不動產證券化條例之立法沿革與內涵之探討

An Analysis of Legislation of the Real Estate Securitization Act

曾勝珍(Sheng-Chen Tseng) ； 許秀美(Hsiu-Mei Hsu)

《致理法學》 4期 (2008/10) Pp. 33-67

摘要

我國不動產證券化條例引進不動產投資信託及不動產資產信託兩種架構，作為進行不動產證券化之管道，但兩者之制度內容及特性並不相同。不動產投資信託，是由受託機構以發行受益證券之方式成立不動產投資信託基金，並以投資不動產或不動產之相關權利為主要對象；不動產資產信託，則係不動產所有人或不動產相關權利人藉由受託機構以發行受益證券之方式，表彰因設定不動產資產信託之受益權，以達成不動產證券化之目的。本文探討不動產證券化條例之立法沿革，剖析條例之立法目的及不動產證券化之內涵，對於的融商品「不動產證券化」受益證券，達到轉化不動產所有權的法律關係，增加小資本投資人的投資選擇，本文以不動產證券化條例之立法延革，立法目的為出發點，析述不動產證券化之內涵，期使社會大眾瞭解不動產證券化商品之相關性質與風險。

關鍵字

不動產證券化 ； 受託機構 ； 受益證券 ； 不動產投資信託 ； 不動產資產信託

並列摘要

The ROC Real Eatate Securitization Act is including two structures: real estate investment trust (REIT) and real estate asset trust (REAT). Both REIT and REAT were performed in real estate securitization, but there are different systems and characteristics. Real estate owners or subsidiary property owners authorize trustee issue beneficial securities (stock) for beneficiary and to construct real estate securitization. In this paper, it discusses the real Estate securitization Act. It begins with legislative documents and its history. Secondly, it analyzes the legislative purpose and real estate securitization contents. Its purpose is to help investors to have conceptual understanding of real estate securitization beneficiary that would be useful when buying or selling beneficial securities (stock). Finally, to help the owners protecting investment profit.

並列關鍵字

Real Estate Securitization ； Real Estate Asset Trust ； Trust ； Trustee ； Trust Property