本文希望藉由台灣與國外不動產證券化之比較分析，達到下列三項目的： （1）瞭解台灣不動產證券化之發展 （2）透過瞭解國外實務發展經驗，探討國內適合發展的模式 （3）針對台灣施行不動產證券化條例後所衍生之問題，對台灣當局提出建議 The Real Estate Securitization Act has been promulgated on July 23, 2003 in Taiwan. During the legislation process, the scholars and experts contributed to the legislation of real estate securitization by referring to the legislative cases of other countries and through year’s research as well as discussion. Their dedications created a new era of real estate market and capital market in Taiwan.
The securitization of real estate refers to the process of securitization using real estate as target. In other words, from the specifying, unitizing, and subdividing of real estate properties under their ownership, enterprises and financial institutions are able to increase their creditworthiness through trusts. And through offering stocks and bonds to the general public, enterprises and financial institutions directly raise funds in the capital market. Taiwan’s Real Estate Investment Trust system basically is referring to the system of the United States while Real Estate Asset Trust system is referring to Japan’s Land Trust system.
Real estate securitization products have been developed for years in other countries and achieved certain success. The mechanism of real estate securitization varies slightly in every country due to different national conditions. So called “Upon seeing a man of virtue, try to emulate him; upon seeing a man without virtue, try to reflect upon your own defects”. Referring to the development experiences, operation of legislative system in others countries, cannot only shorten the lead time but also can effectively set up a market mechanism which is fit for Taiwan.
The purpose of this thesis is to achieve the following three objectives by analyzing and comparing the real estate securitization of Taiwan and other countries:
(1). To understand the development of real estate securitization in Taiwan. (2). To discuss a proper development pattern for Taiwan through understanding the practical development experience in other countries. (3). To raise proposals to Taiwanese authorities to solve the problems aroused from the implementation of Real Estate Securitization Act in Taiwan.