Special Municipality 116\n4.2 Debt Affordability, Debt Management Performance and Creditworthiness 116\nA. Debt Management Performance and Creditworthiness 117\n1. Ratio 1-Growth in Outstanding Public Debt Ratio 117\n2. Ratio 2 and 3-Self-Supporting Debt and Net Tax-Supported Debt Service Ratio 117\n3. Ratio 4, 5, and 6-Long-Term Debt Capacity under a Cap Benchmark Ratio, Long-Term Debt Ratio, and Short-Term debt Ratio 118\n4. Ratio 7-Total Financing Revenue as a Percentage of General Expenditure 122\n5. Ratio 8 Debt Service as a Percentage of Total Debt Financing Revenue for General Expenditure 122\n6. Ratio 9 Self-Financing Ratio 124\n7. Ratio 10, 11, and 12 Outstanding Debt Per Capita, Total Outstanding Debt to Personal Income, and Total Outstanding Debt to Household Income 125\nB. Economics Ratios 126\n4.3 Overall Evaluation of Creditworthiness in Five Special Municipalities 127\nSummary 127\nCHAPTER 6 EPILOGUE: CONCLUSIONS AND IMPLICATIONS 128\nI. Summary 128\nII. Research Findings and Policy Implications 129\nIII. Contribution to the Literature 130\nIV. Research Advices for Advanced Research 131\nV. Conclusion 131\nBIBLIOGRAPHY 133\nChinese References 137\nAPPENDICES 140\nAppendix A 141\nFunction of a Financial Advisor 141\nAppendix B 142\nCreditworthiness Indicators 142\nAppendix C 143\nElements of Debt Policies 143\nAppendix D 144\nSemi-Structure Interview Questions 144\nAppendix E 145\nInterview Questions in Chinese 145\nAppendix F 146\nInterview Case 1 146\nAppendix G 156\nInterview Case 2 156\nAppendix H 173\nInterview Case 3 173\nAppendix I 177\nInterview Case 4 177\nAppendix J 189\nInterview Case 5 189\n \nLIST OF TABLES\nTABLE 2-1 MUNICIPAL BOND DEFAULTS, 1940-1994 5\nTABLE 2-2 DEFAULT RATE 1987-2003 5\nTABLE 2-3 BOND ISSUERS-STATE AND LOCAL GOVERNMENTS’ MOTIVATIONS AND LIMITATIONS 8\nTABLE 2-4 $100 BOND ISSUANCE AND FIXED-RATE DEBT SERVICE STRUCTURE 10\nTABLE 2-5 FISCAL AFFORDABILITY STATISTICS FOR CREDIT WORTHINESS 16\nTABLE 3-1 PERCENTAGE OF SMALL/MEDIUM ENTERPRISES IN TAIWAN 24\nTABLE 3-2 THE ALIGNMENT OF SUPPLY AND DEMAND IN ANALYZING CAPITAL MARKET 35\nTABLE 3-3 DOMESTIC GOVERNMENT AND PRIVATE OUTSTANDING DEBT 40\nTABLE 3-4 DIVERSE ISSUERS AND SECURITIES IN TAIWAN CAPITAL MARKET 44\nTABLE 3-5 NUMBER OF BANK AND FINANCING INSTITUTIONS 48\nTABLE 3-6 NUMBER OF SECURITIES SERVICES PROVIDERS 49\nTABLE 3-7 RESEARCH CONCLUSIONS: READINESS FOR BOND ISSUANCE 53\nTABLE 4-1 INTERVIEW CASES 62\nTABLE 4-2 EXTERNAL AND INTERNAL FACTORS AFFECTING THE DEBT MANAGEMENT WORK OF THE MUNICIPAL ORGANIZATIONS 66\nTABLE 4-3 DEBT MANAGEMENT POLICIES AND RULE OF THUMB IN THE FIVE MUNICIPALITIES 92\nTABLE 5-1 ACT GOVERNING THE ALLOCATION OF GOVERNMENT REVENUES AND EXPENDITURES AT PRESENT 97\nTABLE 5-2 THE CHANGED DISTRIBUTION OF CENTRALLY-ALLOCATED TAX REVENUES 98\nTABLE 5-3 NATIONAL TAXES THAT IS ALLOCATED TO LOCAL AS RACFTR 