台灣離岸人民幣市場發展研究—以台商觀點探究市場需求

Abstract

本研究的目的為探討以台商觀點看台灣離岸人民幣市場之發展，藉由分析台商在跨境貿易、企業融資及財富管理三方面的金融服務需求，找出台灣未來發展離岸人民幣市場金融服務的利基業務與發展方向。同時，也將探討台資企業在選擇利用台灣、香港、新加坡三地離岸市場之金融服務之考量因素。本研究針對台資企業為調查對象，透過問卷調查方式收集台資企利用人民幣金融服務之現況。之後，以描述性統計、平均數差異分析及羅吉斯迴歸分析作為研究方法，藉此發掘台灣金融業未來發展離岸人民幣市場的服務方向。本研究發現外銷型的台資企業傾向利用人民幣貿易融資及人民幣銀行貸款，由於其實質業務需求，此類型公司在人民幣貶值時，仍不會減少使用人民幣。另外，在大陸設立分公司時間較長的公司，在台灣申請貿易融資的可能性較高。相對於香港與新加坡，台資企業認為台灣的離岸人民幣市場具有跨境貿易結算方便性、較低的資金成本、較低的手續費與較佳的服務品質。由於人民幣國際化腳步加快，全球有許多金融中心競相爭取承作離岸人民幣業務，增加收益。對於台灣離岸人民幣市場未來之發展，本研究在企業金融服務方面發掘台資企業使用人民幣服務的需求，提供有價值的參考。

This research aims to study the development of Taiwan’s offshore RMB business and adopts the research method of survey approach to Taiwanese companies. By analyzing the Taiwanese companies’ current application of RMB financial services, this study expects to ascertain the future demand and potential clients of RMB business from three aspects: (1) cross-border trade settlement, (2) corporate finance, and (3) assets management. Meanwhile, this study investigates the factors which impact Taiwanese corporate’s decision on utilizing the offshore RMB financial services between Taiwan, Hong Kong and Singapore. The data collection through questionnaire survey to Taiwanese companies and it is analyzed by SPSS for descriptive statistics, t-test for difference between means and logistic regression process. The findings indicate that the export-oriented companies tend to apply for RMB trade finance and bank loan. The findings stated that actual business need for RMB keeps them continuing using RMB even under the condition of RMB depreciation. The companies with longer time of establishment in China would have higher possibility on applying trade finance service in Taiwan. In comparison of the perception of offshore financial service in Hong Kong and Singapore, Taiwanese companies acknowledged the competitiveness of Taiwan’s offshore market as conveniences of cross-border trade settlement, competitive cost of capital and surcharge fee, as well as better service quality. For the speedy move on RMB internationalization, various international financial centers are eager to compete for offshore RMB business to increase revenue, for example, Hong Kong, Singapore, London, Frankfurt, and so on. This study expects to benefit the future development of Taiwan’s RMB business on corporate financial service by demand analysis from Taiwanese corporation perspective.