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    题名: 不動產證券化條例應用於都市更新之運作模式與財務分析
    其它题名: The real estate securitization act application on urban renewal
    作者: 劉燕芬;Liu, Yen-fen
    贡献者: 淡江大學財務金融學系碩士在職專班
    李進生;Lee, Chin-shen;林允永;Lin, Yun-yung
    关键词: 不動產證券化;開發型不動產證券化;不動產資產信託;不動產投資信託;都市更新;The Real Estate Securitization Act;Development-type Real Estate Securitization;REATs;REITs;Urban Renewal
    日期: 2006
    上传时间: 2010-01-11 00:50:55 (UTC+8)
    摘要: 為符合都市永續發展觀念。改善居住品質,政府發布「加速推動都市更新方案」並積極推動「不動產證券化條例」之修法,擬將開發型不動產或不動產相關權利,納為不動產證券化之標的。在法令日趨健全、政府強力主導與市場發展成熟下,以不動產證券化運用於都市更新將是未來不動產證券化主流發展方向。本研究從運作面與財務面剖析,期能為不動產證券化應用於都市更新暨開發型不勭產證券化之實施提出建議,冀能有利我國都市更新事業與不動產證券化市場之推展。
    本文之研究架構,由都市更新與籌資方式開始,依序論及不動產證券化理論,評析開發型不動產證券化,以此設計不動產資產信託應用於都市更新之運作模式與受益證券之發行方式,最後透過未來發展評估、商品面設計與財務分析,歸納出結論與建議。
    「不動產證券化條例」包括不動產投資信託與不動產資產信託,考量二者不同之特性與實施經驗,本研究認為應用於都市更新,初期可由不動產資產信託開始發展,其受益證券可以債券型式折價發行,或依權利變換之精神以股權型式發行。而不動產投資信託除可投資以不動產資產信託應用於都市更新之受益證券外,於都市更新開發案完成、預期有穩定收益時,再投資其已開發完成之不動產,增加產品之廣度與深度。
    In order to match urban sustainable development and improve residential quality, the government try to launch “Speedy Urban Regeneration Project” and revise “Real Estate Securitization Act”. With the Act amendment, government inducement and market growth, the application of real estate securitization on urban renewal is the future focus. This paper starts from analyzing operating and financial impact and hope it will help to bill up a structure of apply the real estate securitization on urban regeneration.
    The structure of this thesis is start on urban renewal and capital expense theory. Follow by real estate securitization theory and Development-type Real Estate Securitization. Design the operation model and securitization model to apply on real estate securitization. Final, come to the conclusion and make some suggestion by evaluating future development, designing production and analyzing finance.
    “Real Estate Securitization Act” includes REITs and REATs. Considering difference and historic applying experience, this thesis suggests manager can start from REATs while applying on urban renewal and the securitization can be issued on type of discount bonds or stocks. After setting down the urban regeneration project, manager can reinvest in real estate while the project will be expected with stable cash inflow to enhance the depth and width of the product.
    显示于类别:[財務金融學系暨研究所] 學位論文

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