設定地上權之不動產參與不動產投資信託之研究-以中崙大樓為例

• Main Authors: 林定潔, Lin,Ding-Chieh
• Language: 中文
• Published: 國立政治大學
• Subjects: 不動產證券化; 不動產投資信託受益證券; 不動產資產信託受益證券; 設定地上權; 準備基金; REITs; REATs; the superficies on land; Reserve Funds
• Online Access: http://thesis.lib.nccu.edu.tw/cgi-bin/cdrfb3/gsweb.cgi?o=dstdcdr&i=sid=%22G0093932721%22.

不動產證券化條例於2003年7月23日公佈實施以來，不動產投資信託受益證券(REITs)和不動產資產信託受益證券(REATs)均已發行多檔，信託財產種類含括辦公室、百貨公司、旅館、商務住宅等；不動產產權型態包含所有權與設定地上權二類。然而「設定地上權的不動產」其資產價值會隨著時間而遞減的特性，對於以封閉型態上市的REITs基金而言，將產生淨資產價值(NAV)不斷下跌的問題，為避免前項問題影響基金的市價(Market Price)表現，本研究將透過「中崙大樓」出售予「富邦二號不動產投資信託基金」的實施經驗、相關財務理論的佐證及專家學者的深度訪談，來研究提撥「投資本金攤提準備金」(Reserve Fund)機制的優缺點及替代方案。 本研究結果發現，在不動產市場穩定發展的情況下，Reserve Fund除了可對投資人產生節稅效果之外；對基金而言：可避免基金之淨資產價值(NAV)隨時間不斷遞減的問題、可供地上權到期時還本之用、得以分散投資風險並發揮良好的財務槓桿的效果。然而相對的，除非基金的年營收維持每年固定上漲，否則投資人的名目收益率可能會逐年下降，並產生資金運用的無效率狀況。 至於是否ㄧ定要提撥Reserve Fund，從本研究中發現，若從投資人偏好來看，所有淨收益每年均全部發放或設計為PO、IO二個群組，或發行有期限的Finite Life REITs都是可以替代的方案。從開發商的角度，則可以將應收租金債權設計為金融資產證券而不做REITs。 此外，本研究亦發現目前台灣REITs的投資人幾乎將REITs視為固定收益證券，致使其市價波動及成交量均極小，建議政府應放寬法令限制，致力於活絡交易市場，才能達到初衷。而受託機構應扮演更積極的角度並將其與管理機構間的責任與分工進一步釐清，以避免發生管理機構的代理問題，以期更健全市場的發展。 不動產證券化就是將金融商品的彈性注入不動產的開發，本研究為設定地上權的不動產找出參與REIT的配套機制，期許能對政府及產業有所貢獻。 === The Real Estate Investment Trust (REITs) and Real Estate Asset Trust (REATs) securities had been issued since the “Real Estate backed securities Act” published on July 23rd, 2003. The properties being entrusted, for instance, office buildings, department stores, hotels, business suite, etc.. The right of property can be divided into two parts: the ownership and the superficies on land；However, the value of the properties with superficies right will be decreased when time passes by. The close-end fund will continually decline of Fund’s net asset value (NAV), and indirectly affect its market price. To solve such problems, the purpose of this research paper is to discuss the solution of the Reserve Fund design when the Chung-Lung building, offered by “ Fubon REITs no.2” , has its financial theories implication, also tried to interviews of scholars and professionals for the suggestions. From the result of this research paper, when the real estate market is at its steady growing stage, the Reserve Fund design can not only accurately solve to the problem of decreasing Fund’s NAV with time, but also it can bring such benefits as tax-saving and principle-paying at the expiration date. Moreover, the growing amount of Reserve Fund can positively benefit the fund itself by diversification and higher leverage capability. On the contrary, unless the revenue of the fund keeps constant growing, the investors’ nominal yield of return might decrease year by year, which will result in inefficiency in the usage of investment capital. For the Reserve Funds design, from the view of investors’ preference points, we find that the revenue allotment or issued Finite Life REITs could be substituted. On the other hand, from the view of developers’ points, they may regard it as a CMBS rather than REITs. If the government can abstemiously open financing limits of REITs, we can refer as company、SPC or SPT types of USA or Japan to substitute for the Reserve Funds design. The stock market of the real estate is the financial commodities will be more flexible to input the development of the real estate. The study of research paper is to form a complete set of REITs mechanism for the superficies on land of property which can be contributed for the government and industry of the real estate.