我國不動產證券化條例之實務運作問題與修法建議－以不動產投資信託基金為中心

Abstract

自2003年7月23日不動產證券化條例實施迄今已近15年，我國的不動產證券化市場仍有長足努力及發展的空間，本文針對不動產投資信託基金於實務面運作的困境與問題，及法律規範面的落差與限制，提出建議。期許就我國不動產投資信託基金之受託機構與不動產管理機構之權責分工及決策流程、不動產投資信託基金投資不動產開發型案件的開放、不動產投資信託基金投資海外不動產的開放及不動產投資信託基金之稅制等4個面向，探討我國不動產證券化條例之修法方向及監理建議，以協助我國不動產證券化市場之發展。\n本文認為不動產證券化條例修法之優先目標，首應針對不動產證券化條例直接進行修法，或由金管會依職權發布行政命令，直接規定並要求擔任不動產投資信託基金之不動產管理機構必須為公開發行公司，以明確規範受託機構及不動產管理機構之權責分工及決策流程。且本文認為不動產證券化條例修法之長期目標，則應以簡化不動產投資信託基金投資海外不動產之調查工作及作業程，及降低國內法人獲配收益之租稅負擔為重心。\n本文期許透過健全不動產證券化條例之法律規定，塑造更有利於我國不動產證券化市場發展的發行市場及監理環境。也期待透過本文，為健全不動產證券化市場盡一分心力，讓不動產證券化條例可以發揮保護廣大投資人並促進發展不動產經濟之最終目的。

Since the implementation of Clauses of the Real Estate Securitization Act on July 23, 2003, nearly 15 years have passed, the real estate securitization market in Taiwan still has a lot of room for hard work and development. This paper addresses the difficulties and problems in the operation of real estate investment trusts in practice, and the gap and limitation of law. It is expected that the division of authority and decision-making process of the trustees and real estate management institutions of Taiwan`s real estate investment trusts, the opening of real estate or related rights of real estate under development and overseas, and the taxation of real estate investment trusts. In order to assist the development of the real estate securitization market in Taiwan, we will discuss the revision direction and supervision suggestions of Taiwan`s real estate securitization regulations.\nThis paper believes that Clauses of the Real Estate Securitization Act should be directly amended according to the act, or Financial Supervisory Commission shall issue an administrative order directly specifying and requiring the real estate management institution to act as a real estate investment trust fund to be a public offering company. To clearly define the division of authority and decision-making process of the trustee and the real estate management agency. Moreover, this paper believes that the long-term goal of the amendments to the Real Estate Securitization Ordinance should focus on simplifying the investigation and operation of real estate investment trust funds to invest in overseas real estate and reducing the tax burden of domestic corporate income.\nThis paper hopes to create a distribution market and supervision environment that is more conducive to the development of Taiwan`s real estate securitization market through Clauses of the Real Estate Securitization Act. It is also expected that through this article, we will improve the real estate securitization market, so that Clauses of the Real Estate Securitization Act can be the ultimate goal of protecting the majority of investors and promoting the development of the real estate economy.