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研究生:蔡國發
研究生(外文):Kuo-fa Tsai
論文名稱:不動產證券化對金融機構營運之影響評估
論文名稱(外文):Assess the Influence of the Financial Institution Operates in Securitization of Real Estate
指導教授:黃振聰黃振聰引用關係
學位類別:碩士
校院名稱:國立中山大學
系所名稱:高階經營碩士班
學門:商業及管理學門
學類:其他商業及管理學類
論文種類:學術論文
論文出版年:2006
畢業學年度:94
語文別:中文
論文頁數:89
中文關鍵詞:不動產資產信託不動產投資信託金融機構營運不動產證券化
外文關鍵詞:Operation of financial institutionREITsREATsSecuritization of Real Estate
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民國92年7月23日不動產證券化條例公佈施行,該條例主要是希望藉由證券化提高不動產的流動性,增加開發不動產的籌資管道。形式有兩種,即不動產投資信託(REITs)與不動產資產信託(REATs)。美國為不動產證券化最發達之國家,對日本REITs制度的了解可作為我國未來發展不動產證券化的重要參考。本研究希望藉由對我國不動產證券化條例及制度之研討暨我國不動產證券化案例之分析,再參考美國、日本、香港等之不動產證券化制度,期能對不動產證券化對金融機構營運之影響提出看法與建議。

不動產證券化運作過程中,所牽涉之法令包括信託法、信託業法、銀行法及信託投資公司管理規則等。證券化可分為企業金融證券化與資產證券化,而資產證券化又可分為金融資產證券化與不動產證券化。不動產證券化主要目的包括促進不動產之有效利用、促進資金之有效利用、改善及提升實質環境品質、避免土地資源為財團把持、防止土地投機、健全市場機能、分散投資風險、解決融資問題,達成不動產經營的規模經濟。其特性為流通性、變現性、公平性、專業化、分散風險。不動產投資信託(REITs)與不動產資產信託(REATs)主要區別在於不動產投資信託是先有資金再以證券化方式,投資不動產與相關權利。不動產資產信託是讓資產擁有人可以透過證券化取得資金,降低不動產持有數量。

不動產證券化起源於美國,是全球發展REITs最早的地方,法制完備,商品多樣化。至2006年1月底止,共有上市REITs公司198家,總市值3584億美元,權益型具絕對優勢。日本不動產證券化於2000年11月正式實施,至2006年3月止共有32家上市,總市值約3.26兆日圓。香港REITs市場屬剛起步階段,至2006年3月底止共有3家上市,募資規模達235億港幣,預定尚有多家即將在港上市,香港將成為亞洲第二大REITs市場,僅次於日本。而我國不動產投資信託制度主要參考美國,不動產資產信託借鏡日本。至民國94年12月底止,國內已有10件不動產證券化商品核准發行,其中有7件係以REATs為架構,3件係以REITs方式發行上市。由於國內不動產證券化實施迄今僅兩年多,其在法令條文及運作過程中仍有些課題值得探討,包括REITs追加發行金額之問題、REITs買賣交易等契約規範標準之訂定、REITs標的來源之多元化問題等。

不動產證券化的實施,其對相關產業影響層面極廣,對金融機構的傳統業務造成相當程度之影響。不動產證券化改變了過去資金籌集的方式,對不動產市場的經營管理方式亦產生了變化。而對金融機構業務之影響,從銀行業角度,其正面效益有擔任受託機構、投資工具增加、有價證券之承銷、自營及經紀業務、發展投資銀行、負面影響為原有之存、放款業務縮減。從證券業之角度,其角色功能大致有承銷功能、造市者角色、擔任財務顧問、金融商品定價及設計、次級市場之流動性、教育投資人等。從保險業之角度,其能擔任之角色,包括擔任創始機構、投資人、信託業、不動產管理機構、信用增強保險者等角色。

然而不動產證券化運作之過程中,亦必須有良好之監控制度,確保相關利害關係人權益不受傷害。監控制度,大體分為內部控制系統、外在金融監理、金融市場本身的自律等三種。

不動產證券化市場將步入快速成長的階段,未來成長空間非常大,將會吸引更多投資人投入,為了保障投資人權益,相關的機制與配套應儘速建立,給投資人更多的再教育,投資資訊平台的建置,各項交易契約簡易化明確化等。開發型不動產證券化即將修正開放,主管機關應肩負審核重責。金融機構的創新能力亦將面臨考驗,面接踵而至的大量不動產證券化商品,金融機構如何推陳出新,獲取投資人青睞,是未來決勝關鍵。國內金融機構在此方面的努力,仍有待加強。

