資產證券化應用於國軍住宅業務之初探

中文摘要國防部為照顧官兵，以「提供貸款」、「眷村改建」等方式，協助官兵購宅安家，並設立「國軍官兵購置住宅貸款基金」（簡稱購宅基金）及「國軍老舊眷村改建基金」（簡稱眷改基金）兩個組織來推動上述工作。該兩基金之資金來源主要是靠標售土地並依政府預算程序來獲得，因國內房地產景氣不佳，土地標售不易及提供官兵之貸款回收緩慢等因素，使基金資金累積速度緩慢，無法迅速且大規模推動官兵貸款及眷村改建工程，影響國軍住宅業務辦理成效。我國於民國九十一年、九十二年分別立法通過「金融資產證券化條例」及「不動產證券化條例」。未來除金融機構可將所持有之金融資產及貸款債權活絡化之外，不動產的開發與投資也有新的方式與管道。如果能將該兩條例之機制運用於國軍住宅工作的推動，或能提高國軍住宅業務辦理成效。爰擬就資產證券化的發展、我國「金融資產證券化條例」及「不動產證券化條例」的內涵及應用於國軍住宅工作之可行性等方面，作一初步探討。故本論文研究目的主要如下述。壹、資產證券化相關文獻之探討貳、我國資產證券化的法律規範及發展現況參、國軍住宅業務之形成及辦理現況。肆、資產證券化應用於國軍住宅業務之芻議與建議本論文係以文獻分析及購宅、眷改兩基金個案研討為方法進行研究。研究所獲之結論如下。壹、資產證券化商品將在國內蓬勃發展「金融資產證券化條例」未通過之前，國內已有廠商開始規劃資產證券化商品，俟條例通過之後，立即向主管機關申請核准及銷售，而且銷售情形良好。自九十一年迄今，陸續有多種資產證券化商品規劃及銷售。參考美日等國資產證券化之發展歷程，預判資產證券化商品將在國內蓬勃發展。貳、可運用資產證券化加速國軍貸款資金之回收「國軍官兵購置住宅貸款基金」貸放予國軍官兵之購屋貸款，可運用「金融資產證券化條例」之機制，將貸款債權規劃成為證券化商品，銷售投資人，加速資金回收。參、可運用資產證券化開發眷改土地籌措資金「國軍老舊眷村改建基金」空置之土地，可運用「不動產證券化條例」之「不動產資產信託」機制，與民間業者合作開發，發行證券籌措資金，挹注眷改基金，並加速推動眷村改建工作。肆、購宅基金及眷改基金可購買證券化商品以增加收益「國軍官兵購置住宅貸款基金」及「國軍老舊眷村改建基金」之資金於未動支以前，可購買資產證券化商品，以增加收益，並促進我國資產證券化市場之發展。伍、「國軍官兵購置住宅貸款基金」可研究開辦信用擔保業務資產證券化的過程中，「信用增強」是必須的項目，「國軍官兵購置住宅貸款基金」有龐大的貸款債權，且為公務機關，公信力強，可開辦資產證券化信用保證業務，收取保證費用，以增加基金收益。

關鍵字

資產證券化

並列摘要

Summary In order to care about servicemen, the Ministry of Defense (MOD) offers some ways as “Loan”, and “Refurbishment” to help servicemen purchasing their housing. MOD also establish two organizations, “Servicemen’s Community Refurbishment Fund” (SCRF), and “Servicemen Residence Loan Fund”(SRLF), to execute the missions of “Loan”, and “Refurbishment”. The funds mainly come from selling land or government budget. Because the market of real estate is now at a downturn, selling land is difficult, and, the slow loan retrieving, all lead to a slow capital accumulation. Fail to process, in a large scale and in an effective way, the loan and refurbishment has affected the overall performance in the servicemen’s residence issues. Legislative Yuan promulgated “Financial Assets Securitization Statute” (2002) and “Real Estate Securitization Statute” (2003). In future, financial organization will vitalize its capital and credit; also become another outlet in the development and investment of real estate. If we can utilize the mechanism of these two laws, we may improve the effectiveness of the military residence business. We plan to do a preliminary inquiry on the development of assets securitization, “Assets Securitization Statute”, “Real Estate Securitization Statute”, and how they are applied in the business of the military residence. Therefore, the main purposes of this dissertation are, 1. Assets Securitization related literature studying; 2. The regulation and the development of assets securitization in Taiwan; 3. The formation of military residence business and its present situation; 4. Suggestions to the application of asset securitization in military residence business. The research methods of this study is based on literature review, case study of “Servicemen’s Community Refurbishment Fund” (SCRF), and “Servicemen Residence Loan Fund” (SRLF). The conclusions as following, 1. The product of assets securitization in Taiwan will boom. Before “Financial Assets Securitization Statute” was passed, there were several businesses started to plan for product of assets securitization, and they applied for approval and initiated the business right away when the regulation was passed. Since 2002 to date, lots of products of assets securitization are planned and sold. Referring the development of assets securitization in U.S and Japan and other countries, we presume that product of assets securitization will develop well in Taiwan. 2. Using assets securitization to accelerate the military loan retrieves. “Servicemen Residence Loan Fund” credit to military officers’ and servicemen’s buying houses can also apply “Assets Securitization Statute” mechanism to plan for certain security product and sell to investors in order to retrieve money sooner. 3. Using assets securitization to develop servicemen’s residence and collect money. The untilled land owned by “Servicemen’s Community Refurbishment Fund” can apply the mechanism of “Real Estate Securitization Statute” and cooperate with private business to issue security and raise money, accelerate the refurbishment of the servicemen’s residence. 4. Purchasing Residence Fund and Refurbishment Fund can buy securitization product to increase revenue. Both SCRF, SLRF can buy securitization product to increase income and promote the development of securitization of our home country. 5. “Servicemen Residence Loan Fund” (SRLF) can consider adding credit guarantee business. In the processing of securitization, to strengthen credit ability is a must. SRLF has a huge creditor’s right and it’s a state-run organization which owns a high credibility to process asset securitization credit assurance business and take guarantee fees to increase benefit for the fund itself.