不動產證券化與市地開發之研究（上）

Abstract

國內近年來證券市場與房地產市場的飆漲與大落，引起了社會大眾的重視。由於國內投資理財風氣的逐漸盛行，遂有人試圖結合房地產與證券兩種投資工具進行所謂的「不動產證券化」。唯國內許多相關法令制度尚未建立，許多觀念－－不論反對或贊成不動產證券化，均缺乏清楚的認知與嚴謹的討論。儘管如此，目前許多類似不動產證券化的作法，業者正積極的規劃進行，為能根本解決問題，同時考慮未來房地產的發展與都市土地開發上的影響，乃引起本文的提出。由於不動產本身具有不可移動性，非常昂貴及不可分割等特性，再加上不動產投資不易變現且需專業知識與大量時間，人力的投入等缺點，造成不動產投資發展的瓶頸，然而在許多投資市場中，為加速吸收資金及其流通速率，證券化已是普遍趨勢，因此為突破不動產投資的發展瓶頸，不動產證券化是未來重要趨勢。不動產證券化簡單的說即是將不動產變成證券形態。一般不動產證券化可分為兩種形態：一種為合夥方式，稱為不動產有限合夥(Limited Partnership)或合夥企業(Syndication)；另一種為信託方式，稱為不動產投資信託(Real Estate Investment Trust)。其兩種方式的主要共同點是不動產均為多數人共同出資擁有，且以證券方式為憑證，同時將出資所有權與專業經營權彼此分開；其主要的差異前者是合夥關係其資產財務不需對外公開，當然也缺乏中古交易市場(Secondary Market)，而後者為信託關係其資產財務必需對外公開，當然也就有中古交易市場。本文展現了不動產證券化的重要性與可行性，並對都市土地的開發與影響予以討論，值得政府相關單位的重視，建立制度，以為因應社會的未來發展。In recent years, Taiwan`s economy has prospered successively. The per capita income is increasing gradually. In private sector the capital is abundant. On the contrary, the private investment channel is limited. Therefore, how to offer diverse investment selection and solve excess liquidity problem are essential issues.People in Taiwan had preference for real estate, but they were constrained by not enough money, time, and expert knowledge. Consequently, there are eager to be offerred managerial service. Real estate securitization just can satisfity investor such demand. This research include the feasibility of the domestic real estate securitization; the comparision of real estate investment trusts and real estate limited partnership by means of the U.S. and Japan`s experience; the operation system of real estate securitization, and suggestions for future institution. Finally, the system will be applied in urban renewal and focus on the issue of the property right exchange and distribution. It will promote the govermment to joint private sector to develop urban land public projects.