99\nTABLE 5-4 DRAFT BILL 2012 AND ITS REGULATIONS FOR ALLOCATION OF CENTRALLY-FUNDED TAX REVENUES 100\nTABLE 5-5 OUTSTANDING DEBT IN TAIPEI CITY, 2002 THROUGH 2011 101\nTABLE 5-6 OUTSTANDING DEBT IN NEW TAIPEI CITY, 2002 THROUGH 2011 102\nTABLE 5-7 OUTSTANDING DEBT IN TAICHUNG CITY, 2002 THROUGH 2011 103\nTABLE 5-8 OUTSTANDING DEBT IN TAINAN CITY, 2002 THROUGH 2011 104\nTABLE 5-9 OUTSTANDING DEBT IN KAOHSIUNG CITY, 2002 THROUGH 2011 105\nTABLE 5-10 DEBT AFFORDABILITY RATIOS: DEFINITIONS AND FORMULAS 109\nTABLE 5-11 DEBT AFFORDABILITY ANALYSIS, 2010 VS. 2011 112\nTABLE 5-12 GROWTH IN OUTSTANDING PUBLIC DEBT RATIO (%) 117\nTABLE 5-13 SELF-SUPPORTING DEBT RATIO, 2010 VS. 2011 118\nTABLE 5-14 DEBT CAPACITY, 2010 VS. 2011 122\nTABLE 5-15 TOTAL FINANCING REVENUE AS A PERCENTAGE OF GENERAL EXPENDITURE 122\nTABLE 5-16 DEBT SERVICE AS PERCENTAGE OF TOTAL DEBT FINANCING REVENUE FOR GENERAL EXPENDITURE 124\nTABLE 5-17 TABLE DEBT AFFORDABILITY RATIO, 2010 VS. 2011 125\nTABLE 5-18 OUTSTANDING DEBT PER CAPITA, TO PERSONAL INCOME, AND TO HOUSEHOLD INCOME 126\n \nLIST OF FIGURES\nFIGURE 2-1 PARTICIPANTS IN THE MUNICIPAL BONDS ISSUANCE PROCESS 6\nFIGURE 2-2 EQUAL PRINCIPAL AND LEVEL DEBT SERVICE 10\nFIGURE 2-3 THE RELATIONSHIPS AMONG THE CAPITAL IMPROVEMENT PROGRAM, DEBT POLICY, AND AFFORDABILITY 15\nFIGURE 3-1 PERCENTAGE OF GDP IN AGRICULTURE, INDUSTRY, AND SERVICE INDUSTRY 22\nFIGURE 3-2 FRAMEWORK FOR ASSESSING MUNICIPAL BONDS MARKET DEVELOPMENT 29\nFIGURE 3-3 CONCEPTUAL FRAMEWORK 33\nFIGURE 3-4 STRUCTURE OF SECURITY MARKET 41\nFIGURE 3-5 STRUCTURE OF BONDS MARKET 42\nFIGURE 3-6 ACTORS IN DEVELOPING BOND MARKET 42\nFIGURE 4-1 CONCEPTUAL FRAMEWORK 61\nFIGURE 4-2 PARTICIPANTS IN THE MUNICIPAL DEBT ISSUANCE PROCESS IN TAIWAN 78\nFIGURE 5-1 TREND OF DEBT ACCUMULATION IN TAIPEI 102\nFIGURE 5-2 TREND OF DEBT ACCUMULATION IN NEW TAIPEI 103\nFIGURE 5-3 TREND OF DEBT ACCUMULATION IN TAICHUNG CITY 104\nFIGURE 5-4 TREND OF DEBT ACCUMULATION IN TAINAN CITY 105\nFIGURE 5-5 TREND OF DEBT ACCUMULATION IN TAINAN CITY 106\nFIGURE 5-6 CONCEPTUAL FRAMEWORK 111\nFIGURE 5-7 SELF-SUPPORTING DEBT RATIO IN FIVE SPECIAL MUNICIPALITIES, 2002 THROUGH 2011 118\nFIGURE 5-8 DEBT CAPACITY UNDER A CAP BENCHMARK RATIO IN TAIPEI MUNICIPALITY 119\nFIGURE 5-9 DEBT CAPACITY UNDER A CAP BENCHMARK RATIO IN NEW TAIPEI MUNICIPALITY 119\nFIGURE 5-10 DEBT CAPACITY UNDER A CAP BENCHMARK RATIO IN TAICHUNG MUNICIPALITY 120\nFIGURE 5-11 DEBT CAPACITY UNDER A CAP BENCHMARK RATIO IN TAINAN MUNICIPALITY 120\nFIGURE 5-12 DEBT CAPACITY UNDER A CAP BENCHMARK RATIO IN KAOHSIUNG MUNICIPALITY 121\nFIGURE 5-13 DEBT SERVICE AS A PERCENTAGE OF OPERATING EXPENDITURES 123\nFIGURE 5-14 DEBT SERVICE AS A PERCENTAGE OF TOTAL DEBT FINANCING REVENUE FOR GENERAL EXPENDITURE, 2002 THROUGH 2011 123\nFIGURE 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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