台灣「不動產投資信託基金」(信託型REITs)與「證券投資信託基金架構」(基金型REITs)雙軌制之探討;Discussion on the dual-track system of Taiwan’s “real estate investment trust funds” (trust REITs) and “securities investment trust fund structures” (fund type REITs

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题名:	台灣「不動產投資信託基金」(信託型REITs)與「證券投資信託基金架構」(基金型REITs)雙軌制之探討;Discussion on the dual-track system of Taiwan’s “real estate investment trust funds” (trust REITs) and “securities investment trust fund structures” (fund type REITs
作者:	李素珍;Lee, Su-Chen
贡献者:	財務金融學系在職專班
关键词:	不動產;不動產證券化;不動產投資信託;不動產投資信託事業;Real estate;Securitization of Real Estate;Real estate investment trust;Real estate investment trust business
日期:	2024-07-30
上传时间:	2024-10-09 16:26:52 (UTC+8)
出版者:	國立中央大學
摘要:	本研究在探討我國最適的不動產金融商品投資方式，採用綜合歸納法與比較法進行衡量。研究期間設定為近五至十年。研究結果顯示目前我國不動產證券化制度(Real Estate Investment Trusts；REITs) 係採「信託型」架構投資，投資績效不如預期，可以提供更好更多元投資方式，可以將「證券投資信託及顧問法」增加「不動產投資信託事業」得募集及私募不動產投資信託基金架構的不動產投資信託基金為契約型基金由投資人（受益人）委託不動產投資信託事業與受託人（基金保管機構）簽訂信託契約，並與現行「不動產證券化條例」制度併行，將不動產金融商品投資方式採雙軌制方式進行投資，同時配合將「證券投資信託及顧問法」名稱修正為「證券與不動產投資信託及證券投資顧問法」，希望能讓不動產投資管道更多元，而且讓更活化不動產同時讓投資任獲得更好投資效益。　　基於我國不動產金融商品未設立不動產投資信託基金為契約型基金，因此本研究參考美國及日本、新加坡、香港等國家為借鏡。因為參考對象主要不動產之金融商品係以不動產投資信託係基金型為投資方式，而且美國是全球第一大REITs國家、日本是亞洲REITs營運績效第一名及第二名新加坡和香港都有很好的投資績效，運作模式與衡量符合台灣之需求，祈將美國及日本和新加坡等國家列為學習對象，能夠作為不動產投資信託或事業的參考與借鏡，未來業者可選擇透過基金架構或信託架構多元管道發行REITs ，讓營運更具彈性，為國內資本市場注入新籌資管道，且更擴大政府金融市場多元服務，以利投資人有更多元不動產投資管道同時達長期穩健經營獲利成長。;This study explores the most suitable real estate financial investment methods in our country, employing comprehensive induction and comparative methods for evaluation. The research period spans approximately five to ten years. The findings reveal that the current Real Estate Investment Trusts (REITs) system in our country, structured under the Trust-Type framework, has yielded investment performance below expectations. To provide better and more diversified investment options, it is proposed to amend the "Securities Investment Trust and Consulting Act" to allow for the establishment of Real Estate Investment Trust Funds (REITs) under a contract-based framework. In this model, investors (beneficiaries) entrust Real Estate Investment Trust businesses and trustees (fund custodians) to sign trust agreements. This approach would operate concurrently with the existing Real Estate Securitization regulations, creating a dual-track system for real estate financial product investments. Additionally, it is suggested to rename the "Securities Investment Trust and Consulting Act" to "Securities and Real Estate Investment Trusts and Securities Investment Consulting Act". The aim is to diversify real estate investment channels, activate real estate, and enhance investment returns for investors. Based on the fact that our country has not established contract-based Real Estate Investment Trust Funds, this study draws insights from countries such as the United States, Japan, Singapore, and Hong Kong. These countries predominantly utilize Fund-Type REITs for real estate financial investments. The United States is the world′s largest REITs market, Japan leads in REITs operational performance in Asia, and Singapore and Hong Kong demonstrate strong investment performance. Their operational models and metrics align with Taiwan′s needs. It is hoped that studying these countries can serve as references for developing and refining Real Estate Investment Trusts and businesses. In the future, stakeholders can choose between fund-based or trust-based structures to issue REITs, enhancing operational flexibility, injecting new fundraising channels into the domestic capital market, and expanding government financial market services. This aims to provide investors with diverse real estate investment opportunities while achieving long-term sustainable profit growth.
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