| Summary: | 碩士 === 國立中山大學 === 公共事務管理研究所 === 91 === The purpose of real estate securitization is to change the investment on real estate to securities, enabling the relationship between the investor and the object from a direct object ownership to an ownership of securities having creditor’s rights. Through securities, the real estate market and the capital market can be combined, making the value of real estate change from fixed capital state to capital securities with circulating function so as to enlarge the processes of investment and participation, and increase the channels of capital collection for development of real estate. In recent years the expenses of local governments have been increasing with the expansion of their functions and capabilities. The incomplete and poor management of the system of expenses lead to a serious financial predicament confronted by local governments. And after the promulgation of Local Governments Autonomy Law and Law of Separated Income and Expenses of Central and Local Governments, the duties and rights of county governments and city governments have been tremendously promoted. The natures of independence and initiative being lacked in the policies of the past are found in the drafting and implementation of the existing policies. Therefore, the traditional public land management and the old land development model can no longer achieve economic interests. In addition, as tax income is decreasing gradually, to get a more efficient land use model, it is inevitable to see the trend of securitization.
On 11th March, 2002 the Council for Economic Affairs of Executive Yuan passed the draft of “Real Estate Securitization Law.” It imported two systems from foreign countries: the American and Japanese real estate investment trust and capital trust. They built up the structures for the legal systems of real estate securitization of Taiwan, as well as the issue and listing of beneficiary securities. As the draft not only took the American and Japanese legal systems as reference, but also met the environment and needs of that time, it should have been an applicable draft. Nevertheless, such aspects as how to solve the problems discovered, and the problems probably derived from its application on local governments are worthy of further investigation. In fact public real estate does not have lower expectation for securitization than the construction industry and banking industry. However, over the punishment on public real estate, trust itself has law to exert limitation. Before the related laws, like Nation-Owned Property Law, Land Law, etc. are revised, it deserves further investigation on whether trust can be a target for the issue of beneficiary certificates.
This research refers to the implementation experience of the American and Japanese real estate securitization, accumulates the public land trust system of Japan, finds out the relevant cases of Taiwan in the past similar to “real estate securitization,” examines the relevant systems, and raise the relevant problems that may possibly be confronted in times of application of real estate securitization on county-owned land management. There was a Chinese saying, “It is useless to rely on law only.” Whether it is successful to apply real estate securitization on county-owned land management not only depends on the complete revision of law by the central government. A release of public land restriction and the local governments’ willingness to change the existing systems will also affect the promotion of the policy. Besides, the research also focuses on the survey of questionnaires answered by various related supervisory departments of local governments (including villages, towns, city offices) that have practically participated the public land management and land development, so as to understand the local governments’ cognition and attitudes towards the meaning of real estate securitization, and the problems they encountered when promoting the management of public land. Through the questionnaire survey, the right opportunity for local governments to promote real estate securitization can be known. It can be a reference for local governments to make their public land management and land development realized.
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