台灣不動產投資信託之關鍵成功因素

Abstract

政府為活絡不動產市場，制定不動產證券化條例，並於九十二年七月二十三日公佈實施。不動產投資信託之法制，亦由該條例所制定。

不動產投資信託，爲向不特定人募集發行或向特定人私募交付不動產投資信託受益證券，以投資不動產、不動產相關權利、不動產相關有價證券及其他經主管機關核准投資標的而成立之信託。其所發行之受益證券，實際上使得受益證券持有人成為土地與建物的所有權人，得以用可小單位分割之金額，參與不動產之投資，並得以在證券交易市場做次級市場之買賣，使原本屬於大額、長期之不動產投資，成為能夠小額交易、具流動性之證券投資。因此，不動產投資信託這項功能，能產生擴大不動產投資參與者及分擔投資報酬與風險之效果。

惟台灣不動產投資信託，是否如各界所期待的，能夠成功的完成其功能? 哪些事項是台灣不動產投資信託獲致成功之關鍵成功因素? 業者應掌握哪些關鍵成功因素以建立其競爭優勢? 主管機關應掌握哪些關鍵成功因素以使不動產投資信託完成其功能?

本文以Leidecker & Bruno模式，運用層級分析法，找出台灣不動產投資信託之關鍵成功因素的重要性排序，希望對不動產投資信託之參與者，在設計、營運、或投資不動產投資信託之時，能掌握成功之關鍵，適切運用有限之資源，使不動產投資信託符合賣方、管理者、與投資人之共同需要，以發揮風險分擔、地利共享的效果。

The Real Estate Securitization Act was enacted on July 23, 2004. Taiwan Real Estate Investment Trusts (Taiwan REITs) can start their development under the act.

Real Estate Investment Trusts (REITs) are trusts that issue public or private securities and use the proceeds for investing in real estates, real estates related rights or securities, or other authorized assets. Investors can use small amount of money to invest, and can buy and sell the investments in the secondary market. Through the securitization, large-amount and long-term real estates investments can be transformed to small-amount and short-term securities investments. Therefore, the securitization is expected to create value in enlarging investment base and sharing risks and returns among investors.

Can Taiwan REITs function well in attracting investors and sharing risks and returns? What are the key success factors for Taiwan REITs? Which key success factors should Taiwan REITs focus on in order to obtain competitive advantages? Which key success factors should the regulators put emphasis so as to allow Taiwan REITs perform its functions?

The paper adopts Leidecker & Bruno's model to search the key success factors of Taiwan REITs. Analytic Hierarchy Process (AHP) is used to rank key success factors identified by selected experts. By studying key success factors, Taiwan REITs participants may well utilize their limited resources to develop REITs that meet the need of sponsors and investors.