探討不動產證劵化運用於社會住宅政策之研究

A Study on the Application of Real Estate Securitization to Social Housing Policy

歐陽亞煌(Ya-Huang Ou Yang)

指導教授 ： 胡為善

中原大學/商學院/企業管理研究所/碩士(2015年)

https://doi.org/10.6840/cycu201500742

摘要

摘要
隨著社會經濟的快速變遷，一方面台灣住宅供需失調，價格的波動加劇。另一方面市場資訊匱乏，民眾對於居住環境品質需求益加重視。近年政府針對無購買能力的民眾，規劃建構社會住宅，專供出租之用。以期結合政府與民間資源，建立健全的住宅市場。此外，為考量國家財政負擔沈重，亦希望透過民間參與公共建設之方式，如：都市更新、BOT，或發行不動產證券化(REITs或REAT)，來增加資金融通管道，降低投資風險，以減輕政府財政困境。
本研究依據我國住宅政策的發展現況及相關法令，並參酌不動產證劵化之各種經營模式的使用經驗，以探討不動產證券化運用於社會住宅政策之關鍵成功因素的研究分析，特以德爾菲專家決策法，彙總出四項主要構面及十二項相關準則，據以建構層級架構模型，再以這些關鍵因素設計問卷，並分成不動產業、金融財務領域及機關學校等三個主要群體，共發出42份問卷，計回收有效問卷25份，再應用層級程序分析法(Analytic Hierarchy process, AHP)，求取各項構面及準則的權重值，以瞭解整體及個別群體對社會住宅證券化的重視程度及其差異。
本研究結果顯示，在各項關鍵因素中，四項最重要的構面依序為「穩定收入」、「資產證券化效益」、「財務評量指標」及「信用增強及法務管理」。而在十二項評估準則中的重要程度，前五項依序為「出租率」、「投資報酬率」、「商辦及停車場租金貢獻度」、「利息償債能力」及「資產經營管理效益」，其重要程度逾80%。此外，本研究也針對各群體作共識度分析，發現從主要構面之觀點而言，不論整體或個別群體，「穩定收入」的共識度獲一致性的認同看法，因為不動產證券化，必須要收入穩定才能收益正常，且可減少價格大幅變動之風險。但本研究發現其中一項準則之權重與共識度的排名各有所不同，那就是權重排名只居中間，但共識度卻是最高的「利息償債能力」。本研究結論為政府應即刻推動社會住宅證券化，且應注重「出租率」及「投資報酬率」。並建議將「利息償債能力」納入社會住宅證券化應考量的因素，以供政府機關推動社會住宅政策之參考，並作為投資者參與證劵化商品投資之衡量指標，俾達加強社會住宅福利政策及公有土地活化之目標。

關鍵字

不動產證券化,公有土地活化,社會住宅,德爾菲專家決策法,層級程序分析法

並列摘要

Abstract
As the social economics rapidly changed, the demand exceeded supply on housing in Taiwan causing the price dramatically rose. Because the information shortage in housing markets, the residents gradually emphasize the quality of living environment. Subsequently, Taiwan’s government should set up a target on suitable environment of living by combining the resources of government with the enterprises to construct an appropriate housing policy to construct new house for renting only. For the past two decades, in order to reducing the financial burden of the public finance, Taiwan’s government decided to encourage the private enterprises to join with the housing projects through urban regeneration, participating in local infrastructure, BOT or implementing real estate securitization (i.e., REAT and REITs). The purposes of all these projects are reducing government’s financial dilemma and lower the risk of investment.
This study attempts to apply the real estate securitization to Taiwan’s social housing policy based on the relevant real estate law and social policy, this investigation employs Delphi method to obtain four major dimensions, and develops 12 relevant rules to construct an hierarchy to design a proper questionnaire. This study then distributes 42 questionnaires to the experts who working in financial or real estate organization or educational field. There are 25 available questionnaires recovered. This study then employs Analytic Hierarchy Process (AHP) to calculate the weight of each dimension and every criteria in order to realize the extent of the importance on social housing securitization by different individuals or groups.
Empirical results indicate that the top four important dimensions are ranked as follows: “Income stabilization”, “Asset securitization”, “Financial criteria” and “Credit improvement and legal management”. Regarding the 12 corresponding rules, the experts in all three fields deemed that the most important rules are the “rent rate” and “rate of return on investment”. The total extent of importance of top five rules exceeds 80%. One interesting point is that the rule of “the ability to repay the debt interest”, which was ranked as the medium weight, yet everyone deemed it is important for social housing securitization. This study concludes that the government should apply real estate securitization to social housing policy immediately. This investigation also suggests that when the government implements social housing securitization policy, it should include “the criteria of ability to repay the debt interest”, and promotes the objectives of upgrading social housing policy and the revitalization of public land.

並列關鍵字

Analytic Hierarchy Process,Delphi Method,Real Estate Securitization,Revitalization of Public land and Social Housing

參考文獻

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