不動產投資信託之估價分析~以富邦一號為例

Evaluation analysis of the real estate investment trusts ~ The case of Fubon No.1

方柏超(Po-Chao Fang)

指導教授 ： 黃志祥

長榮大學/管理學院/企業管理研究所/碩士(2006年)

摘要

近年來，政府為提升不動產市場景氣及活化不動產市場機能，積極推動各項振興不動產市場之相關工作，因而在2002年4月17日通過不動產證券化條例，並於2003年7月23日經總統公布施行，而國內首宗不動產投資信託基金－富邦一號，更在2005年3月11日正式於集中市場掛牌。象徵我國的不動產市場與資本市場相互結合並跨入一個嶄新的紀元，有助於促進不動產投資普及化，增進不動產市場之穩定性。
然而不動產證券化的基本要素之一，係要對證券化標的之不動產做精密之估價，以期為投資大眾購買證券價值提供適法基礎，並釐清估價報告書所需符合的要求，使受託機構及不動產估價師等業者得為遵循之依據。所以，對於標的之不動產進行準確之估價，乃為不動產估價分析之主要任務，亦是成功推行不動產證券化之基本要件。
本研究主要探討不動產估價制度對於不動產市場的影響，以說明不動產估價的重要性及應有獨立性及專業性等特質。此外擬針對富邦一號分析其所採用之估價技術種類及對不動產證券化之影響，以協助市場參與者瞭解並實際運用估價面之資訊，以確保大眾投資標的之合理價值。

關鍵字

不動產證券化 ； 不動產估價技術 ； 富邦一號

並列摘要

Recently government promoted many related project in order to boost the prosperity of real estate market and the function of real estate market. Therefore, Executive Yuan has passed regulations in regard to real estate securitization in 17th, April, 2002, and later in 23rd, July, 2003, the regulations are announced by the president. The followed consequences are that the first real estate investment trusts- Fu Bang No.1 started to be traded in 11th, march, 2003. This symbolizes that the combination of real estate market and capital market. Certainly, it would be helpful in terms of popularization of real estate investment, and of stability of real estate market.
However, one of basic elements in real estate securitization is that real estate needs to be statistically evaluated, so as to provide the legal basis for the people who invested. Furthermore, reports of evaluation could be made cleanly to meet the needs of requirements, so that the trust company can have a fixed standard to follow. From this viewpoint, the main mission as well as the important element to succeed on promoting real estate evaluation is the precise estimation of real estate securitization.
This research is to focus on the influence of the real estate market that the system of real estate evaluation could bring into. More attention should be called on the importance of real estate evaluation, and other necessary characteristics such as independence and professionalism. Besides, this research also looks into the issues of the first case of Fu Bang No.1, discusses on its estimation and analyses on certain kinds of evaluation technology, their implications and further influence on the real estate market. The contribution of this research is to provide the valuable information based on the research results to the participants, in order to maintain the fair value of investing object.

並列關鍵字

Real Estate Securitization ； Real Estate EvaluationR ； eal Estate Investment Trusts ； Fubon No.1

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