日本不動產證券化之實施經驗與其對不動產市場影響探討Real Estate Securitization Experience and Impacts on Real Estate Market in Japan

日本不動產證券化修法(2000年11月)正式實施至今(2004年),剛滿四年時間,其實施背景主要是早期不動產投資小額單位化小口化)經驗,地價下跌長期不動產市場不景氣所促成,此點與台灣發展經驗頗為類似。由於日本與台灣不但在地理文化等背景相近,且在不動產市場的發展背景上也有許多相同經驗,特別是日本不動產證券化也才開始發展,這些初期的成果非常值得提供給發展不動產的我們台灣一個很好的參考借鏡。本文共分五部份,第一部份前言說明日本證券化發展的背景、歷史、及目的;第二部份說明日本不動產證券化的發展概況,包括實施要件、證券化類型、及實施成果;第三部份說明日本不動產證券化實施對不動產市場之影響及未來展望:第四部份為本文之結論與建議;最後一部份附錄提供已實施不動產證券化的12個國家不動產證券化實施概況,作為比較參考。
關鍵詞:不動產證券化、不動產市場、日本

Real Estate Securitization (RES) Act was approved in Taiwan on July 9, 2003. In this Act, there are two types of securitization-Real Estate Investment Trust (REIT) and Real Estate Asset Trust (REAT). As we know that Taiwan's REIT is learned from the experience of the US, and Taiwan's REAT is learned from the experience of Japan. In order to further investigate the RES experience and impacts on real estate market in Japan, I visit the Faculty of Real Estate Science, Meikai University in Japan for this special research. This paper is condensed from my study-visit report in Japan. We can find some similarities and differences of RES between Japan and Taiwan, and the experience of Japan's RES is helpful for the newly development of Taiwan's RES.
There are 5 sections in this paper. Section 1 describes the background, history, and purposes of RES in Japan. Section 2 shows the general situation and implementation of RES in Japan. Section 3 explores the impacts and future prospects of RES in Japan. Section 4 is the conclusion and suggestion. The final section is appendix which provides 12 countries' experience of RES for the comparison and reference.
Key words: real estate securitization, real estate market, Japan