不動產投資信託事業公司治理之借鏡與省思

Experience and Reflection in Corporate Governance of Real Estate Investment Trust Enterprises

李福隆(Fu-Lung Lee)

《真理財經法學》 1期 (2008/09) Pp. 58-87

摘要

各國不動產投資信託制度的發展歷程並不相同，然我國不動產投信制度參考美國不動產投資信託加以建立，為研究不動產投信事業的公司治理，本文先從資產、收益以及組織架構、受託人的法律關係、財務以及業務等方面，對於美國不動產投資信託事業作一概述。其次，指出美國不動產投信事業的公司治理議題，與該事業的組織型態及營運模式密切相關，目前其不動產投信事業多為公司型態，並且股份可以在交易所進行交易，該等上市不動產投信事業也深受安隆案等上市公司重大違法事件的影響，沙氏法案第301條、證交法Rule 10A-3、紐約股票交易所的修正上市規則，皆為上市不動產投信事業公司治理的規範內涵。本文強調各國不動產投信事業的公司治理問題不同，以公司型為主的美國不動產投信事業，其公司治理特別著重於董事會或各委員會、總經理等經營階層的獨立運作，並要求各公司採行公司治理實務守則、業務行為及倫理規範，以健全事業及人員的經營管理。然而，以受託機構為主的我國不動產投信事業，多由銀行兼營信託業務行之，加上不動產證券化制度初行不久，有關不動產證券化條例、信託業法等不動產投信事業的規範體系及內涵有待檢討，所以仍有必要參考美國不動產投資信託法制的發展經驗，同時為提升我國不動產投信事業的公司治理成效，實應特別探求規範商業信託型態不動產投信事業的美國證券管理協會有關不動產投資信託的政策聲明，或是允許以商業信託型態組成不動產投信事業的各州州法。

關鍵字

公司治理 ； 不動產投資信託事業 ； 公司型 ； 公開交易 ； 非公開交易 ； 私募

並列摘要

The development of real estate investment trust around the world differed from each other, but REIT in Taiwan learned from REIT in America. At first, this article introduced America's REIT in light of assets, revenues, organization structure, finance and business so that we could study corporate governance of REIT further. And then, this article indicated that corporate governance issue of America's REIT was related closely with its organization and operation pattern. Now REIT in America was corporate type and its share would be traded in the exchange, so listed REIT was deeply affected by the Enron event and its corporate governance regulation were article 301 of Sarbanes-Oxley act of 2002, 1934 Act Rule of 10A-3 and revised NYSE listing standards. This article emphasized that corporate governance of different countries' REIT wasn't the same. The concern of America's corporate-type REIT was the independence of director of board, other committees and the management. Now Taiwan's trust-type REIT was almost bank with trust business approved by MOF and the institution was put into practice initially. It was necessary for us to re-think of the legal system of Real Estate Investment Trust and refer to the experience of America's REIT legal system. This article concluded that we'll continue to explore NASAA Statement of Policy Regarding Real Estate Investment Trusts and other state laws permitting REIT to be organized as business trusts so as to have an effective corporate governance of Taiwan Real Estate Investment Trust enterprises.

並列關鍵字

corporate governance ； real estate investment trust enterprises (REIT) ； corporate-type ； publicly traded ； non-exchange traded ； private placement