The Study of Real Estate Securitization in Taiwan

一般而言，台灣不動產業者從事不動產開發，除利用自有資金外，大多向銀行抵押借款。由於不動產市場持續不景氣，金融機構因不動產逾放比率不斷攀升，進而緊縮不動產業授信，使得不動產業籌資更形困難；如何從銀行融資以外的其他管道籌資，遂成為重要的課題，「不動產證券化」即是相當可行的方式。2003年7月不動產證券化條例完成立法，正式啟動不動產證券商品的新紀元，產、官、學各界無不對此商品市場寄予厚望。 所謂不動產證券化，乃將不動產之直接投資轉變為證券投資型態，使投資者與標的物之間，由直接之物權關係，轉變為有價證券；使不動產的價值，由固定的資本型態轉化為具有流動功能的資本性證券；同時運用自投資者購買有價證券所募集之資金，透過不動產專業開發或管理機構，進行不動產之開發、管理或處分，以有效開發不動產。我國的不動產證券化制度中「不動產投資信託」制度係參考美國的「不動產投資信託」制度；而「不動產資產信託」制度則係參考日本的「土地信託」制度。 不動產證券化在國外實行經驗及成效良好，實為國內發展不動產證券化市場之典範。而成功的金融商品市場建立，首重交易市場流動性，亦即如何讓投資人可快速進出市場且不需負擔過重之成本，乃市場發展之重要關鍵。本研究主要目的在於探討我國不動產證券化條例之實施，對於不動產市場與資本市場的影響及施行不動產證券化應考慮的因素。除了完整的法規制度外，更應加強資訊揭露及信託財產評價制度，方能確保投資人權益，增加市場流通性。以國內過去對於各項金融商品發展的成效，未來不動產證券化商品的發展應是指日可待，惟如何顧及投資人的權益，應是推動不動產證券化市場所應重視的。Generally real estate developers in Taiwan finance property development with both their own capital, along with mortgage loans from the banks. In recent years, however, due to the continued recession of the property market, Taiwan’s banks' ratio of non-performing real estate loans has been on the increase, with the result that credit facilities available to real estate industry also shrink considerably. How to raise funds from alternate channels other than the banking system has thus become a critical issue. A reasonably workable financing alternative is by way of “real estate securitization”. July 2003 saw the enactment of regulations purported to the securitization of properties. This marked the beginning of an era in which a new market for securitization products was born. It arises at a blessing from all financial, government and academic sectors. Real estate securitization alters the investor's investment, from a direct investment to a securitized investment. The relationship between the investor and the invested property also changes from direct ownership of the property itself to indirect ownership of a securitized interest over the property. Likewise, the value of the investment also changes from a fixed asset to a liquid asset. Real estate securitization, therefore, enables the real estate industry to utilize the funds raised from the general public purchasing the security from real estate developers or asset management corporations, for undertaking further property development, managing or disposing of the real estate property in an efficient and effective manner. The Real Estate Investment Trust system adopted by Taiwan under the Real Estate Securitization Act is patterned after the Real Estate Investment Trust system of USA; and the Real Estate Asset Trust system generally follows the Land Trust system of Japan. The positive results in other countries provide a good lesson for the development of domestic market to follow. The successful establishment of a new financial product depends on the degree of liquidity it offers. The availability of conduits for investors to enter and exit the market swiftly without excessive costs will be one of the most important factors. The purpose of this study is to discuss the key ingredients of the Taiwan Real Estate Securitization Act; to analyze its pros, cons and its impacts on the real estate and capital markets, and to review the elements for implementing real estate securitization here. In addition to sound legislative framework, the disclosure of information and the appraisal system of trust property should be reinforced to ensure investors’ rights and to increase market turnover. The success of newly created markets for other innovative financial products in Taiwan suggests that there exists a great growth opportunity for property securitization. Meanwhile, efforts should be focused on protecting market investors’ rights to ensure the stability of this highly regarded market.第一章 緒論............................1 第一節 研究動機........................1 第二節 研究目的........................3 第三節 研究方法、架構及流程............4 第二章 理論與文獻探討..................7 第一節 不動產證券化之概述..............7 第二節 文獻回顧.......................12 第三章 各國不動產證券化發展沿革.......16 第一節 美國的發展經驗.................16 第二節 日本的發展經驗.................28 第三節 新加坡的發展經驗...............34 第四章 台灣不動產證券化市場現況.......39 第一節 不動產市場狀況.................39 第二節 不動產證券化的發展.............43 第三節 法令通過前的類似案例...........45 第四節 不動產資產信託(REAT)案例.......53 第五節 不動產投資信託(REIT)案例.......72 第五章 資訊揭露與評價制度.............79 第一節 資訊揭露之探討.................79 第二節 估價問題之探討.................90 第六章 結論與建議....................102 參考文獻..............................10