1998年底的金融風暴之後的台灣，一方面授信風險急遽升高，一方面不景氣使得授信融資機會減少，游離的資金流回到銀行業卻又找不到合適的投資機會，形成銀行業的經營壓力。 中小型的銀行在技術上缺乏足夠的改善能力，無法提升放款品質亦無法創造足夠的盈餘來打銷壞帳，形成了更嚴重的困境。新的巴賽爾資本協定將在2006年底實施，較現更為嚴謹的規範會使得不論使用標準法或內部評等法的銀行業者的資本效益受到影響。本研究將對新巴賽爾資本協定的規範下信用衍生性金融商品對銀行業者新業務空間的發展予以探討。 若能妥善運用信用衍生性金融商品的風險沖抵，或是信用衍生性金融商品的投資來提高整體的資本收益報酬率，則中小型銀行也可以在其較專業的部份發揮所長，不會被新巴塞爾資本協定限制生存的空間。再藉由資產證券化等工具，各類型的銀行將會越專業化，而不具經濟規模或利基的業務項目，則透過整併或是投資其他機構發行的信用衍生性金融商品，來減少資本的積壓及提升報酬率。 透過比較，將資本運用於自己專業度不夠的授信賺取較低的風險報酬，不如投資在等級較高但風險卻較低的信用衍生性金融商品上，提列的資本風險權數亦小於前者，資本報酬率將會因而提高。因此台灣的銀行業者在新巴塞爾資本協定所認可的信用衍生性金融商品工具運用操作下，將有較正面的影響。 After the financial storm at the end of 1998, Taiwan has been facing the rapidly raising credit risk. On the other side, economic depression brought decreasing finance opportunity. Lack of proper investment opportunity, funds stuck in banks. This situation formed great pressure to bank running. The medium or small size banks have been trapped into very serious dilemma for lack of enough skill to improve credit quality and make enough profit to write off bad debts. The New Basel Capital Accord will launch at the end of 2006. More rigorous norm will influence the capital efficiency to all banks will make no matter that use standard approach or internal ratings-based approach.This research is to discuss the possibility of the banks develop new business with credit derivatives under the regulations of the New Basel Accord. By investing or transferred assets credit risk to the other participator on credit derivatives, the medium or small size banks can lift their profit level and concentrate on their specialty field. That can avoid the crowding effect caused by the implement of New Basel Accord. Moreover, they can utilize other financial tools (e.g. asset securitization) to segment markets. To investing credit derivatives products provide by other bank, they can also dispose those businesses with uneconomic scale to reduce capital demand and lift rate of capital return.Through comparison, They can allocate their capital on credit derivatives products to earn more profit than on traditional credit business, even with respectively small risk. Because the capital risk weight of derivative investment is lower than traditional credit, the banks of medium or small size can therefore lift their rate of capital return. Thus, by the operation of credit derivative, there could be more positive impact to Taiwan's banks under New Basel Accord.