自2003年不動產證券化條例通過後，台灣的不動產證券化市場已有六個不動產資產信託（Real Estate Asset Trust, REAT）個案完成發行，顯示國內不動產證券化市場已逐漸成形。本論文是以依我國不動產證券化條例發行的不動產資產信託證券化商品為研究標的，藉由個案研究法，分析不動產資產信託商品的發行架構、受益證券內容、發行程序及信託規劃。另一方面並深入探討不動產資產信託商品面及發行面的各項議題，包括：委託人辦理的誘因、發行財務條件規劃及受益證券發行的相關議題。最後，本研究綜合以上對不動產資產信託商品設計及架構規劃的分析，及商品面和發行面的各項議題的探討結果，做成結論；以做為未來國內不動產資產信託發行實務及法規制度修訂的參考。 Since the enactment of the Real Estate Securitization Act of 2003, six real estate asset trusts have been established and issued securities. This shows that the domestic real estate negotiable securities market has gradually be formed. This essay looks at the real estate asset trust (REAT) by using a case study research method. An analysis is made of the structure of REAT, including the content of the securities, the issuing process and the special purpose trust. Next, a review is made of the issues surrounding REAT product design and the issuing of securities in the market. This includes a look at the motivation of the originator and the financial issuing terms. Finally, this essay integrates the above analysis in regard to the REAT product design and structure planning and a conclusion is reached on the issuing and the products of the REAT. This essay has been written as a reference for future issuing of REATs and the possible modifications of the Real Estate Securitization Act.