不動產證券化的發展不可避免地也將走向國際化,與國際資本市場接軌,監理規範也須因應調整。未來,不動產證券化將運用於都市更新、公共建設、不良資產等,運作過程相當專業、繁瑣,各金融機構應積極培養各項專業人才,開發資產管理系統,建立完善內部控制系統,並設置專責部門來推動不動產證券化業務。
The securitization regulations of the real estate were announced and implemented on July 23, 2003. These improve the mobility of real estate in Taiwan. There are two kinds of forms, the investment trust of real estate (REITs) and real estate assets trust (REATs). U.S.A is the. most developed country for REITs, and the experience in Japan can give us some important reference. This research hopes with discussion and analysis of some cases of our country and then consults the real estate securitization systems of U.S.A., Japan, Hong Kong, etc.; one can put forward the view and suggestion on the influence that the financial institution operates on the securitization of the real estate.

In the securitization operation course of the real estate , manage the rule etc. in decree including Trust Law , trust business law , bank law and trust and investment corporation involved . The securitization can be assigned to enterprise''s financial securitization and securitization of the assets, and the assets securitization can be divided for securitization and securitization of the real estate of financial assets. The main purpose includes promoting the effective use of the real estate, promote the effective use of the fund, improve and raise the environmental quality of the essence, prevent the land resource from to control, prevent land speculation from, perfect the market function, disperse the investment risk, solving the problem of financing for the financial group, large-scale production of reaching the real estate and managing. Its characteristic, for circulation, cashing, fairness, specialized, disperses the risk. The main difference of REITs and REATs is that there is fund and securitization with REITs first, then invest in the real estate and relevant right, but REATs is to enable assets possessors to obtain the fund through the securitization, reduce the real estate and hold the quantity.

The securitization of the real estate originated from U.S.A., was the place where the whole world develops REITs earliest, legal system is complete, the diversification of the goods. Till the end of January of 2006, there are listing REITs 198 Companies in all, total market value is 358,400 million dollars, the rights and interests type have absolute predominance. The Japanese real estate securitization was implemented formally in November of 2000, 32 are listed till March of 2006, the total about 3.26 trillion days of market value round. Hong Kong REITs market just belonged to the starting stage, own 3 in common begin to merchandize till the end of March of 2006, it up to 23,500 million Hongkong dollars to raise the scale of the money, yet there is large one and will be listed on Hong Kong soon in the reservation, Hong Kong will become the second largest REITs market in Asia, is second only to Japan. And the investment trust system of real estate of our country consults U.S.A. mainly, the assets trust of the real estate draws lessons from Japan. Till the end of December of the 94th year of the Republic of China, already there are securitization goods of 10 pieces of real estate that have checked and approve to issue at home, among them 7 departments regard REATs as the structure, 3 departments issue and are listed by way of REITs. Domestic the real estate securitization to last only more than two years, its still some subjects in the course of decree clause and operation deserve the discussion , including REITs is it issue , REITs business transaction ,etc. agreement of amount of money standardize stipulate , pluralistic issue of source that REITs mark of standard ,etc. to add to.

Implementation of the securitization of the real estate, it influences the aspect to relevant industry extremely widely, cause the influence analogous to the degree on the traditional business of the financial institution. The securitization of the real estate has changed the way in which the fund raises of the past, has also produced the change to the form of operation and administration of the real estate market. And the influence on the business of financial institution, in terms of banking, it is served as and is commissioned the organization that there are its positive benefits, investment tool increase , underwriting , self-operation , brokerage of marketable securities , develop investment bank , reverse side influence for storing original , loan business reduce. From the angle of the securities business, its role''s function is roughly consigned to roles of functions , person who makes city , serving as financial advisor , the mobility of the financial goods fixing the price and designing , secondary market , educational investor ,etc.. From the angle of the insurance, role that can serve as it, take on original organization, investor, trust business, real estate management organization, credit strengthen insurer, etc. role.

But in the course of securitization operation of the real estate, there must also be good control systems, guarantee that the relevant interested party''s rights and interests are not injured. Control the system , is divided into three kinds , such as inside control system , external finance managing , financial market''s own self-containment ,etc. on the whole .

