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    Title: 兩岸不動產證券化報酬與風險之研究──兼論以證券化方式辦理都市更新之評析
    Other Titles: Real estate securitization risk and return research on mainland and Taiwan ---analysis of the operation on urban renwal through real estate securitization
    Authors: 賈健男;Chia, Chien-nan
    Contributors: 淡江大學中國大陸研究所碩士班
    李志強;Li, Chi-keung
    Keywords: 不動產證券化;都市更新;不動產;台灣;美國;日本;Taiwan;Real estate securities;Urban Renewel
    Date: 2008
    Issue Date: 2010-01-10 23:34:31 (UTC+8)
    Abstract: 美國、日本等為代表的發達國家經歷多年的文獻及經驗,己經形成了以不動產證券化為主要融資模式的成熟地產開發模式,將體現了不動產證券化和地產的各自特點和優勢,房地產業屬於資本密集型產業,房地產業的發展和運作需要大量資金的支持與經營,但在推動過程中往往只有財團參與,未普及一般投資人;為讓更多人能有機會參與投資及推動城市能有品質成長,本文以不動產證券化,作為一種新的融資方式, 以提高了台灣金融與地產資源配置的有效性。
    而台灣因土地狹窄,都市發展能擴大使用非常有限,因此都市更新就成為民間與官方共同努力方向。而都市更新所需資金及產生利益如何分工與分配,以往的合建方式又無法為多數人所認同,因此也產生更新推動困難窘境,藉由更新權利轉換土地或金錢,及不動產證券化吸引直接資金,開發過程中利潤也可分享投資參與者,進而加速推動都市更優質的成長,與金融新產業的在台生根。
    首先本文嘗試研究方法以歸納法、文獻探討法、和比較分析法為主、以證券金融學房地產經濟學為研究基礎運用計量經濟學及社會學探討在台灣以不動產證券化應運都市更新可行性,另從制度和市場兩個層面比較研究台灣不動產證券化的性質、收益、風險等。而台灣不動產證券化制度又師法美日兩國,運作過四年左右,期間由於新法剛上路再加上美國次級房貸信用金融風暴與國際原油大漲影響,在投資標的種類、借債上限和報酬率都受到相當規範保護。但其部分上市證券化商品其淨值與市場價格也都忠實反映出周遭環境變化,有助於各界對證券化商品的進一步認識與肯定。
    再者,本研究認為,使用不動產證券化這項金融工具,能有效參予都市更新加速推動,因未直接金融讓參與的業者、地主、投資人都能透明化財務即做事前合理利潤收益評估;正因為如此都市更新才能因擴大資金來源且又能事先預估利潤,未來更新區如能以信義計畫區為範本,也將帶動台灣乃至大陸舊城改造新契機。
    本文把不動產證券化和開發都市更新結合作為研究內容,從理論上論証了在開發與投資能有預期合理規範與預期收益,實現開發型不動產證券化的運作模式推動多數人能共同且較具經營規模的都市更新的可行性。
    United Sates, the United Kingdom, Sweden, France, the Netherlands and Germany,
    and other countries, have launched a vigorous real estate securitization campaign.
    Experiencing the Asian financial crisis, Japan, Korea, Singapore, China’s Hong Kong,
    also have drawn up laws and regulations, gradual to implement the Real Estate
    Securitization. Taiwan promulgated the “Regulations on Real Estate Securitization”,
    Here are a variety of real estate securities products in the market and to issue publicly
    traded.

    First of all, the paper from the system and the market level, a comparative study Taiwan securitization of real estate properties, income and risk. Taiwan Real Estate
    Securitization from the United States and Japan, the operation of adjust three years,
    therefore, the type of investment targets, borrowing ceiling, and the rate of return,
    are still limited. Through experience analysis, the major factors which impact Taiwan
    Real Estate. Securitization income are the housing sector production index, long-term
    interest rates, Taiwan’s industrial production index and the GNP.

    Secondly, the study considers that the use of real estate securities, in particular on the
    development of real estate investment trusts-to urban renewal is the future Taiwan and
    even Chinese mainland city a change by way. This study is to investigate the real estate securitization and urban update dose relationship and Construction of a Taiwan
    suitable operation for the development of real estate securitization .

    Finally, analyze the development of the Chinese mainland real estate securities ne-
    cessity feasibility, development and infrastructure construction in the application,
    and else from government departments, the trust industry, investors and the securities
    market point of view.

    Real Estate Securitization can solve real issues of liquidy, improving the fiscal balance,
    raising production quality of the environment and the direct or indirect effects through
    the industry association to promote economic growth and to achieve diversification of
    financial products, expand the size of the capital market objectives. Therefore, the analysis of real estate securities and the proceeds from risk, and explore ways to make
    better use of real estate securities into urban renewal, are the advanced topics for further
    academic research.
    Appears in Collections:[中國大陸研究所] 學位論文

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