業主發行REITs商品可行性之個案研究

Abstract

台灣2003年不動產證券化條例通過，2005年3月首檔不動產投資信託（Real Estate Asset Trusts，REITs）「富邦一號」正式掛牌，截至2006年5月已有四檔REITs基金完成發行與掛牌，總市值近400億元，目前台灣REITs市場正處萌芽階段，投資人對REITs基金申購十分熱衷，未來發展空間理應非常寬廣。本論文首先參考美、日不動產證券化發展經驗與國內REITs市場現況比較分析為研究基礎。再選定最具指標意義的「富邦一號」為樣本研究參考個案，主要針對其商品設計、法令規範、運作管理與發行募集等重點項目，進行深入研究分析，藉此獲取相關經驗與知識。進而，採行個案實證研究分析的方法，切入本論文欲研究之核心議題，重點探討P公司如何複製他人發行REITs的成功經驗與整合自己集團資源、能力，設計出具有市場競爭力的REITs商品，以及從P公司角度如何分析評估現階段發行REITs利弊得失與探討適當發行REITs時機，推論P公司所可能採取的相關決策。綜合以上研究分析，作成結論，提供有意發行REITs的業主或有興趣從事REITs新商品研究者參考。

In the period after the government of Taiwan passed the Real Estate Securitization law in 2003, the first of several REITs (Real Estate Investment Trusts), Fubon No. 1, went public in March of 2005. As of May, 2006, four REITs funds have been issued, with a total value of close to NT$400,000,000,000. Even though the market of REITs in Taiwan is in its early stages, investors are very interested in buying REITs funds, as they show great potential in the market. This thesis compares American and Japanese experiences of Real Estate Securitization with the Taiwan REITs market, using Fubon No. 1 as the sample for the case study. From the sample case study, this thesis emphasizes the topics of product design, related laws, fund management, and the issuance and promotion of funds, etc., to develop experience and gain knowledge in this field. The approach of this thesis is to explore P company’s strategy of first copying another company’s successful experience in issuing REITs, and then uniting the resources and capabilities of their group to design competitive REITs product offerings. The thesis also analyzes the advantages and disadvantages of issuing REITs in the current marketplace, and the development of effective strategies to choose the appropriate time for issuing these funds. The underlying purpose of this thesis is to provide a reference for the proprietary that is interested in issuing REITs, or for individuals who are interested in working in this field.