民間參與公共建設證券化之研究

A Study on the Securitization of Private Participation in Public Infrastructure Projects

葉張基(Chang-Chi Yeh)

指導教授 ： 王志誠 教授

國立中正大學/法學院/法律學系/博士(2013年)

摘要

摘 要
不動產證券化條例開放投資開發型不動產之同時，限制公開募集之REITs僅得投資民間參與公共建設案件（下稱民參案件）、都市更新與中央機關核定之公共建設，開啟了「民間參與公共建設」與「不動產證券化」兩種制度結合的契機。
因「民間參與公共建設」與「不動產證券化」及「金融資產證券化」均有龐大之架構，上開每種制度均有複數契約關係人與權利義務關係存在，在此前提下，「民間參與公共建設與不動產證券化」與「民間參與公共建設與金融資產證券化」之結合，均會產生深遠的影響，除權利義務關係複雜化、重疊化外，相關風險分配更形重要。
本文第一章緒論提出撰寫本文之問題意識，說明本文之研究方法、研究範圍外，並進行國內外文獻之回顧。
本文第二章進行「民間機構」辦理證券化（包括不動產證券化與金融資產證券化）之可行性分析、第三章則係以「主辦機關」辦理證券化（限於金融資產證券化，不包括不動產證券化）之可行性分析，均就其辦理證券化優劣、必要性及可行性等作整體之分析比較，並對民間機構與主辦機關辦理證券化作詳細比較。
本文第四章除對於證券化契約為定性之分析外，並對於民間參與案件辦理不動產證券化（包括不動產投資信託與不動產資產信託）或金融資產證券化（包括特殊目的信託與特殊目的公司）時，其眾多當事人間各自之法律關係，以釐清期間之權利與義務。
本文第五章則係整理研究外國立法例分析，包括美、日、中等外國資產證券化之立法經驗以及英、美、日、中之外國民參案件之立法經驗，並與我國現行法令作相關比較分析。
本文第六章針對民間機構辦理不動產證券化所生相關法令之限制進行研究，除分析不動產證券化條例對民間參與案件（包括開發型）之相關限制與排除外，並對於其他法令（促參法、證交法、信託法、信託業法、國產法、地方政府公產法令、消保法、金保法、土地稅法）之相關限制與排除一一詳細說明，藉以釐清民間機構辦理不動產證券化所可能遭遇到之各種法令限制，以及應如何適用相關法律規定辦理不動產證券化作業。
同樣地，本文第六章針對民間機構或主辦機關辦理金融資產證券化所生相關法令之限制進行研究，除分析金融資產證券化條例對民間參與案件之相關限制與排除外，並對於其他法令（促參法、證交法、票金法、信託法、信託業法、國產法、地方政府公產法令、消保法、金保法、公司法）之相關限制與排除一一詳細說明，藉以釐清民間參與案件辦理金融資產證券化所可能遭遇到之各種法令限制，以及應如何適用相關法律規定辦理金融資產證券化作業。
本文第八章則在討論民間參與案件辦理不動產或金融資產證券化計畫之審查程序，並針對不動產證券化審查程序與促參法第51條第2項審查程序競合爭議進行分析。
本文第九章乃對於民間參與案件民間機構辦理證券化之風險及預防策略提出分析研究，其中包括：（一）法律風險（包括1.法規變更風險、2.政策變更風險）、（二）道德危險、（三）財務風險（包括1.財務風險、2.對第三人損害賠償之分擔風險、3.破產風險）、（四）提前中斷風險（包括1.受託機構違法經營證券化信託計畫之風險、2.證券化計畫提前終止之風險、3.民參案件投資契約提前終止暨有償機制分配之風險、4.強制接管營運之風險、5.關係人行使介入權之風險）與（五）其他風險（包括1.行政審查程序之風險、2.爭議處理之風險），並分別說明其風險之內容以及預防策略。
最後，本文第十章提出本文之結論與建議。

關鍵字

開發型不動產 ； 金融資產證券化 ； 不動產證券化 ； BOT ； PPP ； 政府投資 ； 促參 ； 民間參與 ； REITs ； REATs ； 特殊目的信託 ； 特殊目的公司

