從美國次級房貸風暴分析臺灣不動產投資信託基金之影響

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Title:	從美國次級房貸風暴分析臺灣不動產投資信託基金之影響
Other Titles:	The impact of the U.S subprime mortgage crisis on real estate investment trusts in Taiwan
Authors:	駱諳良;Lou, An-liang
Contributors:	淡江大學國際貿易學系國際企業學碩士在職專班蔡政言
Keywords:	金融風暴;次級房貸;不動產投資信託基金;Financial Tsunami;Subprime Mortgage;REITs
Date:	2010
Issue Date:	2010-09-23 15:30:16 (UTC+8)
Abstract:	由於不動產投資信託(Real Estate Investment Trust, REIT)的投資門檻低，又同時具備股票市場高報酬和不動產市場抗通膨等特性。近年來已成為熱門的投資商品，投資風潮延燒全球。我國不動產市場自2007年受美國次貸風暴衝擊影響，出現快速的崩解現象。歷經數年之持續低迷，不僅重創營建業者，亦連帶影響相關產業發展，對國內整體經濟發展產生不利影響。有鑑於此，政府積極推動各項促進房地產市場相關工作，如發布REITs投資開發型不動產規定，以期提振房地產市場景氣。本研究採用PESTEL外部環境分析及SWOT分析等兩種架構分析台灣不動產投資信託基金(REITs)所面臨的外部環境競爭與優勢、劣勢、機會與威脅，並提出以下建議，以改善台灣目前低迷的不動產投資信託基金市場。一、加強與各部會之溝通協調二、政府應重建投資者的信心三、宣導台灣股市基本面良好四、針對放款相關資訊進行動態的資訊揭露及持續的審慎查核五、深入探討不動產放款估價問題六、風險須由創始機構及發生機構等共同承擔七、增列侵略性放款之罰則八、提供償還選擇方案九、由政府或輔導金融機構提供房貸保證之機制十、投資者需具備高報酬背後的風險意識 Real Estate Investment Trust (REIT) becomes one of the most popular investment instruments recently due to its low investment limit and the unique characteristics associated with high returns from stock market and anti-inflation function from real estate market. As the result of the U.S subprime mortgage crisis on 2007, the domestic real estate market is constantly sluggish which makes an impact on the development of relevant industries in Taiwan. In recent 15 years, the housing industry has been deeply impacted in particular. In order to stimulate the recovery of the real estate market and the development of economy, Taiwan government promoted many related projects in order to boost the prosperity of Real Estate industry, such as “Issues the REITs investment development real estate stipulation“. The purpose of the enactment was through securitization stimulating the real estate market and effectively developing real estate. To use two models called PESTEL and SWOT to analyze the external environment competition and the strength, weakness, opportunity, threat which REITs in Taiwan it faces. According to the conclusion, bring up ten ways to improve the low tide of the Taiwan''s Real estate investment trust fund market. First, strengthens is coordinated communication of with each meeting. Second, the government should reconstruct investor''s confidence. Third, the guidance Taiwan stock market fundamental plane is good. Fourth, in view of loans the related information to carry on careful checking which the dynamic information exposes and continues. Fifth, the thorough discussion real estate loans the estimate question. Sixth, the risk must by initiate the organization and have the organization and so on to undertake together. Seventh, increases a row aggressiveness to loan the penal regulations. Eighth, provides the option of redemption plan. Ninth, provides Fang Dai by the government or the counselling financial organ to guarantee the mechanism. Tenth, the investor must have behind the high reward risk awareness.
Appears in Collections:	[Graduate Institute & Department of International Business] Thesis

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