台灣不動產證券化商品之分析---來自REIT與REAT商品之比較

The Analysis of the Real Estate Securitization in Taiwan: Evidence from the cases of REITs and REATs

林君豪(Jun-Hao Lin)

指導教授 ： 王健安

國立暨南國際大學/管理學院/財務金融學系/碩士(2008年)

https://doi.org/10.6837/NCNU.2008.00298

摘要

本篇研究係探討目前於我國發行之不動產投資信託受益證券(REITs,Real Estate Investment Trusts)以及不動產資產信託受益證券(REATs,Real Estate Asset Trusts)，兩者間於各方面之特性分析。針對8檔REITs與6檔REATs個案，本篇研究將其劃分為資產池、證券化之設計，以及公司治理等三方面進行歸納統計分析，並以分析之結果，延伸出其中之經濟意涵。本篇研究之主要發現如下：
1.首先就資產池之部分而論，REITs每一個案之標的建物為2~3棟，不同於REATs個案之標的建物大多只有一棟，顯見目前REITs個案所能創造租金收益之資產來源，較REATs更為多元，推斷其個案租金收益之分散程度，亦較REATs佳。
2.其次就證券化之設計而論，REITs可擬定未來之募集規模於未來已達到另一預定目標時，將透過舉債取得新資金，投資新的建物標的；然REATs之運作架構似乎無法讓委託人在同一資產信託個案下，可於日後再交付新的不動產標的，以滿足委託人額外增加之融資需求。而存在此差異性，顯見目前REATs之資產規模於發行後，較無變動之彈性，如此恐降低委託人對REATs之發行意願。
3.最後就公司治理之層面而論，針對In-house與Out-Sourcing兩種模式下REITs之淨值報酬率進行比較分析，發現目前已公開發行之REITs，採取Out-Sourcing之個案，其報酬率表現並未明顯優於採用In-house之REITs，甚至在最近一年之累積報酬率中，明顯低於其他個案。故就目前現有之個案可看出，In-house之管理模式，似乎績效較佳，然究竟何種模式最適合我國之不動產證券化制度，則有待未來類似個案之樣本數明顯增加時，進行更深入之分析。

關鍵字

不動產投資信託 ； 不動產資產信託 ； 資產池 ； 證券化

並列摘要

This paper studies the characteristics of Real Estate Investment Trusts and Real Estate Asset Trusts in Taiwan. Using the real estate securitization cases of 8 REITs and 6 REATs, we do the basic summary statistics from three aspects, the asset pooling, the security design and some corporate governance issue, and extend to implications. Using the real estate securitization cases of 8 REITs and 6 REATs in Taiwan, we do the basic summary statistics from three aspects, the asset pooling, the security design and some corporate governance issue. The main findings are as followings:

1. As far as the asset pooling is concerned, we find that the amount of buildings of REITs is about 2 or 3 units, but the amount of buildings of most REATs is only single unit. The implication is that the cases of REITs have more efficient diversification effect than that of REATs do owing to the diversification of rent revenues.

2. As far as the security design is concerned, we find that REITs are designed to purchase a new building through debt while the cases of REITs achieve the planned targets in the future. However, REATs don’t seem to allow bailors to increase new real estates in order to satisfy the additional financing demands in the future under the same case. The implication is that REATs’ assets scales are less flexible after being issued, and bailors may lack the willing to issue REATs.

3. As far as the corporate governance issue is concerned, we find the performance (proxy by REITs’ return rates of NAVs and market price) of the in-house management cases is better than the performance of the out-sourcing cases. Moreover, the accumulated return rate of out-sourcing case in the latest one year is lower than other in-house cases. However, this conclusion will be robust while there are more cases further.

並列關鍵字

REITs, ； REATs ； Asset Pooling, ； Securitization

參考文獻

王健安，(2004a)，不動產證券化價值評估過程中的折現因子之探討，財團法人國土規劃與不動產資訊中心：台灣不動產資訊年鑑 (Taiwan Real Estate Information Almanac)，第22章，413-432頁。

王健安，(2004b)，金融創新在不動產證券化的應用與發展，財團法人國土規劃與不動產資訊中心：台灣不動產資訊年鑑，第21章，395-412頁。

王健安，(2005a)，再論不動產證券化估價的幾個課題：折現率、折舊與殘值與的估算，財團法人台灣不動產資訊中心「不動產產業發展議題」

王健安，(2005b)，解構固定收益型不動產證券化商品的規格設計—「串接(Tranche)」與「分割(Strips)」概念的運用，財團法人台灣不動產資訊中心「不動產產業發展議題」

http://www.realestate.org.tw/talk/talk_1-4.jsp?cat=E&cat2=EA