醫療機構不動產證券化初探

目的：醫療投資的高漲與國內醫療環境面臨資金不斷短缺的問題。而醫療市場的投資不足，也限制醫療科技的引進及其他醫療投資，進而影響醫療品質。爲此，如何能籌措更多資金，進而使人民享有更高品質的醫療資源，也成爲醫務管理者的當前任務之一。方法：本文試結合醫療法規與不動產證券化條例，爲醫療市場的資金短缺問題尋找另一閉口。有鑑於國內醫療機構多擁自有不動產的特性，若能將不動產證券化援引入醫療產業中，適可多增一條資金籌募管道。結果：雖不動產證券化條例有不可投資於風險過高行業規定，唯醫療服務業於經濟不景氣中的影響甚小，是以醫療不動產的證券化似有可行之地，唯其中仍有部分醫療法條文與不動產證券化條例互有衝突處，尚待解決。結論：面對日益競爭與成本高漲的醫療市場，醫療機構不動產證券化只是開放醫療機構向外集資的一條渠道而已；透過醫療法中對醫療機構對自有資產限制的鬆綁，以賦予醫療機構對外集資的能力。要厚實國內醫療機構的國際競爭實力，台灣要發展國際醫療，引進更多的國際合作與資金，未來還有更多的擺盪在自由資本市場與計畫醫療市場內，相互扞格的法規尚待解決。

關鍵字

醫療機構；不動產證券化；醫療法；醫療法人；資產

並列摘要

Objective: Domestic hospitals currently face shortages of funds, and insufficient investments will result in a decline in the quality of medical care. This study was conducted to find realistic ways of legally raising funds to prevent this decline in medical quality. Methods: We integrate and interpret the Medical Care Act and the Real Estate Securitization Act in an attempt to find a solution to the problem of shortages of funds in the hospital market. Results: The Real Estate Securitization Act prohibits the use of the real estate investment trust (REIT) in high-risk markets, but this does not apply to the hospital market, which maintains constant and stable growth. Hospitals' real estate securitization should be allowed according to this regulation. Some conflicts between the Medical Care Act and the Real Estate Securitization Act, however, remain to be resolved. Conclusions: Real estate securitization is one way that hospitals can raise funds from capital markets. If Taiwan's hospitals are expected to develop medical tourism, they need more tools to increase investment funds. This could strengthen the competitiveness of Taiwan's hospitals.