以不動產投資信託基金（REIT)投資特許開發區之可行性研究-以高鐵新竹站為例

Researching the practicability of investing in a developing area under concession with a Real Estate Investment Trust Fund. For Instance the Hsinchu Station of High Speed Railway

蘇惠秋(Hui-Chiu Su)

指導教授 ： 荷世平

國立臺灣大學/工學院/土木工程學研究所/碩士(2007年)

https://doi.org/10.6342/NTU.2007.01466

摘要

中文摘要
台灣營建業至80年以來，即因各種因素而呈現下坡之趨勢，自92年7月我國含通過不動產證劵化條例之”金融六法”，希望能活絡及重建國內國內經濟之火車龍頭，而從92年以來房地產也因物價飆長等因素呈現上漲局面，但不動產證劵化並未含開發型不動產之法令，其配套措施及規範也付之厥如；但目前政府因財政困難，多將各種大型公共建設開發案以BOT、設定公有土地地上權、聯合開發及自辦市地重劃等方法籌措財源，其方法皆以間接金融方式籌得資金(蘇瑞元,2006.8) 但其資金成本看似無償取得，其實依照學理，BOT之資金與發包成本均高於傳統政府自建(荷世平；2004.11中國時報社論)，所以我們是否可以直接金融之方式，運用REIT在公開市場直接募集資金，由全民參予公開透明且專責之信託單位管理，一方面降低一般開發案時間長、金額龐大不易籌措、不易變現及風險性高等因素，投入大型公共工程開發。
但目前不動產證劵化條例並未含開發型不動產法源，且許多大型公共建設開發案以BOT、設定公有土地地上權、聯合開發方式都只有設定地上權及年限等限制，與不動產證劵化之法源需有實質之不動產標地物和需相關業務信託公司才可承攬該案件提送互有抵觸；但台灣高速鐵路已於2007.3月全線通車，目前已進入台灣一日商圈之經濟型態，目前高鐵公司正以召開招商說明會方式邀請各大財團進駐(高鐵局網站,2007.2)，該開發方式不脫以前之傳統方式，如招商不順利可能影響到地方發展。
本研究希望以高鐵車站特定發展區不動產證劵化之可行性研究—從不動產投資信託(REITs)之觀點，從現有都市開發規劃之角度設計二種模型評比，方案一為集合住宅+飯店開發型式，方案二為辦公大樓+飯店開發形式，以NPV、SLC(自償率)、權利金變動影響NPV變動，適當權利金費率及利率變化下NPV值是否依然值的投資?就以上評估試建立模型，發行收益型之REIT之可行性，因該模擬方案為開發形式，但現行法規之REIT發行是以既有之建物發行REIT，本研究提出方案規劃證明該建議方案財務之可行性外另也延用許多目前交通部聯合開發案件作為計算模型基準，以增加可行性之評估。
因台灣現行不動產證劵化條例為92年7月23日製定頒布，在實行細節法規面探討尚有許多空間，希冀能配合美、日目前REIT發展狀況提出建言及後續研究方案，以利國土開發推動達正德、利用、厚生、惟合之境界。

關鍵字

REIT ； NPV ； 高鐵車站特定區 ； 不動產證劵化條例

並列摘要

Abstract
Researching the practicability of investing in a developing area under concession with a Real Estate Investment Trust Fund. For Instance the Hsinchu Station of High Speed Railway
Taiwan’s construction industry is drifting towards downgrading by various factors since 1991.Our government has attempted to recover the construction industry and the leader of economy by drawing up the six laws of finance which include “REAL ESTATE INVESTMENT TRUST REGULATION” dated July 2003.
The price of real estate is rising because the consumer price has been increasing since 2003, but the real estate investment trust regulation did not include any regulation regarding the development of real estate. Neither the relative bylaws nor codes have been set up.
Seeing the reason for the shortage on finance, most of the government’s large public construction development projects are operated via using ways such as “Build-Operate-Transfer, setting the rights of usage on government’s land, joint venture on the project, changing the development plan of City” etc. to try to get enough money for the budget of those projects which are all in an indirect way to raise the bankroll that they need. (Mr. Rui-Yuan Su, 2006.8)
The bankroll for those projects seems with no cost of interest in it, but according to some research the overall cost of the project and the finance for the BOT case is even higher than the traditional way that was built by the government. (Mr.Shi-Pin Ho; 2004.11 editorials of China Times.)
Therefore, we may consider building the large public project by raising the money directly from the public via the method of REIT (REAL ESTATE INVESTMENT TRUST) and entrust it to a professional trust company to manage the funds aboveboard. The REIT would also help to avoid or reduce the risks such as long periods of time, hard to raise large bankrolls, cash flow problems and the higher risk of general development cases.
However, the lack of regulations in real estate development and the only dominion of property in large public projects is the rights of usage or the limited time of usage to cause the conflict with the “REAL ESTATE INVESTMENT TRUST REGULATION” which requests a substance of property and a relative trust company to take full charge for the application.
Taiwan’s high speed railway has been fully operational since March 2007. This milestone has already changed Taiwan’s economy into a one day shopping district. Taiwan’s High Speed Railway Company is convoking a presentation to invite all the large businesses to join their development program. (from the web site of the Bureau of High Speed Rail ,2007.2) It is still a traditional way to develop the local area and the failure of their program may affect the development in that area.
This research essay is to viewpoint the REIT and the City development and analysis the practicability of investing to the area a high speed railway station by real estate trust.
Proposal A: Assembling residence houses plus a hotel development
Proposal B: Office buildings plus hotel developments
The factors such as Net Present Value (NPV), self-liquidating ratio (SLC) and the change of Premium relate to NPV will be considered in the model for the assessment of practicability regarding issuing a REIT for making profit purpose to see if it is still worth to invest in the project under the condition of proper Premium and interest rate.
The modeling proposal for the REIT was set up in a pattern of development which is different than the REIT that issue for the substance of property under existing regulation.
This research provide a modeling proposal to prove the practicability of finance for that proposal and also collect some current joint venture projects of ministry of transportation and communication as a standard for assessing the model to increase the practicability of assessment.
The existing “REAL ESTATE INVESTMENT TRUST REGULATION” was introduced and issued on July 23 2003. There are still a lot of spaces can be discussed in its details of bylaw. This research would like to refer to the developing situation regarding REIT in USA and Japan to provide some recommendations and following researching proposals in order to advantage the development of territory in Taiwan.

並列關鍵字

REIT ； NPV ； THSR development Area ； Real Estate Investment Trust

參考文獻

1.張金鶚; 上市櫃建設公司土地投資與開發策略對經營績效影響之探討;2005;

4.游千慧,漿堯明; ;日本經驗對台灣不動產政劵化市場啟示;住宅學報第12卷第一期第57頁;2004.03.

7.翁偉翔,張金鶚,陳明吉;台灣不動產證券化產品巿場需求之初探 ;住宅學報第12卷學術論著第01頁—29頁 ;2003.02.

參考文獻

2.林宏信;台灣區不動產投資信託之研究;國立台北大學碩士論文;2004.