不動產投資信託制度與實務案例分析— 以我國三鼎與基泰之星基金為例

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Title:	不動產投資信託制度與實務案例分析— 以我國三鼎與基泰之星基金為例 The Cases Study of Real Estate Investment Trust：From the perspectives of Trident REITs and Kee Tai Star REITs Cases
Authors:	楊証淙 Yang, Zheng-Cong
Contributors:	法律學系
Keywords:	資產證券化不動產證券化條例不動產投資信託資產流動性投資風險資訊揭露信用評等不動產估價不動產管理機構受託機構開發型募集私募清算三鼎不動產投資信託基金基泰之星不動產投資信託基金 Asset Securitization Clauses of the Real Estate Securitization Act Assets Liquidity Real Estate Investment Trust Investment Risk Information Disclosure Credit Rating Real Estate Appraisal Real Estate Management Institution Trustee Development Oriented Public Offering Private Placement Liquidate Trident Real Estate Investment Trust Kee Tai Star Real Estate Investment Trust
Date:	2013-01
Issue Date:	2013-10-14 11:14:49 (UTC+8)
Abstract:	本文寫作區分為三個層面，第一，為何要推行不動產投資信託制度：簡述我國引進不動產投資信託制度之背景，如：土地資源有限、不動產市場發展遲緩等，進而延伸至我國對於引進不動產投資信託制度之正反意見，樂觀者認為藉由不動產投資信託制度之特性，如：資產流動性、分散投資風險、經營專業化與營運透明化等，以帶動不動產市場之榮景；然而，疑慮者亦有之，其著眼於該制度之風險，如：不動產市場或受益證券市場之流動性不足、管理機構衝突等。本層次之目的，係期望能明確理解不動產投資信託制度之優缺點，以利其後之探討。第二，則為不動產投資信託制度是什麼：分成兩部份作敘述，其一，探討美、日二國之不動產投資信託制度，我國立法理由指出我國不動產投資信託制度主要參酌美、日兩國之立法例，是故，即有對此二國之制度規範有所理解之必要，再者，美國，為創設不動產投資信託制度之國家並引領其國際發展；日本，則為第一個引進該項制度之亞洲國家，並能適切轉化以符合國情。因此，此二國之立法發展均有成為反思之價值。其二，討論我國不動產投資信託制度以明瞭我國法制架構，其中針對我國立法歷程、與他法之相互關係以及規範制度分析。本層次之目的，即在於對不動產投資信託制度能鑑往知來與觀念明確，以利其後實務運作之分析。第三，不動產投資信託制度應如何操作：闡述我國實務運作體系，並配合實務案例，即三鼎與基泰之星(不動產投資信託基金，以作分析。前部分，先就我國實務運作體系作說明，針對各主要參與者於實務上所須為之行為作分別探討，以利明瞭我國實務運作現況；後部分，即就三鼎與基泰之星，其基本資料、運作架構與流程作整理，並就此整理資料作分析探討此二朗基金之優缺。最後結論部分，乃整理本文各章節之論點，以找出我國法制架構與實務運作上之瑕疵，並期望對此些瑕疵，能參照外國立法例或我國其他相類似之法規範提出建議，以期能作為未來改進我國不動產投資信託制度之方向。 The thesis includes three parts: first part is why we should promote the system of Real Estate Investment Trust. In this part this thesis will simply state the background that why the domestic bring the system of Real Estate Investment Trust to Taiwan, such as the reason of the land resource limitation, slow development in the market of real estate, etc. From the background this thesis will develop into the pros and cons toward bringing the system of Real Estate Investment Trust to Taiwan. The pros think that the advantages of the system of Real Estate Investment Trust, such as Assets Liquidity, Investment Risk, specialized management, and transparent operation could promote the prosperity in the real estate market. However, the cons worry about the risks in the system: inadequate assets liquidity in real estate markets or stocks markets, the conflicts within management organizations, etc; therefore, the purpose of first part is to understand the advantages and the disadvantages about the system of Real Estate Investment Trust clearly and to relate the further discussions. Second, this thesis will further introduce what the system of Real Estate Investment Trust is. Here I divide into two parts: one is that to discuss the system of Real Estate Investment Trust in U.S. and Japan because their legislative patterns about the system are the examples which our domestic legislative patterns follow. Moreover, U.S. is the one which founds the system of Real Estate Investment Trust and promote the system to the world; Japan is the first Asian country which brings the system inside and makes it adapted in Japanese real estate market. Therefore, we have to understand how U.S. and Japan run the system and think about the legislative patterns in both countries. Another is that to discuss the system of Real Estate Investment in Taiwan and understand the law structure, including the analysis of the progress of legislation and the inter-relationships with other countries. Thus, it will help to clearly understand the background or the concepts about the system of Real Estate Investment Trust. Third, this thesis will put some examples to illustrate how the system of Real Estate Investment Trust runs in Taiwan. Trident Real Estate Investment Trust and Kee Tai Star Real Estate Investment Trust are the ones which this thesis will make as the examples to discuss. In the beginning this thesis will illustrate the operation of the system in Taiwan and mainly discuss the joiners’ reactions who conduct the system to understand the present situation about the system operating. Next, this thesis will introduce the basic information, operating structures and process of Trident Real Estate Investment Trust and Kee Tai Star Real Estate Investment Trust to discuss the advantages and disadvantages about these two investment trusts. Last, this thesis will arrange each chapters to figure out the defects within our domestic legislation structures and pragmatic operations of real estate investment trust; therefore, this thesis will present some suggestions based on some legislative patterns in other countries to redeem the defects nowadays and hope the suggestions as the guidelines for improving the domestic system of Real Estate Investment Trust in the future.
Appears in Collections:	[Department of Law & Graduate Institute of Law ] thesis

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