臺灣博碩士論文加值系統

「不動產證券化」是將一個或數個龐大而不具流動性的不動產，透過細分為較小單位並發行有價證券給投資人的方式，以促進不動產市場與資本市場相互發展。適合證券化之標的物，為有持續收益之不動產。 實施不動產證券化，需先對證券化標的物估價，內政部在不動產估價技術規則及證券化不動產估價報告書範本中規定了估價者資格及估價方法。而相關法令對估價者及估價方法之規定未必適合收益型不動產之特性。

本論文旨在透過估價方法與估價人員之研究，歸結出不動產估價師較有能力評估這類型房地產，收益法為最適合之方法，比較法在一定條件之下也可用來估價，依上述結論對相關法令提出修正意見。

The legislative purposes for the Real Estate Securitization Act are to divide the real estate assets into securities, to increase the flexibility of investments in real estate, to protect real estate investments and to enable the securitization of real estate investments.

The real estate is suitable to be the object of real estate securitization is the real estate which has continuous operating income. To put Real Estate Securitization Act into practice requires the appraising of objective real estate. The government does have some regulation and code to regulate the appraiser and appraisal methods. This research is to study under the current government regulation, which appraisal method is more suitable for RES. It also discusses that what kind of appraiser has better training to serve this job.

第一章緒論
第一節研究動機與目的........................................................................................1
第二節研究方法 ............................………………........................................................2
第二章文獻探討
第一節不動產證券化的理論...................…….........................................................3
第二節估價理論及行為之研究.............................................................................8
第三章國內外有關不動產專業估價人的規定
第一節我國有關不動產專業估價人之規定.......................................................23
第二節美國日中有關不動產專業估價人之規定...............................................26
第三節小結............................................................................................................30
第四章不動產證券化條例規定估價方法及專業估價人之探討
第一節綜論及土地估價方法...............................………………..................................34
第二節比較法.................................................. .....................................................38
第三節成本法........................................................................................................47
第四節收益法........................................................................................................58
第五節土地開發分析法........................................................................................70
第六節專業估價人對估價方法的掌握能力........................................................74
第五章結論與建議
第一節結論..........................................................................................................78
第二節建議及未來研究方向..............................................................................79

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