日本經驗對台灣發展不動產證券化市場的啟示

Securitization of the Japan Real Estate Market: Progress and Pitfalls with Lessons for Taiwan

我國〔不動產證券化條例〕的內容主要是參考美國及日本的制度。由於國內不動產市場遭逢與日本不動產市場相類似的困境，且同屬大陸法系國家，實有必要借重日本不動產證券化之法制經驗，以使我國不動產證券化法令規範更趨完備且符合我國國情與實際需要。本文針對目前我們建構不動產證券化市場所衍生的相關問題，描述我國立法內容及各界爭議之論點，再借鏡日本的經驗，來提出因應之道，最後提出數點建議供參：一、「不動產投資信託」與「不動產資產信託」應分別立法。二、應納入「特殊目的公司」制度。三、信託門檻應斟酌調降。四、初期宜以「封閉型基金」為主，但開放型的設立則應依市場需求，不應做太多限制。五、證券設計應允許發行不同種類之受益證券。六、強制規定每年必須將盈餘之一定比例分配予受益人。

Japan's real estate securitization has made impressive strides over the last few years. The related laws have been developed and gradually this system has brought some results. Taiwan is developing securitization system following Japan's experience. In this paper, we track the progress of real estate securitization in Japan with an eye toward examining the factors that have facilitated or constrained its progress. This discuss is able to form a lesson for Taiwan as we embarks on the road toward real estate securitization. We learn from Japan's experience that: 1. Japan has two different laws to regulate the two parallel systems: The Law on the Securitization of Assets and The Law of Investment Trust and Investment Corporation. 2. Company style is allowed in both laws. 3. Decreasing the minimum capital requirement of a trust. 4. Both open-end and closed-end REITs are allowed. 5. Issuing different types and different classes of securities are allowed. 6. Earning should be distributed to investors as dividends every year.