國內房地產價格於SARS疫情期間跌到谷底，且因房貸利率走低，在此種推波之下，使92年上路的不動產證券化與房地產市場間互蒙其利，一方面是房地產價格自谷底反彈，提供不動產證券化發展所需的環境，另一方面，不動產證券化商品匯集的資金，又成為挹注房地產市場的資金活水。造成不動產證券化成為近年來當紅投資工具之一，尤其不動產證券化中不動產投資信託（REITs）存有多數的小額投資人，這些小額投資人往往對複雜的不動產市場並不甚了解，且（REITs）的標的多為商業大樓，一般投資大眾對此種標的並不熟悉了解及碰觸交易過，在資訊不對稱情況之下，我國不動產投資信託（REITs）的投資人保護是否被輕忽？法制是否充分保障投資人？或朝何種方向修正以在強化投資人保護？實有詳加探討之必要。 本文採用一般文獻分析法與法律經濟分析方式，來探討相關投資人之保護規定，並透過研究美國不動產投資之運作方式，及其破產法典對不動產投資信託之適用性，以找出適合我國投資人之保護法制設計機制，再依循該機制並配合國內不動產證券化市場中不動產投資信託之運作現況，提出一套適合我國之不動產投資信託投資人之保護法制，並作為政府機關修法參考。 During the period of SARS, Taiwan real estate price had down the bottom. And the interest rate of mortgage had decreased. Due to those two effectors, the real estate securitizations starting from 2003 and the real estate market take advantage from each other. The real estate price had moved back from the bottom line which meted the real estate securitization development needs. On the other hand, Real estate securitization commodity collecting funding supplies the real estate market fund. The real estate securitization has become one of the popular investment tools in recent years. There are a lot of small investors who invest the real estate investment trust but they are not really familiar with the complexity of real estate market. Furthermore, the “REITs” often targets on Business buildings and the investor are not quite understood with them. In this kind of situation which mutual information are not equally exposed may leads to the indiscreet of investor protection. It needs further discussion for like if the investors have been fully protected by our legal system or in which adjustment of our legal system to be more investor protected. This article adopts the common literature analysis method and the legal economic analysis for the subject of investor protection regulations. By utilize from America real estate business and the legal rules for bankruptcy to formulate Taiwan investor protection legal system mechanism which be modified based on our current market status can be suggested to our government for future reference.
