國家圖書館典藏電子全文

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1 Dr. Kuo-hsiung Chang Benson P. H. Tsai

2 (1) (NPL) (2) (3) (AMC, )(NPA) (OEM/ODM, ) : (1) ( )(2) (3) (4) ( ),,,,,

3 Abstract Over the past five years, especially peak in 2001, delinquent ratio of the financial institutions in Taiwan has received a historical-record amount of attention from a broad range of the country. Evidence of this attention takes many forms, the most visible being the implementation of RTC, set-up by the government recently with amount of NT$140 billions initially, to recover the poor financial assets. The second way out to minimize the delinquent ratio is permission to incorporate the Asset Management Company, AMC, which has privilege to acquire the Non-Performing-Loan (NPL) of the financial institutions officially. And in the period of 2002~2004, total amount of NT$ billions NPL were transferred to various AMC. From the perspectives of transaction cost, agency cost, and resource-based views, the study through a comprehensive case will stress on the correlational performance analysis between the models of AMC (so-called quasi-externalization) and OEM/ODM (so-called quasi-internalization) in dealing with the resolution of NPL. As a result, the study has reached the following propositions: Holding all else equal, the 1 uncertainties of the economic environment and technological employment 2 information asymmetries 3 agency problems 4 core competence, will influence the decision-making upon selecting the NPL resolution models. And the final performance of quasi-internalization model has a higher opportunity to better than that of quasi-externalization model. Key words Quasi-externalization, quasi-internalization, non-performing loans, transaction cost, agency cost, resource-based views.

4 2005

5 (NPL) i -

6 AMC (OEM/ODM) (90/12/31) NPL NPA NPA NPL ii -

7 (NPL) (NPL) (AMC) OEM/ODM iii -

8 ( ) () ( ) 84 88~91 90~91 1 8% () 1 ( 1, ) 2 () 90 1 : 劵 ( ) :,Resolution Trust Corporation, RTC,Resolution and Collection Corporation, RCC, Korea Asset Management Corporation, KAMCO. 2 : 88~

10 () ( ) (Non-Performing-Loans, NPL) (Non-Performing-Assets, NPA) () (write-off) ( ) ( ) ( (Assets Management Corporation, AMC) (Taiwan Financial Asset Service Corporation) 4 (Assets Management Corporation, AMC): 5 AMC 10 ( )

11 (hybrid mechanisms): 1. : (AMC) ( ) (quasi-externalization) 2. : (trust arrangement) ( ) ( ) (OEM/ODM) 6 (quasi-internalization) () OEM/ODM

12 (AMC)

13 1-2-1 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) NPL

14 (Transaction CostTC) 1930 s Ronald Coase (1991 ) (firm s institutional structure) (property rights) Coase (1937) Coase (1960) Williamson(1975) ( ) ( ) ( ) (uncertainty) (complexity) (tacitness)(frequiency) (transaction-specific investments) (small numbers bargaining) (held-up) (externalization) (internalization)

15 ( ) ( ) ( ) (hybrid mechanisms) ) (market failure) North(1990) : Williamson(1975,1991) Lorange & Ross(1992) ( ) ( ) Gianni Lorenzoni & Andrea Lipparini (1999) 2-1-1

16 (bound rationality) 2. (opportunism) 3. (uncertainty & complexity) 4. (information asymmetries) 5. (small numbers) 6. (atmosphere) : (1998)

17 (Agency CostAC) Jensen & Meckling(1976) ( ( ) (Convergence-of-Interest Hypothesis) ( on-the-job consumption Mehran(1995) (1991) Fama & Jensen (1983) (equity capital) (utility) (residual claim)

18 Hill & Jones(2004) (reduct) (stakeholders) : Fama & Jensen (1983) (intrinsic value)

19 (Resource-based ViewsRBV) (inside-out) Wernerfelt (1984) (core competence) (resource)prahalad and Hamel(1990) Hamel(1994) Collis & Montgomery(1995) Barney(1997,1991) (heterogeneity) (immobility) (valuable) 8 (rare) 9 (costly-to-imitate) 10 (un-replaceable) 11 Mowery, Oxley and Silverman(1998) Allan & Afuah(1998, 2003) (abnormal ROIC) 8 (valuable) 9 (rare): 10 (costly-to-imitate): 11 (un-replaceable):

20 Hitt, Ireland and Hoskisson(2004) (resource-based model) ( ) ( )

21 ( : pure-externalization) (hybrid mechanisms) : ( : pure-internalization) (hybrid mechanisms): (1) (AMC) ( ) (quasi-externalization) (2) (trust arrangement) ( ) ( ) (OEM/ODM) (quasi-internalization)