並列摘要

Abstract
In the wake of the deregulation of the inclusion of real property development projects under the Real Estate Securitization Statute, REITs, which are prohibited from public offerings, may be included in public projects for private participation (hereinafter referred to as private participation projects), urban renewal and public construction projects approved by the competent authority at the national level. This is the time for the co-existence of the “private participation in public infrastructure projects” and “Securitization of real estate”.
The “private participation in public infrastructure projects” and the “securitization of real estate” and “securitization of financial assets” are regulated by a large structure. Each of the aforementioned systems entails multiple parties of stakeholders and a diversity of rights and obligations. Under this precondition, the intermingling of the “private participation in public infrastructure projects and securitization of real estate” and “private participation in public infrastructure projects and securitization of financial assets” will have a profound influence. The rights and obligations will be complicated and overlapping, and the allocation of related risks will be crucial.
In the introduction of Chapter I, the concept of this paper is highlighted, including the methods and scope of the research and a review of the literatures at home and abroad.
In Chapter II, a feasibility study on the securitization of enterprises in the “private sector” (including the securitization of real estate and financial assets) will be conducted. In Chapter III, a feasibility study of “The Entity” in securitization (limited to the securitization of financial assets and the securitization of real estate) will also be conducted. A comparison and analysis will be done on the quality, necessity and feasibility of securitization. The details of securitization between the private sector and The Entity will also be compared.
A qualitative analysis on the securitization contract will be discussed in Chapter IV. In addition, this chapter also covers the securitization of the private participation projects (including real estate investment trusts, or REITs, and real estate assets trusts or REATs) or the securitization of financial assets (including special purpose trusts and special purpose companies) and the legal relationships among the stakeholders, with their rights and obligations further clarified.
In Chapter V, legislation of the securitization of assets and experience in other countries, including the USA, Japan and China, will be considered as examples for our legislation. A study on the legislation of private participation projects in the UK, USA, Japan, and China will also be conducted for comparison with the legal rules currently in effect in Taiwan.
In Chapter VI, a study on the restrictions of the securitization of real estate by enterprises in the private sector under applicable laws will be conducted. The restrictions and exclusions of the securitization of real estate in private participation projects (including development projects) will be analyzed. In addition, other applicable laws (The Encouragement of Private Participation in Public Projects Act, the Securities and Exchange Act, the Trust Act, the Trust Business Act, the National Properties Act, the Local Governments Public Properties Act, the Consumers Protection Act, the Financial Consumers Protection Act and the Land Tax Act) will be discussed in full detail in order to clarify the possible barriers under the laws to the securitization of real estate in the private sector and the procedure to securitize real estate under the due process of law.
Likewise, Chapter VI in this paper will shed light on the legal barriers to securitization of financial assets launched by enterprises in the private sector or The Entity. The restrictions and exclusions of the securitization of financial assets in private participation projects will be analyzed. In addition, other applicable laws (The Encouragement of Private Participation in Public Projects Act, the Securities and Exchange Act, the Trust Act, the Trust Business Act, the National Properties Act, the Local Governments Public Properties Act, the Consumers Protection Act, the Financial Consumers Protection Act and the Company Act) will be discussed in full detail in order to clarify the possible barriers under the laws to the securitization of financial assets in the private sector and the procedure to securitize financial assets under the due process of law.
In Chapter VIII, the review procedure for private participation projects in securitization of real estate or financial assets will be discussed. The controversy between the review procedure of the securitization of real estate and Article 51-2 of the Encouragement of Private Participation of Public Projects will be further analyzed.
In Chapter IX, a study on the risks inherent to private participation projects and The Entity in securitization and preventive measures will be conducted, including: (I) legal risk (including 1. The risk of legal change, 2. The risk of policy change), (II) moral risk, (III) financial risk (including 1. Financial risk, 2. The joint and several liabilities to the damages to third parties, and 3. Bankruptcy risk), (IV) Risk of termination before maturity (including 1. The illegal operation of the trust firm in the securitization trust program, 2. The termination of the securitization program, 3. The termination of the agreement on private participation projects and the compensation distribution, 4. Mandatory takeover of operation, 5. The exercise of the rights of the stakeholder in intervention) and (V) Other risks (including 1. Administrative review procedure, 2. The settlement of disputes). The contents of these risks will be discussed in full detail with the proposal on preventive measures and strategies.
Finally, a conclusion and discussion will be presented in Chapter X.

並列關鍵字

REITs ； Securitization of Financial Assets ； Securitization of Real Estate ； BOT ； PPP ； Government Investment ； Encouragement of Private Participation ； Public Infrastructure Projects ； Private Participation ； REATs ； Special Purpose Trust ； Special Purpose Company

參考文獻

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