透過您的圖書館登入
IP:44.220.43.170
  • 學位論文

以不動產投資信託方式推動 HAPNs 之投資可行性評估

The Feasibility of REITs based HAPNs

若您是本文的作者,可授權文章由華藝線上圖書館中協助推廣。

摘要


楊太樂(2009)提出「住宅增值參與證券(Home Appreciation Participation Notes,簡稱 HAPNs)」構想,將住宅的消費權與投資權分開出售,達到購屋者降低負 擔房屋款,投資者提升運用資金效能的雙贏目的。其立意雖然良善,但是在消費者、 投資者、抵押借款銀行三者之間缺乏權責規範,尤其對於投資者而言更欠缺流動性、無法避險、存在到期交割上風險,故始終未於市場上成為金融投資商品。本研究主 要目的在於評估藉由不動產投資信託方式發行 HAPNs 之可行性架構,使其兼顧購屋 者、投資者、房貸銀行等三方權益及共贏的局面。   本研究透過問卷方式分析 HAPNs 的潛在需求者特徵,進而使用敍述統計、交叉分析、二項羅吉特迴迴歸進行實證分析。在 764 位有效問卷的受訪者中,有 45.55% 受訪者有意願投資「個別型 HAPNs」,當透過不動產投資信託架構時,願意參與「不 動產投資信託型 HAPNs」的投資者提高至 50.92%。實證結果發現此兩種投資潛在需 求者的共同特徵除投資屬性偏向積極,且偏好股票投資外,本身的社經背景也會影 響投資的意願度。有意願投資個別型 HAPNs 的投資者偏向股票投資的個體散戶之特 質;有意願的潛在投資不動產投資信託型 HAPNs 者與基金投資者或銀行存款戶之性 質較雷同。   本研究認為未來要推動「HAPNs」,應建構相關配套機制,包括應訂立消費使用 者期限約 8~9 年,透過信託機制定義各關係人的權利與義務。此外,針對「不動產 投資信託型 HAPNs」,建議其管理與維護機構應由專業不動產公司擔任為佳,政府公 務部門則從旁輔導及參與投資,且 HAPNs 產品應透過公開市場交易可加強流動性, 但不宜再包裝成複雜的金融商品出售套利或變現。

關鍵字

信託 REITs HAPNs

並列摘要


Housing is a commodity providing two distinct utilities: shelter and investment. Yang (2009) introduces Home Appreciation Participation Notes (HAPNs), an innovative new housing finance tool, which allow buyers to purchase these elements individually. HAPNs considerably improve the affordability of homeownership while reducing the risk of default and avoiding the moral hazard associated with shared appreciation instruments. However, this innovative housing finance tool cannot come into reality due to some difficulties. This thesis investigates the feasibility of HAPNs operation under the structure of REITs to create all wins strategy for homebuyers, investors, and financial institutions.   This study conducts a questionnaire to examine the characteristics of potential HAPNs investors, and get 764 valid respondents. According to the survey, 45.55% and 50.92% of all respondents are willing to invest "individual type HAPNs" and "REITs based HAPNs", respectively. From the empirical results of Logistic model, the common features of these two potential investors are risk lovers and preferred stock investment. Furthermore, some socio-economic characteristics also affect their willingness to invest HAPNs. The characteristics of potential individual type HAPNs investors are very similar to the individual stock investors. The characteristics of REITs based HAPNs investors are very similar to the investors of mutual fund and depositors.   To increase the feasibility of HAPNs operation, I propose some suggestions. Firstly, the rights and obligations between consumers and investors should be defined very clear by the trust organization, and the maximum holding period of consumers would be 8 to 9 years. Secondly, the management of real estate in REITs based HAPNs is preferred by professional real estate company, and the government should set up the laws needed for the healthy operation of the industry. Finally, HAPNs product should enhance liquidity through public market transactions, but not allow re-packaging into complex financial products for arbitrage.

並列關鍵字

TRUST REITs HAPNs

參考文獻


2. 王亭之、林哲群(2012),住宅增值參與證券定價模型,國立清華大學計量財務金融所 碩士論文。
5. 林哲群著(2009),金融資產證券化,四版,證基會。
14. 楊太樂(2009),住宅增值參與證券:降低民眾住宅負擔新方案-一個可負擔且持續的 住宅所有權之新方案,住宅學報,第 18 卷第 1 期,論壇第 89 頁—92 頁。
6. 花敬群、張金鶚(1997),住宅市場價量波動之研究,住宅學報,第 5 期,第 1 頁—15 頁。
18. 劉依姿、蔡錦堂、林哲群(2012 年 5 月),房貸還款衝擊信用風險之探討,國內土地 研究,第 15 卷第 1 期,第 73 頁至第 93 頁。

延伸閱讀