- 期刊
不動產信託法制之發展現況與前瞻
Development and Perspective of Legal Scheme of Real Estate Trust in Taiwan, R.O.C
摘要
信託制度在臺灣的發展已越十年，從法制規劃到實務運作，均因學者專家之多方投入，才烙下一步步穩健清楚的成長足跡。在不動產信託方面，從傳統以不動產爲標的之信託方式，逐漸發展出證券化之商品，使不動產之運用更形靈活，使投資人之選擇更趨多元，也發致良好發展成效。本文嘗試檢視美國及日本關於不動產信託之發展軌跡，並分析其主要商品之規劃架構。其後，反觀臺灣近年來之發展成效，從法制之發展治革出發，進而思考現行不動產信託相關法制現況以及未來修法後所可能面臨之問題，並提出一隅之見，俾供卓參。放眼未來，不動產信託商品將會逐漸走上國際化，外國投資者、金融業者以及其他海外不動產商品也將加入，均有助於臺灣不動產市場與國際資本市場接軌，惟主管與監理機關就此潮流所須對應者，實爲完備有效的法制規範及監理機制。
並列摘要
Due to the devotion of experts and scholars, the trust system in Taiwan has been steadily developed either in legal structure or in the practice for over ten years. Instead of the traditional real estate-based trust system, the development of securitization instrument makes the trust system in Taiwan more flexible and diversified. This study firstly examines the progress of trust system in U.S. and in Japan and analyzes the design of the main instrument. Secondly, this study investigates the legal scheme of present trust system in Taiwan and also predicts the dilemma in the future. In conclusion, this study indicates that the trend of internationalization of trust system will promote the participation of foreign investors, financial industries and oversea real estate instruments, which will accelerate the connection of the real estate market in Taiwan and international capital market. Therefore, it is necessary for the government to establish a sound supervisory system in order to advance the development of trust system.