台灣不動產證券化產品市場需求之初探

A Preliminary Analysis of Market Demand for Real Estate Securitization Product in Taiwan

為解決傳統不動產投資困境，將不動產投資方式由固定的資產形式轉變為證券型態的概念，而有不動產證券化的產生。國內目前已通過不動產證券化條例，然而在付諸實施後，不動產證券化實際運作的可行性為何，市場上投資者的接受程度如何，將是不動產證券化成功與否的重要關鍵。本研究主要針對需求面角度切入，透過投資者問卷調查資料，運用Logit模型探討證券化可行性因素對於投資者購買不動產受益證券的影響。實證結果發現，一般投資者認為受益證券的市場流通性、分散風險的功能愈重要，預期報酬率愈高，另外對於未來股票市場情況，以及房地產市場情況愈樂觀，其購買受益證券的機率愈大。法人投資者則認為分散風險的功能愈重要，以及投資者屬性中主要投資工具的種類愈多，其購買受益證券的機率愈大。此一市場需求面實證分析結果，對於未來國內不動產證券化實際運作，可提供政府、業者及一般投資大眾作為決策參考。

In order to solve the predicament of traditional real estate investment, real estate securitization offers a new scheme by turning its investment nature from fixed asset into financial asset. However, after real estate securitization law has been implemented in Taiwan, what is the feasibility of this system and how is it embraced by the market will be the key to success for this system. Our study focuses on the demand side of the market and analyzes the factors that influences investor on purchasing the securities through questionnaire and logit model. Our results suggest that private investors believe the function for market liquidation and risk diversification of the securities are positively correlated with expected return. If the investors are optimistic to the future the stock and ital estate market, the possibility to invest is higher. As for institutional investors, market liquidation and various choices for investment in the market will affect their possibility to invest. To the practical operation of ital estate securitization, we hope our results would provide a reference of decision-making for government, industry and investor.