台灣不動產投資信託的經營管理機制立法十年的省思

The Governance of Taiwan's REITs: Reflection on the Real Estate Securitization Law Ten Years after its Inception

本文檢討台灣的不動產投資信託（REIT）制度施行十年的成效。我們認為台灣的制度立法嚴謹，十年來，從未發生弊端，充分發揮保護投資人的成效，在早期，吸引了許多投資人。但近年來由於台灣租金收益率的低迷與立法的嚴謹保守，使REIT制度逐漸失去吸引力。這顯現在REIT的折價，交易量萎縮，與缺乏新上市的REIT案。本文針對這些問題提出幾個修法的方向：一，讓REIT的經營管理權集中，並提升經營者的興利誘因；二，適度放寬管制，以增加REIT的營運空間與降低稅賦以減少REIT的營運成本。

This article examines the performance of the REIT Law in Taiwan 10 years after its inception. We found the Taiwan REIT Law to be strict and protective of investors, which makes Taiwan REIT a financial product that has never had any legal violation. However, it fails to provide enough incentive to the Trustee who is responsible for a REIT's operation. So the Trustee runs the REIT in a most conservative way, which makes the Taiwan REIT also become a very conservative investment tool. Investors have gradually lost interest in REITs. This is evidenced by declining trading volumes, heavy share price discounts, and a lack of new REITs in the market. We discuss the causes of this phenomenon and propose the amendment of the Taiwan Real Estate Securitization Law to improve the situation.