A study of effective factors on performance of real estate securitization

民國92年，在房地產自景氣的谷底重新攀升之際，台灣本地也正式通過不動產證券化條例。舉凡會涉入整個不動產證券化架構中的建設公司、金融機構及投資大眾，無不對其寄予厚望。 不動產證券化的運作重點可就數個面相加以區分，其涵蓋法規面、市場面及財務面的諸多議題。而開發業者身為不動產投資人，亦當了解證券化是否能對其開發行為創造利基，及其推行不動產證券化時，應該優先考量哪些風險來源。因此，本研究站在建設業界的角度，透過深度訪談，以針對特定而具體的專案進行個案研究。首先透過財務試算比較證券化前後的計劃報酬及回收年期，以確立開發計劃採行不動產證券化方式融資之可行性。並且，本研究選取各種影響開發計畫報酬的變動因素作為法規面、市場面及財務面的參考指標，繼而進行敏感度分析，以了解各種因素的變動對不動產證券化成效的影響性，期望能提供給有意推行證券化的開發業者作為參考。Real Estate Securitization provides an alternative approach of investing in real estate. Real Estate Securitization combines two different characteristics: the liquidity of stocks and high return of real estates. Real Estate Securitization enables the investors to participate in investment by small scale of capital, which general investors can afford, hence is a breakthrough of traditional real estate investment, which requires huge scale of capital. In America, Real Estate Securitization has been introduced and practiced over 30 years. The successful experience was introduced to the Asian countries recently. In year of 2003, Taiwan government also gave the legislation for Real Estate Securitization. For development companies, Real Estate Securitization increases the liquidity of real estate transactions and grants a vehicle to obtain capital for huge development projects. However, considering factors involving the performance of Real Estate Securitization in all aspects, initiator of the Real Estate Securitization shall know about the risk before their building is securitized. The purpose of this research is to discuss about the factors on which have great influence on the performance of real estate securitization. The methodology of this research will be case study focusing on the financial issues by using DCF (Discounted Cash Flow) method to determine the return of the project. After the financial model is established, variables would be chosen to represent the factors, which might affect the performance of real estate securitization. The sensitivity analysis toward these factors can therefore show the degree of the influence. The output of this research will be the comparison among different factors as mentioned, and some advice to the Real Estate Securitization as conclusion.第一章 緒論 1 1.1 研究動機與目的 1 1.2 研究方法與流程 3 1.3 研究範圍與研究限制 6 第二章 文獻回顧 8 2.1 不動產證券化的相關研究 8 2.2 國內不動產的開發方式 10 2.3 開發業者在不動產證券化中的定位 12 2.4 開發業者實施不動產證券化的動機 13 2.5 台灣不動產證券化制度之概述 16 2.6 小結 26 第三章 不動產投資的資金來源 27 3.1 機構投資人對不動產的資金供給 27 3.2 個人投資人對不動產的資金供給 45 3.3 小結 46 第四章 實際投資案例探討 48 4.1 專案概述 48 4.2 債權資金使用現況 51 4.3 影響證券化推行成效的因素 52 4.4 各種現金流量的來源 55 4.5 折現率的決定 60 4.6 利率期間結構 63 4.7 小結 66 第五章 證券化的影響變因分析 69 5.1 與證券化標的物有關的影響變因 69 5.2 與總體經濟因素有關的影響變因 73 5.3 與折現率有關的影響變因 74 5.4 與證券商品有關的影響變因 79 5.5 與制度法規有關的影響變因 83 5.6 小結 84 第六章 結論與建議 86 6.1 個案推行證券化的可行性分析 86 6.2 建議 89 參考文獻 9