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系統識別號 U0002-3001200719531600
中文論文名稱 外國不動產證券化制度對台灣之啟示- 以美國、日本、新加坡及香港為例
英文論文名稱 The Inspiration of Foreign Real Estate Securitization Systems to Taiwan – The cases of the United States,Japan, Singapore and Hong Kong
校院名稱 淡江大學
系所名稱(中) 國際商學碩士在職專班
系所名稱(英) Executive Master's Program of Business Administration (EMBA) in International Commerce
學年度 95
學期 1
出版年 96
研究生中文姓名 楊慶芳
研究生英文姓名 Ching-Fang Yang
學號 793400028
學位類別 碩士
語文別 英文
口試日期 2007-01-08
論文頁數 90頁
口試委員 指導教授-林江峰
委員-李成
委員-蔡政言
中文關鍵字 不動產證券化  不動產投資信託  不動產資產信託 
英文關鍵字 Real Estate Securitization  Real Estate Investment Trust  Real Estate Asset Trust 
學科別分類 學科別社會科學商學
中文摘要 我國不動產證券化條例已於2003年7月23日正式施行,在法制建立過程中,學者、專家參考外國立法案例,經過多年來不斷研究、討論,終於促成不動產證券化之法制化,為我國不動產市場及資本市場展開新扉頁,功不可沒。

不動產證券化是指以不動產為標的之證券化過程,亦即將企業或金融機構所持有之不動產物權予以規格化、單位化、細分化,並透過信託增強其信用,以設計公開發行之證券,而直接由資本市場募集資金之過程。我國不動產證券化制度中的「不動產投資信託」制度係參考美國的「不動產投資信託」制度;而「不動產資產信託」制度則係參考日本的「土地信託」制度。

不動產證券化商品在國外許多國家已實施多年,並有一定的成效,但因民情不同,各國不動產證券化之機制略有不同。所謂「見賢思齊,見不賢內自省」,將國外的發展經驗及法規運作制度做為國內建置不動產證券化之參考,一則可縮短摸索時間,再則可有效建置一套適合國人之市場機制。

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

英文摘要 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.
論文目次 Table of Contents
Acknowledge……………………………………………………………i
Abstract……………………………………....................ii
Table of content………………...................…………..v
List of tables……………………………………………………………..viii
List of figures…………………….....………............ ix

Chapter One Introduction
1.1 Research Motive and Purposes………………………..1
1.2 Research Methods…………………………..........…3
1.3 Research Structure……………………………………...4
1.4 Literature Review….…...........5

Chapter Two
Real-Estate Securitization in the Unites States
2.1Development………………………………………………………..7
2.2Type of Real-Estate Securitization………………………… 9
2.3Governing Regulations………………………………........12
2.4Current REITs Market………………………………………... 15

Chapter Three
Real-Estate Securitization in Japan
3.1Development……....…………………………………………….20
3.2Type of Real-Estate Securitization……………………...22
3.3Governing Regulations………………………………………….23
3.4Current REITs Market………………………………………...24

Chapter Four
Real-Estate Securitization in Singapore
4.1Development……………………………………………………..26
4.2Type of Real-Estate Securitization…………………………26
4.3Governing Regulations………………………………………..27
4.4Current REITs Market………………………………………...29

Chapter Five
Real-Estate Securitization in Hong Kong
5.1Development………………………………………………………31
5.2Type of Real-Estate Securitization……………………...32
5.3Governing Regulations………………………………………….32
5.4Current REITs Market………………………………………..34

Chapter Six
Real-Estate Securitization in Taiwan
6.1Development……………………………………………......36
6.2Type of Real-Estate Securitization……………………….38
6.3Governing Regulations………………………………………...46
6.4Current REITs Market………………………………………....49

Chapter Seven
Comparison & Analysis between Foreign REITs and Taiwan REITs
7.1Comparison between Foreign REITs and Taiwan REITs…...51
7.2SWOT Analysis for Taiwan Market………………………....56

Chapter Eight
Suggestion & Conclusion
8.1Suggestion to Taiwanese Authorities…………….……....73
8. 2Conclusion………………………………………….…………..82
8.3Future Research…………….…………………………………..84
8.4Research Scope…………….……….…………………………..86
References…………..……………………………………………...87



List of Tables

Table 2-1 the Equity REITs, Mortgage REITs and Hybrid REITs…..........................................11
Table 3-1 Overview of Public listed REITs in Japan……………………….25
Table 4-1 S-REITs Listing in Singapore Stock Exchange………………….30
Table 5-1 H-REITs Listing in Hong Kong Stock Exchange……………..…. 35
Table 6-1 Significant Content of Real Estate Securitization Act…………….....37
Table 6-2 Comparison Table of Real Estate Investment………………………41
Table 6-3 Comparison of REITs and REAT in Taiwan……………………..48
Table 6-4 REITs Listing in Taiwan Stock Exchange………………….…….50
Table 7-1 Comparison of the REITs Systems in America, Japan,Singapore, Hong Kong and Taiwan…………………….………….....52



List of figures

Figure 2-1 the Number of all REITs in the United States…………………15
Figure 2-2 the Performance Statistics of Various Investment Vehiclesin the United States during 1990-2005……………….……...16
Figure 2-3 the Dividend Yield of Public Listed REITs Companies and Yield of 10-year Government Bond from 1990 to 2005…………..17
Figure 2-4 NAREIT Equity Price Index and CPI from 1980 to 2005……..……..18
Figure 2-5 the Comparison of Return Indexes of NAREIT and NCREIT from 1977 to 2005………………..……………………...19
Figure 4-1 Singapore Market Capitalization…………………..………………29
Figure 6-1 the Work Flow of REITs…………………..……….40
Figure 6-2 the Work Flow of REAT………………..…………… 45




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4. Chan, Su Han, John Erickson and Ko Wang (2003), Real Estate Investment Trust: Structure, Performance, and Investment Opportunities, 1st Edition, Oxford University Press, N. Y., N. Y.
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Related Website:

1. Institute for Physical Planning & Information, http://www.realestate.org.tw//
2. Construction and Planning Agency, Ministry of the Interior, http://www.cpami.gov.tw//
3. Taiwan Academy of Banking and Finance, http://www.tabf.org.tw/tw//
4. GreTai Securities Market, http://www.otc.org.tw/
5. Taiwan Real Estate Information Center, http://egohouse.com.tw/
6. National Association of Real Estate Investment Trust, http://www.nareit.com//
7. National Council of Real Estate Investment Fiduciaries, http://www.ncreif.com//
8. Taiwan Stock Exchange Corporation, http://www.tse.com.tw/ch/index.php
9. Tokyo Stock Exchange, http://www.tse.or.jp//
10. Singapore Stock Exchange, http://www.ses.com.sg//
11. Hong Kong Stock Exchange, http://www.hkex.com.hk/index.htm
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