The securitization market of the real estate will step into the stage growing up fast, will grow up the space very big in the future, will attract more investor''s input, in order to ensure investor''s rights and interests, the relevant mechanism, with should be set up to form a complete set as quickly as possible, give investors more reeducation, the construction of the information platform of investment, every trade agreement melts simple and easily and makes clear etc.. The developing real estate securitization will be revised open soon; the competent authority should bear and verify the heavy responsibility. The innovation ability of the financial institution will also face the test , a piece of a large amount of real estate securitization goods coming one after another, how the financial institution weeds out the old and brings forth the new, obtains to investors and favors, it is a decisive key of the future. The domestic efforts in this respect of financial institution still remain to strengthen.

The development of the securitization of the real estate will move towards the internationalization too unavoidably, integrate with the international capital market, should be adjusted too while managing the norm. Future, real estate securitization apply city newer, public construction, non-performing assets, etc. to, the operation course is quite professional, tedious, every financial institution should train every qualified personnel in a specific field actively, develop the administrative system of the assets, set up and perfect the inside control system, and set up and specialize in the department to promote the securitization business of the real estate.
目錄
謝詞 I
摘要 II
Abstract IV
目錄 VII
表次 VIII
圖次 IX
第壹章 緒論 1
第一節 研究動機與目的 1
第二節 研究架構 3
第三節 研究方法 4
第四節 研究範圍與限制 4
第貳章 不動產證券化相關法令之摘述與其內涵 6
第一節 不動產證券化相關法令之摘述 6
第二節 不動產證券化的內涵 11
第參章 各國不動產證券化發展狀況 24
第一節 美國不動產證券化發展狀況 24
第二節 日本不動產證券化發展狀況 34
第三節 香港不動產證券化發展狀況 41
第四節 我國不動產證券化發展狀況 45
第五節 美日港台REITs現況整理比較 57
第肆章 不動產證券化對金融機構營運之影響 59
第一節 不動產證券化資金籌集問題分析 59
第二節 不動產證券化有關授信、信託問題分析 60
第三節 關於融資與市場經營管理影響分析 61
第四節 不動產證券化對金融機構業務之影響分析 63
第五節 受託機構之監控影響評估 70
第伍章 研究結論與建議 73
參考文獻 76
一、中文書籍
1.張金鶚、白金安,《不動產證券化—理論與實務》,初版,台北;證基會,2005
2.吳秋璇、陳品橋、吳嘉欽、劉宗聖,《RETIS不動產投資信託》,初版,台北;高賓國際出版社,希代發行,2005
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二、論文期刊
1.張欣民,「不動產證券化對不動產市場之影響」,《建築經理季刊》,第21期,頁21∼25,2005
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三、研究報告
1.張金鶚,《日本不動產證券化之實施經驗與其對不動產市場影響探討》,第四十二屆國科會國外短期研究補助,赴日本明海帶學(Meikai University)不動產科學學院(Fauclty of Real Estate Science)訪問研究三個月(2004年9月∼11月)之成果報告書,2004
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四、雜誌報導
1.吳修辰、朱紀中,「用一萬元,當全世界房東」,《商業週刊》,第933期,頁110∼126,2005
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五、其他
1.李阿乙,「金融資產證券化及不動產證券化」,信託業務研習班講義;臺灣金融研訓院,2005
2.不動產證券化協會,不動產證券化Handbook,2004
3.台北國際商業銀行受託經管嘉新國際萬國商業大樓資產信託之公開說明書,2004
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5.魏彰志、謝宛芝著,不動產投資信託REITs分析之國際經驗,富邦證券投資顧問股份有限公司,2004
6.富邦綜合證券提供之富邦一號REIT行銷簡介,2004
7.日本國土交通省,《土地白皮書》,頁130,2004
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9.史尚寬,「有價證券之研究」,《民法債編論文選輯(下)》,鄭玉波總主編,1984

六、英文文獻
1.NAREIT, National Association of Real Estate Investment Trusts, Real Estate Chart Book, 2005, 2006
2.Block, Ralph L, Real estate investment trusts, Investing in REITs, Bloomberg Press, 2002
3.St. Paul Minn., Restatement of The Law, Trust, American Law Institute, ALI, section 2, 1987

七、參考網站
1.公開資訊觀測站http://mops.tse.com.tw/t05html2_1/s000.htm
2.金融監督管理委員會http://www.boma.gov.tw/mp.asp
3.不動產資訊中心—不動產證券化論壇http://www.realestate.org.tw/
4.金融局http://www.boma.gov.tw
5.信託公會—信託法規http://www.trust.org.tw/4laws.php
6.美國REIT協會http://www.nareit.com/home.cfm
7.J-REIT http://www.tse.org.jp/english/cash/reit/qa.html
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