論台灣不動產投資信託之制度困境與展望－－以台日法制比較研究為中心

The Difficulties and Prospects of Real Estate Investment Trust (REIT) in Taiwan — A Comparative Study on Legal System in Taiwan and Japan

不動產證券化條例於2003 年7 月23 日公布施行，為我國不動產證券化的主要法源依據。隨後，台灣第一檔不動產投資信託受益證券（T-REIT）富邦一號REIT（富邦R1）於2005 年3月1 日上市。但數年來T-REIT 交易市場的發展規模卻呈現停滯甚至萎縮現象，本研究計畫分析其主要原因，不外如下五點：一、不動產證券化條例與信託法，其法制架構及規範內容，均是沿襲美國、日本而來。但我國對日本不動產投資信託（J-REIT）法制的晚進發展，缺乏完整研究。二、國內市場過於封閉，且資訊不夠透明化，外資不熟悉國內市場，外資走不進來。三、國內業者對日本J-REIT 市場有興趣但不熟悉，國內業者走不出去。四、受託機構與不動產管理機構的權責劃分有待釐清。五、主管機關金管會以收益穩定為最高指導原則，使得T-REIT投資標的及市場規模受到限制。

Real Estate Securitization Act, the primary law in Taiwan governing the securitization of real estate, has been announced and effective on July 23, 2003, and the first product of REIT in Taiwan, Fu Bon R1, which had been launched into market on March 1, 2005. However, the market size of T-REIT has been becoming contractive for years since then. The reasons we conclude as follows: 1. Both Real Estate Securitization Act and Trust Law are the adaptations from the legislative frames and regulations of U.S. and Japan, but we always have not made any full research on the latest development of REIT regulations of Japan; 2. Due to the closed market and in the absence of information openness, it is difficult to expect foreign investors to have access to Taiwan market; 3. Japan market is attractive to local firms, but it is too unfamiliar to know how to take access to it; 4. For their respective responsibility and accountability, there is no clear distinction between Trustee and Real Estate Institution; 5. As focusing on stable-earnings is the fundamental exclusive