| 摘要: | 近年來我國金融體系面臨各種問題，包括逾期放款、銀行購併、雙卡債務等問題，因此政府積極進行金融改革，此時正是推動不動產證券化，提振國內房市及解決金融機構不良債權之最佳機會。不動產證券化在國外已具多年成功的實施經驗，近期，國內也掀起一陣不動產投資信託（Real Estate Investment Trusts, REITs）的風潮，主要是因為銀行存款利率低，造成投資人積極尋找其他投資標的，不動產投資信託基金的募集檔檔爆滿，不動產投資信託投資熱潮將持續延燒。
民國92年7月23日正式施行不動產證券化條例後，將台灣的不動產證券化分為不動產投資信託與不動產資產信託二種，至95年12月31日止，經金管會核淮的不動產投資信託個案共7件，核淮的不動產資產信託個案共7件，本研究藉由實際與發起人(金控公司)、受託機構(主辦銀行)、不動產估價事務所、投資人等進行深度訪談後，作成個案分析，以提出金控公司在發行REITs過程中的關鍵因素。
另以上述的的關鍵因素為研究主軸，透過國外REITs的成功經驗，提出國外在各項制度及法令上的設計，進而檢討國內之現存缺失，而對國內REITs市場之健全發展，研擬出具體建議，對業界實務做出些許貢獻，以冀望國內REITs腳步早日與國際接軌。
關鍵詞：金控公司、不動產證券化、不動產投資信託
Abstract:
Our financial system is facing a variety of problems in recent years, including non-performing loan , mutual merger between banks, bad debts of credit card & cash card etc. The government pursued financial improvement.It is the best chance to refresh the real estate in Taiwan, and to solve the problem of financial organizations problems, Real Estate Securitization has carried out for years in foreign countries. Recently, Real Estate Investment Trust has become more and more popular in Taiwan since the interest rate is very low, making investors seeking for other targets to invest. The trend of REITs will keep going.
23 July 2003, after formally execute Real Estate Securitization, separating Real Estate Securitization into REITs & REAT (Real Estate Assets Trust) , Financial Supervisory Commission ratified 7 cases of REITS before 31 Dec. 2006. This research is to analyze the advantages and disadvantages of the Holding Company for issuing REITs in Taiwan by interviewing consignee of Real Estate Securitization, and to solve the problems about the disadvantages of Real Estate Securitization.
This research adopted the method of case study, after interviewing with the financial holding company, apprasiers ,investors ,we try to submit the necessary key factors and find the successful experiences in foreign countries,then submit suggestion of the industry in practice in order to connect the global reits trend quickly. |
