論 文 摘 要 不動產投資信託藉由商業信託架構之設計,集合多數投資人之信託基金,由專業的經營管理,針對不動產資產為不同之投資組合。此種具有大眾化、集團性之本質,其資金得否順利募集之關鍵要素,除市場需求外,更重要者在於受益人保護機制是否健全。另由提高投資人之投資意願以達成活絡不動產市場之制度目的為觀察,亦足證受益人權益之確保,為不動產投資信託制度之核心要素。 由於商業信託在我國目前法制中並未有完整之架構,因此,本文首先由國內外文獻就商業信託發展歷程,及其意義與功能定位之論述,探究商業信託在不動產證券化之運用中,有關保障受益人之核心功能,並說明商業信託法制在我國之運作現況,以及如何在我國信託法所建構之部分民事信託法理中,為符合商業信託之商業目的與功能設計之需要,所應加以調整修正之內容;再者,於介紹不動產投資信託制度基礎理論之同時,以保障受益人之權益為前提,說明美國不動產投資信託(Real Estate Investment Trust , REIT)之規範設計以及建制經驗;另外,就不動產投資信託受益權之性質,及受益權證券化之課題為研析,並參酌美國信託法律整編第三版—審慎投資人原則、信託統一法典所規範受託機構之義務,以之為我國不動產投資信託制度中,對於受託機構義務規範之借鏡;最後,介紹我國目前法令所規範不動產投資信託之監控機制,並檢視其是否得以確保受益人之權益。
Abstract Through the structure of business trust, real estate investment trust mutual fund which is the trust property of real estate investment trust collects from many investors and providing those investors the benefits stemming from professional management of a highly diversified portfolio of real estate assets. Due to the popular and collective essence of business trust, the main factor of collecting funds depends on market demand, especially if it is able to protect beneficiaries or not. We can also observe that by enhancing the investment wish of the investor to achieve the goal of active market is to prove beneficiary protection; this is the core of the real estate investment trust. In view of the legal system business trust has not been completely structured in the R. O. C., this study analyzes the core value of business trust which is beneficiary protection, in application to the real estate investment of trust. This is accomplished by means of domestic and foreign research throughout history emphasizing the significance and function of business trust. Next, this study illustrates the operation of business trust in our country and how to adjust or modify the jurisprudence of the traditional civil trust, in order to meet the need of commercial purpose and functional design of business trust. In addition, the fundamental theory of the real estate investment of trust is introduced, as well as the legal schemes and organized experiences of the real estate investment trust in the United States. Both the quality of the beneficiary rights in the real estate investment trust, and the securitization theme of the beneficiary rights is investigated. References to the obligation of trustees, that is duty of fiduciary includes duty of loyalty and duty of prudent, which are regulated in the Restatement of The Law Trusts Third-- prudent investor rule and the Uniform Trust Code in the United States, in order to propose to amend the relation law of the trustee obligation in our country. Finally, the monitoring law systems of trustees in our country is introduced and analyzed to determine whether they are able to achieve the purpose of protecting beneficiaries.