論台灣不動產投資信託之制度困境與展望－以台日法制比較研究為中心

The Difficulties and Prospects of Real Estate Investment Trust (REIT) in Taiwan-A Comparative Study on Legal System in Taiwan and Japan

張鈺光(Yu-Kuang Chang)

《財產法暨經濟法》 39期 (2014/09) Pp. 41-80

摘要

不動產證券化條例於2003年7月23日公布施行，為我國不動產證券化的主要法源依據。隨後，台灣第一檔不動產投資信託受益證券（T-REIT）富邦一號REIT（富邦Rl）於2005年3月1日上市。但數年來T-REIT交易市場的發展規模卻呈現停滯甚至萎縮現象，本研究計畫分析其主要原因，不外如下五點：一、不動產證券化條例與信託法，其法制架構及規範內容，均是治襲美國、日本而來。但我國對日本不動產投資信託（J-REIT）法制的晚進發展，缺乏完整研究。二、國內市場過於封閉，且資訊不夠透明化，外資不熟悉國內市場，外資走不進來。三、國內業者對日本J-REIT市場有興趣但不熟悉，國內業者走不出去。四、受託機構與不動產管理機構的權貴劃分有待釐清。五、主管機關金管會以收益穩定為最高指導原則，使得T-REIT投資標的及市場規模受到限制。本文之主要目的為關於2009年l月21日不動產證券化條例的修正，透過台灣與日本間不動產證券化法制的比較研究，促使相關法令的鬆綁及資訊透明化制度的建構，以提供長期、穩定之投資工具，使投資大眾能夠分享不動產投資、開發的成果，避免財團獨占或寡古土地資源，並縮小M型社會的貧富差距現象。而本文之重要性，則是國內關於日本J-REIT法制晚近發展，整體性且跨領域的整合研究。

關鍵字

不動產投資信託 ； 不動產資產信託 ； 特殊目的信託 ； 不動產證券化條例

並列摘要

Real Estate Securitization Act, the primary law in Taiwan governing the securitization of real estate, has been announced and effective on July 23, 2003, and the first product of REIT in Taiwan, Fu Bon RI, which had been launched into market on March 1, 2005. However, the market size of T-REIT has been becoming contractive for years since then. The reasons we conclude as follows: 1. Both Real Estate Securitization Act and Trust Law are the adaptations from the legislative frames and regulations of U.S. and Japan, but we always have not made any full research on the latest development of REIT regulations of Japan; 2. Due to the closed market and in the absence of information openness, it is difficult to expect foreign investors to have access to Taiwan market; 3. Japan market is attractive to local firms, but it is too unfamiliar to know how to take access to it; 4. For their respective responsibility and accountability, there is no clear distinction between Trustee and Real Estate Institution; 5. As focusing on stable-earnings is the fundamental exclusive rule which the competent authority， FSC, delivers now, the items of investment object and the market size are so considerable regulated. From the study on the regulations of Taiwan and Japan in view of comparative research, the research project aims to offer a proposition regarding the cancellation of unreasonable regulations and the openness of information for the modification of Real Estate Securitization Act on January 21, 2009, which will admit more long-term and stable investment tools for investors to share profitable performance from the investment and management of real estate, protect land resources against monopoly or domination under syndicate, diminish the disparity between the rich and the poor caused M-shaped society. It is the importance of the research project to make an overall and multiplex study on the latest development of REIT regulations of Japan in form of integration study.

並列關鍵字

Real Estate Investment Trust (REIT) ； Real Estate Asset Trust (REAT) ； Special Purpose Trust (SPT) ； Clauses of the Real Estate Securitization Act