本文主要研究透過不動產信託平台，所產生的不動產信託借款、不動產證券化及受益權轉讓等三種融資方式之異同。 第二章說明不動產信託借款之定義及實務操作流程，並輔以業界常見之土地合建案為個案研究。 第三章首先說明不動產證券化之基本定義和美、日二國之相關制度，繼而說明台灣實施不動產證券化之目的。另外，我們以「新光一號」作為個案探討。 第四章探討為因應不動產證券化法令對開發型個案之限制所衍生之受益權轉讓業務；並以開發工銀所推出國內第一檔「開發型」不動產開發信託受益權轉讓為個案說明。 最後彙總比較分析上述三種不動產信託融資方式，期能釐清三者間的異同。 The main purpose of this paper is to discuss the similarities and differences among real-estate trust loan, real-estate securitization, and beneficiary arrangement such three financing methods derived from real-estate trust platform. Chapter 2 defines real-estate trust loan and its practical procedure, supplemented by a case study of commonly used collective construction. Chapter 3 first provides a basic definition of real-estate securitization and describes the related systems in the U.S. and Japan, then explains the purposes for implementing real-estate securitization in Taiwan. In addition, we use “Shin Kong REITs 1” to exemplify the basic ideas . Chapter 4 focuses on beneficiary arrangement to deal with limitation of developing cases arising from real-estate securitization law. This chapter further uses domestic first beneficiary arrangement introduced by China Development Industrial Bank as case study. Finally, we compares and summarizes the three real-estate trust financing methods discussed in the preceding chapters，and provides some concluding remarks.
