台灣不動產證券化市場導入特殊目的公司機制之可行性研究

Abstract

目前台灣不動產證券化市場的營運核心，主要是以銀行信託部為導管主體之特殊目的信託（SPT）架構，有別於《金融資產證券化條例》中已涵蓋的特殊目的公司（SPC），在現行的《不動產證券化條例》中並沒有SPC的架構可供選擇，而僅由該條例授權以SPT模式，於《信託業設立標準》訂有專營不動產投資信託或不動產資產信託業務之信託公司，惟在資本額門檻過高、銀行信託部的競爭、市場前景不明確等情況下，至今仍乏人問津。 不動產證券化牽涉到複雜的民、商事法律行為，包括有價證券募集發行等證券交易管理層面之運作；亦包括不動產經營管理層面中複雜的買賣、租賃、借貸、承攬、委任等各種債之關係；更牽涉到不動產物權登記、稅務會計管理等行政程序。然而，SPT的架構在目前國內信託業多屬銀行兼營之情況下，即似乎要求銀行業必須承擔超出其專業及管理報酬所能擔負的決策風險，可以想見其市場推展必定會某種程度地受到嚴謹保守的銀行監理體系所箝制。 事實上，國外的不動產證券化發展仍以SPC架構較為普遍，特別是屬於權益型的不動產投資信託（REIT），主要應係採公司型態經營不動產較為彈性且長遠所致。本研究將參考國內現行已訂有SPC制度的金融資產證券化條例，以及美、日先進國家的發展經驗，在兼顧法制、實務、監理等層面的情況下，探討將SPC機制導入不動產證券化的可行性。

Today, the real estate securitization market in Taiwan is mainly centered on the Special Purpose Trust (SPT) architecture, where the trust department of banks play a dominant role. The SPT architecture is different from the Special Purpose Company (SPC) specified in the Financial Asset Securitization Act. The Real Estate Securitization Act provides no choice of SPC architecture but stipulates the SPT mode. The Establishment Criteria of Trust Enterprises provides for trust companies specializing in asset trust or real estate investment trust. SPT has so far received scarce attention from investors because of the excessively high capital threshold, severe competition between trust departments of banks, and uncertainty in market prospect. Real estate securitization involves a variety of complex civil and commercial legal behaviors, such as (1) securities trading behaviors (e.g., public offering and issuing of securities), (2) various debt relations (e.g., buying and selling, leasing, borrowing, contracting, and commissioning) in real estate management, and (3) administrative procedures (e.g., real right registration and tax accounting administration). In Taiwan's trust industry, SPT mostly operates as a sideline to banks. Therefore, it seems that banks will have to bear their decision-making risks as well as their primary business risks and management remunerations. The market expansion of SPT can be considered somewhat inevitably constrained by the rigorous and conservative bank regulatory system. In fact, real estate securitization markets outside Taiwan are universally based on the SPC architecture. In particular, the equity-based Real Estate Investment Trust (REIT) is adopted mainly because of the elastic and long-term operation of real estate in a corporate form. This study refers to the Financial Asset Securitization Act with the SPC mode and the related development experience of certain advanced countries (such as the USA and Japan). Taking legality, practice, and regulatory compliance into account, this paper studies the feasibility of introducing the SPC mechanism to Taiwan's real estate securitization market.