本研究以信用卡債權證券發行流程及架構為基礎，為現金卡債權證券訂定合理價格。根據證券還本方式及信託架構，設計四種不同結構的證券：控制累積還本法、控制攤還法、單一信託轉付還本以及總合信託轉付還本。並利用內部信用加強，超額擔保的形式，發行優先與次順位債券，同時加入超額利差概念，進而考慮證券提早攤提本金的情形。當發生提早攤提本金，則由優先順位證券先拿回本金，其次才攤還次順位證券本金。而利率模擬採取市場觀察到的即期利率轉換成每一期的短期利率，最後以現金流量折現，計算證券的價格。透過情境分析，對於違約率以及債權總收益率，找出可能發生提前攤提本金的觸發點，並計算證券價格。

The cash card market has grown fast recently in Taiwan. As this market continues to expand, the cash card issuing institution has to broaden funding source via the securitization of cash card receivables to increase the liquidity. However, the practical experience of securitization is rare and the securitization literature is small in Taiwan. Accordingly, the purpose of this research is to initially discuss the history and the characteristics of cash card. Moreover, a comparison is made between cash card and credit card. Furthermore, similar to the structure of credit card receivables, the valuation framework of cash card securities is conducted together with its own unique factors and the suitable interest rate model. More importantly, a sensitivity analysis is conducted to investigate the price changes of cash card securities when the market conditions and simulation parameters are allowed to vary. Within this study, the optimal pricing structure of the cash card security could be evidenced.
In addition to the valuation materials, this study further discuss the legal issues, credit enhancement, rating standard, and servicing which are needed in the process of securitization. Through this process, it is believed that the market for cash card securities will be quite promising in Taiwan.

一、中文部分：
1. 阮富陽（2003），「結合CIR利率模型與跳躍擴散過程評價浮動利率抵押貸款證券」，長庚大學企業管理研究所碩士論文。
2. 李靜貞（2002），「國內銀行現金卡競爭策略的探討」，國立中山大學高階經營碩士班碩士論文。
3. 林育廷（1999），「信用卡當事人法律關係與風險管理」，國立政治大學風險管理與保險研究所碩士論文。
4. 郭怡伶（2003），「信用卡債權證券評價與分析」，國立交通大學管理科學研究所碩士論文。
5. 郭姿伶（2000），「住宅貸款之提前清償與逾期放款」，國立中正大學財務金融研究所碩士論文。
6. 陳昆賢（2002），「不動產抵押權證券之評價研究-選擇權調整利差法之應用」，朝陽科技大學財務金融研究所碩士論文。
7. 陳玫君（2003），「利率可調整型抵押債權證券之訂價與分析」，國立清華大學經濟學研究所碩士論文。
8. 黃至民（2002），「利率可調整之不動產抵押貸款證券之評價與分析－CIR利率模型與邏輯斯蹄提前還本模型之結合」，國立台灣大學財務金融研究所碩士論文。
9. 黃玉霜（2002），「應用蒙第卡羅模擬法評價抵押貸款證券」，國立清華大學經濟學研究所碩士論文。

二、英文部分：
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