農會信用部實行不動產證劵化可行性之研究

摘　要台灣農會存活的利基一向是依附在農村、農業及農民三者，但1990 年代以後，無論國內或國外，總體經濟環境產生遽變；而台灣為了WTO，對於農業保護的減讓，使得農業、農村及農民產生極大的衝擊，利基既然喪失，農會組織終必面臨何去何從的迷惘。近年來農會信用部的逾放急劇攀升，獲利能力快速下滑，因此農會信用部改革勢在必行，但基於農業金融的特殊性，加深處理上的困難度。「農業金融法」下全國農業金庫創設，為農會金融未來發展有新的方向，然而農會信用部要成為全國農業金庫股東體系才有其永續發展的機會，但農會信用部淨值為負數，為進入全國農業金庫股東體系的一大限制，本研究針對農會信用部流動性加強，提出自救之道，故引進不動產證券化制度，藉以國內外實施不動產證券化所產生功能之經驗，協助解決問題農會信用部本身的困境。本研究係利用文獻探討及深渡訪談法分析，農會信用部實行不動產證券化之可行性，具體探討農會信用部目前所面臨的問題、國內外實行不動產證券化的經驗及農會信用部實施不動產證券化相關問題(可行架構及市場性)。研究結果顯示，就法律層面(農業金融法及不動產證券化條例)，農會信用部為證券化標的之創始機構，其適法性完全符合。故農會信用部實施不動產證券化奠定法律基礎。農會信用部可發展的商品，應為不動產資產信託(REAT)型證券為主軸，以處分或融資為目的，以公開募集方式或私募方式發行「不動產資產信託受益證券」為最可行的商品。在農會信用部實施不動產證券化，而產生回饋價值：增強流動比例及現金流量、增加資產負債表淨值、增加融資管道、有效利用不動產，其回饋價值，足以說明本研究所針對之信用部流動性及淨值提升的問題。本研究結果，提供各農會信用部實施不動產證券化的開端之參考。關鍵詞：農會信用部、不動產證券化

關鍵字

不動產證券化；農會信用部

並列摘要

A Study on Feasibility of Real Estate Securitization Practice in Farmers’ Credit Unions Abstract The survival of the farmers’ associations in Taiwan always is the attachment in the countryside, the agriculture and the farmers, but after 1990s, the overall economic environment changes dramatically both in domestic and overseas. In order to join WTO, all of the agriculture, countryside and the farmers in Taiwan have the enormous impact by regarding in the protection of agriculture. Since the base had gone, at last the farmers’ associations have to surface what course to follow being at a loss. In recent years, the default debts of the farmers’ credit unions climbs up suddenly and the ability of making profits glide down fast, therefore the innovation of the farmers’ credit unions is imperative. According to the particularity of agricultural finance makes process difficulty. The farmers’ associations will develop the new direction by establishing the National Agriculture Treasury under "the Agricultural Finance Law". However the farmers’ credit unions must become the shareholder system of the national agriculture national treasury only and then has the opportunity to develop the sustainability. But the threshold of entering the shareholder system of the National Agriculture Treasury is the net worth of the farmers’ credit unions that must be the positive number. In view of this study is explored an avenue to elevate the net worth of the farmers’ credit unions, therefore the introduction of real estate securitization system is needed. According to the experience of the financial organ is besteading in real estate securitization practicing both foreign and domestic system that is helped the farmers’ credit unions to solve the difficult position. This study is using the literature discussion and the analysis of deeply interview. The feasibility of real estate securitization practice in farmers’ credit unions specifically discusses the question which the farmers credit unions at present faces, and which the experience and correlation questions (feasibility and market) of implementing real estate securitization both foreign and domestic part. The result of this study showed that the farmers’ credit unions are not only the initiative organization for the negotiable securities sign, but also its nature completely tallies with law. Therefore the farmers’ credit unions implement the real estate securitization to lay the legal foundation. The farmers’ credit unions may develop type of product should be a main axle for the real estate asset trust (REAT) of the negotiable securities. As the goal by taking punishment and financing to the real estate asset trust (REAT) of the negotiable securities is the most feasible product that collecting publicly or issuing in private. The farmers’ credit unions implements the real estate securitization to produce the feedback value：the advancement of fluidity and cash flow, the advancement of the net worth in balance sheet, making capital asset effective. Above the feedback value is obviously approving the question that the fluidity and the promotion of net worth in the farmers’ credit unions. Key Words: The farmers’ credit unions, real estate securitization