| Summary: | 碩士 === 國立臺北大學 === 會計學系 === 90 === Real Estate Securitization is a subject regarding real estate development plans. It allows real estate investment trust companies to raise funds by issuing certificates to the general public and use these special funds in their real estate development plans. By this way, not only can the limitation which only banks can provide mortgages to real estate development plans be broken, but the problem of insufficient fund-raising resources for real estate investment trust companies will be resolved. The general meaning of Real Estate Securitization is referred to the whole procedure of making the values of real estates certificates , and the specific meaning of Real Estate Securitization means that the issuing of securities must be complied with three criteria: “Miniaturized”, “Standardized”and “Liquidity”, besides Securitization. Currently, the only two types of companies, American REIT and MLP, comply with the specific meaning of Real Estate Securitization. Their attractive features are large quantity of issuing securities, lots of investors, open secondary markets, fully revealed information and a high liquidity, which make them complied with the principle of popularizing the benefits of real estate investment.
Presently, the situation of social economy changes dramatically. So companies are facing much higher operation risks. In order to make financial reports more meaningful and protect investors’ interests, the major economic realities must be reflected on the financial reports probably and in the right moment. The global accounting process standard has developed the regulations for the impairment of long-lived assets, which are listed in FAS (Financial Accounting Standards) No.121 “Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of”, and the accounting principles for investment property , which are listed in IAS (International Accounting Standards) No. 40 “Investment Property”. These standards are helping investors in making right decisions and lowering the investment risks.
In Taiwan, the draft of Real Estate Securitization has been passed by Executive Yuan and is examined by Legislative Yuan. The most of current Real Estate Securitization studies are focusing on finance, land administration and laws. Only a handful of studies are touching the issue on financial report valuation and revelation. This article is the content of a study that is based on standards and accounting. It starts on understanding the meaning of Real Estate Securitization and the overseas development of important standards then depicts and explains the international phases of Real Estate Securitization. It could be a future reference for implementing Real Estate Securitization in Taiwan.
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