22 ( ) (Resolution Models of NPL) (hybrid mechanisms) (quasi-externalization) AMC (quasi-internalization) (OEM/ODM) (adjusted items ) (Outcomes)

23 (NPL) : : () () 6 () () 3 : () () 3 6 () 6 () ( ) () () (AMC)

24 12&13 (5) (NPL) WTO New Basel Accord & (12 ) ( ) 84 3,515 2, ,105 3,736 1, ,865 4,428 1, ,303 5,616 1, ,833 6,773 1, ,211 7,983 2, ,274 11,275 1, ,033 11,907 1, ,028 6,701 1, ,255 5, ( )

25 3-1-2 (12 ) ( ) ( ) 84 88~91 90~91 8% 2 91 ( 5 8 )

26 (1~12 ) NPL AMC 88 1, , , ,139 2, ,368 2, , ,735 4,778 ( ) (write-off) (91~93) 8, (AMC)

27 (NPL) (NPL) (NPA) (AMC) ( ) (OEM/ODM) NPL NPL (AMC 9 ) 0(AMC)ODM OEM

28 NPL (AMC) NPA ( AMC ) (NPL) (NPA)( ) OEM (OEM/ODM) ODM

29 (NPL) (NPA) (91~92 ) ,656 48, % 15.69% :,,2004 : () () (90.10~93.11) % 12.36% ~ 15.69% 7~12 (NPA) ~3.3 ()

30 ~

31 (NPL) (NPA) () quasi-externalization model NPL (AMC) AMC AMC AMC NPL NPL NPL

32 3-2-3 (AMC) () (quasi-internalization model) OEM/ODM NPA AMC NPA AMC

33 3-2-4 NPA OEM/ODM () AMC (OEM/ODM) AMC (quasi-externalization) (OEM/ODM) (quasi-internalization) NPL & NPA NPL & NPA NPA NPL & NPA ( ) ( NPA ) NPA

34 () (how) (why) 15 (correlational study) () () (Hamel, 1992; Perry & Kraemer, 1986)

35 15 Robert K. Yin, 1981, Case Study Research: Design and Methods. Robert K. Yin (1994)

36 16, () () ~ ()

37 () (25 ) (90/12/31) ( ) 2.98 : : : () (NPL) (NPA) : A : ( ) B () : :

38 4, % : () () : OTC (new comer) ( )

40 (theory-driving) (pattern-matching) () ( ) () () () 25 () ()

41 U.S. General Accounting Office (1990) (trustworthiness) (credibility) (confirmability) (data dependability) Robert K. Yin (2001)Kidder & Judd (1986) :, 2001 Case Study Research: Design and Methods by Robert K. Yin, (reliability): (validity): () (construct validity): () (internal validity):

42 (spurious relationship) () (external validity): (categorization) (generalization) ( ) 2. ( ) 3. ( ) 4. ( ) ( NPA ) ( ) ( NPA ) AMC ( ) ( ) ( ) NPA ( ) ( )

43 ( Triangualtion) (a chain of evidence) (pattern-matching) (peer review) (due diligence) ( ) () A : ( ) () B-1 : ( ) () B-2 : ( ) NPL NPA NPL (90/12/31) NPA A ( ) B ( ) B ,285 58

44 ( ) ( ) , A 90~92 B-1 B-2 ( )

45 18 B-1 A B NPL & NPA A 1. : ( ) NPA 2. ( ) ( NPA ) 3. ( NPA ) 4. ( ) B-1 1. : ( ) 2. ( ) NPA 3. ( NPA ) B-2 1. ( ) : ( ) NPL 2. ( ) - AMC

46 ( ) NPA NPA NPA 15~20 A ( 7.79%) B-1 & B NPA NPA A ( 92.21% ~ ) B ( 81.7%15 2,285 ) 91.7~92.9 B ( 91.03%20 1,009 ) 91.7~93.2 () A ( ) ( 96.15% 9 ) ( 85.71% 52 ) 92.21% 2.88%( %) () B % () B %

47 19 A NPL NPL ( ) NPL NPL & NPA NPL A B ( ) ( )B/A A % 84.62% B % 68.73% B-2 () () % 40% 22 () A (OEM) 30 ( 92.21%20 ) 84.62%( 92.57%) 70 52% % 8.22% % (spread) () B % () B-2 (AMC) %

48 40% ~92 NPL 20~37.8% : : A A B-1 B-1 B-2 58 ( ) --- B-2 1: B-1 B-2 B-1

49 A : A A B-1 B-1 B-2 ( ) B-2 2: B-1 B-2 A

50 : A A B B-1 B-2 B-1 B-2 3: A B-1 B-2

51 : A A B-1 B-1 B-2 ( ) 4: ( ) A B-1 B-2

52 : A 30 ( 92.21%20 ) 84.62% % 8.22% 9.86% (spread) B % B % 40% 5: ( )

