資產證券化之會計處理暨課稅實務探討

A Study of Accounting and Tax Treatment for Asset Securitization.

廖月蟾(Liao,Yiao-Chan)

指導教授 ： 薛富井

國立臺北大學/商學院/會計學系/碩士(2009年)

摘要

論文提要內容：
廣義的「資產證券化」可區分為「金融資產證券化」(Financial Asset securitization)及「不動產證券化」(Real Estate securitization)兩種。惟一般論及「資產證券化」，常將其做狹義解釋，只涵蓋金融資產證券化。
睽諸金融資產證券化自美國於1970年實施以來已有40年，其間歷經多次改革，相關之會計規範
亦陸續發布並經修改。而我國於91年通過金融資產證券化條例，其立法目的在發展國民經濟，透過證
券化提高金融資產之流動性，並保障投資。自該條例於民國91年7月24日公布實施以來，主管機關
已陸續核准多檔金融資產證券化商品，其發行方式有透過私募或公募，截至98年4月底止共有332檔，，發行金額共17,412億元。
本論文首介紹資產證券化之定義，次介紹在美國之經驗及在臺灣之發展。接著進入本論文主題：
資產證券化之會計處理暨課稅實務探討，最後提出本論文之結論及建議如下：
一、特殊目的公司應比照特殊目的信託，免申報繳納營利事業所得稅，以免租稅干擾金融資產證券化
之發展。
二、創始機構信託移轉金融資產如認係真實出售，依財政部課稅通函令須課稅。建議應修法明定，以
符租稅法律原則。
三、建議後續研究者以我國金融資產證券化之實際案例，探討我國財務會計準則公報在實務應用上之
各種問題及不周延之處，進而對我國公報提出改進建議。
四、本論文採資產證券化之狹義解釋，僅探討金融資產證券化之會計處理暨課稅實務。依行政院金融
監督管理委員會銀行局所公布資料，不動產證券化商品於96年度核准量及發行量均大幅萎縮，
97年度起甚且處於停頓狀態，其發展受阻原因及會計處理暨課稅實務留待後續研究者探討。

關鍵字

金融資產證券化 ； 不動產證券化 ； 特殊目的公司 ； 破產隔離 ； 特殊目的信託 ； 除列 ； 服務資產

並列摘要

Asset securitization in a broad sense can be divided into two parts that are Financial Asset securitization and Real Estate securitization; however, in a restricted sense, generally speaking, it includes only Financial Asset securitization.

The USA has implemented the Financial Asset securitization for four decades since 1970, During that period, a lot of reformations have been made, and the accounting standards relating to the securitization also have been issued and amended on a continuous basis. Compared with the USA, Taiwan’s Financial Asset Securitization Act has been enacted in 2002 for the purposes of developing national economy, improving financial asset liquidity, and protecting investment through securitization.After enacting and promulgating Taiwan’s Financial Asset Securitization Act on July 24, 2002, the competent authorities have subsequently approved many types of financial asset securitization products. As of the end of April of 2009, 332 products received approvals with the total issuing amount of NT$ 1,741.2 billion through private placement and public offering.

This study report, at first, defines the meanings of Asset securitization, secondly, introduces the experiences of implementing the securitization in the USA and the development in Taiwan, then continuing to go into the thesis of this report: a study of accounting and tax treatment for asset securitization. Finally, the conclusions and suggestions of this report are as follows:
1. To avoid tax interfering with the development of Financial Asset securitization, Special Purpose Companies should be exempted from profit-seeking enterprise tax as Special Purpose Trustees have been exempted.
2. Originator Trustees transfer their financial assets, if really to sell the assets such transactions should be taxed under the tax ruling issued by the MOF. It is suggested that amend tax laws to include such ruling to comply with the principle of taxation law.
3. Suggesting that follow-up researchers can make a farther study relating to our country’s Accounting Standard Statements that have been applied to the practices of Asset securitizations. Through such study, the researcher found that the contents of the Statements may be incomplete as well as causing some other problems, and so that the researchers can make a good improvement and suggestion in these regards.
4. This study adopts the definition of Asset securitization in a restricted sense only including a study of accounting and tax treatment for financial asset securitization. The figures published by the Bank Bureau of the Financial Supervisory Commission have shown that the Real Estate securitization products was reduced heavily in the deals approved and issuing amounts in 2007 while year 2008 is even in a position of stagnation. Having such results the reasons of development stopped and accounting and tax treatment will be waiting for a follow-up researcher to make a farther research.

並列關鍵字

Financial Asset securitization ； Real Estate securitization ； Special Purpose Company ； Bankruptcy Remoteness ； Special Purpose Tr ； Derecognize ； Servicing Asset

參考文獻

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