53 : ) ( ) ()

54 () () () ()

55 23 : ( ) /3 1/3 : () (internalize) ( ) (spread) (fee income)

56 23 () 9,000

57 () () ()

58 ( ) () (organizational inertia) (myopia phenomenon) () B-2 ( ) 84.38% A ( )84.62% ( ) 40% (84.38% - 40%) / 40% = %

59 () (2000) NPA OEM/ODM (2003) (a literal replication) () (NPA)

60 NPL & NPA () (reduct) (recover) (ROIC) (EVA) ()

61 DRAM (AMC) (NPL) (AMC) (AMC)

62 Rindfleisch A. & Heide J. B., Transaction cost analysis: past, present, and future applications, Journal of Marketing, Vol.61(October 1997), Inkpen A., Learning, knowledge acquisition, and strategic alliances, European Management Journal, 16(2): Lorenzoni G. and Lipparini A., The leveraging of interfirm relationships as a distinctive organizational capability: A longitudinal study, Strategic Management Journal, 20: Mehran H., Executive compensation structure, ownership, and firm performance. Journal of Financial Economics, 38: Mowery D.C., Oxley J.E. and Silverman B.S Technological overlap and interfirm cooperation: implications for the resource-based view of the firm, Research Policy, 27(5): Poppo L. and Zenger T., Testing alternative theories of the firm: transaction cost, knowledge-based, and measurement explanations for Make-or-Buy decisions in information services, Strategic Management Journal, 19: Sakakibara M., Heterogeneity of firm capabilities and cooperative research and development: An empirical examination of motives, Strategic Management Journal, 18:

63 ( The innovation s dilemma: when new technologies cause great firms to fail by Clayton M. Christensen ), ( The innovation s solution by Clayton M. Christensen &Michael E. Raynor ), ( Innovation and entrepreneurship: practice and principles by Peter F. Drucker ), ( Hitotsubashi on knowledge management by Hirotaka akeuchi & Ikujiro Nonaka ), ( Conquering uncertainty by Theodore Modies ), McGrew-Hill Int l Enterprises Inc.(Taiwan). 32. Allan Afuah, 1998, Innovation management: strategies, implementation and profits, 2 nd edition. 33. Charles W.L. Hill & Gareth R. Jones, Strategic management theory: an integrated approach, 6 th edition, Don E. Waldman & Elizabeth J. Jensen, Industrial organization: theory and practice, 2 nd edition. 35. HittIreland and Hoskisson, Strategic management: competitiveness and globalization-concepts, 5 th edition, James R. McGuigan, R. Charles Moyer and Frederick H. deb. Harris, Managerial economics: applications, strategy, and tactics, 5 th edition. 37. Robert K. Yin, Case study research: design and methods, 2 nd edition. 38. Rowe, L.A. and J.D. Boulgarides, Managerial decision-making: a guide to successful business decisions, New York: MacMillan Publishing Co.

70 逹逹

75 ( 93 DBS

76 (SECI)

77 : 2004 (Hitotsubashi on Knowledge Management by Hirotaka akeuchi & Ikujiro Nonaka) (SECI)

當地經營業者參考貳研究觀點的培養與累積而非流於隨商機逐流隨波而喪失了策略意圖的建設性意義三網絡觀點在產業與組織專業分工發展趨過去對於地方觀光相關的關鍵成功勢下企業與機構無法獨立於其他個體而因素研究中傾向於以特定功能層級或特自主須仰仗上下游廠商關聯企業與其定環境範疇進

當地經營業者參考貳研究觀點的培養與累積而非流於隨商機逐流隨波而喪失了策略意圖的建設性意義三網絡觀點在產業與組織專業分工發展趨過去對於地方觀光相關的關鍵成功勢下企業與機構無法獨立於其他個體而因素研究中傾向於以特定功能層級或特自主須仰仗上下游廠商關聯企業與其定環境範疇進地方行銷之關鍵成功因素整合性觀念架構研究國立臺北教育大學文化創意產業經營學系助理教授江政達私立聖約翰科技大學企業經營研究所碩士王怡文小炒美食以及他們勤儉持家的好性格又壹前言多了一項新的代表性特色桐花客委觀光產業為無煙囪產業在二次世會多年來更促成跨縣市合作推展客家桐界大戰後開始興起現今成為各國主要產花季造就非常可觀的觀光產值該桐業發展之ㄧ各國政府或各地區都在積極