隨著國人生活習慣，理財觀念的改變，對於不動產之持有、使用理念，亦隨之改變，如大型購物中心的相繼出現；新穎科技化辦公華廈的興建，舒適健康豪華休閒育樂設施的開發；便捷安全公共工程的建設．．．等等，再再需要相關產業相互間的配合，而財務融資是根本課題。 　 巨額財務資金之籌集，來自投資大眾，因此，不動產物權之規格化、細小化、單位化，乃透過信託之證券化，以公開發行之受益憑證，直接由資本市場募集資金；我國不動產證券化條例第一條即謂：為發展國民經濟，藉由證券化提高不動產之流動，增加不動產籌資管道，以有效開發利用不動產，提升環境品質，活絡不動產市場，並保障投資；其重要性，可窺全貎。 　 本研究係就證券化定義之詮釋，來探討不動產證券化之特性，並列舉全球發行不動產券化國家之有關制度，市場概況及比較，加以簡述，尤其對美、日兩國推行REITs成效之良窳，予以論述，及我國不動產證券化立法前後，個案實例成敗及發展之研究，期能建立更臻完善之制度，健全不動產與證券市場管理，保障社會投資大眾，達成「資金大眾化，產權證券化，經營専業化」目標，職是故，於本研究後，有所結論與建議。

國內發行REITs已逾一段時間，但卻缺乏發行後實際投資需求研究，然而為了促進REITs產業的穩定發展，有必要了解投資人的投資意願及考量因素為何，故本文延續翁偉翔、張金鶚、陳明吉(2003)之潛在需求研究，再次利用問卷調查方式，並建立二項式Logit模型進行實證，研究投資人對REITs的投資意願及投資考量因素。 實證結果發現，發行REITs後，一般投資者對REITs的相關資訊愈充分，且認為「分散風險」愈重要，及投資人屬性中投資金額愈大，投資工具數愈多，及投資經驗年期愈長，購買REITs機率愈大；法人投資者則認為「流動性」愈重要，及資金規模愈大與投資工具數愈多者，購買REITs機率愈大。在預期未來購買REITs與否，一般投資者預期未來對房地產景氣預期愈樂觀時，愈肯定REITs「小額投資不動產」特性，且具有投資REITs經驗的投資人，預期未來購買REITs機率愈高，但投資經驗年期愈長的投資人，則預期未來購買REITs機率愈低；法人投資者預期未來購買REITs與否，則將「分散風險」與「流動性」兩者皆視為主要投資考量因素。

不動產證券化除了「小口化」不動產，讓投資人也能參與金額龐大的不動產投資外，其價格的穩定亦發揮保值效果。除了使一般社會大眾能穩定獲利，退休的老年人口的資金，亦有一較安全的出口。不動產證券化背後所隱藏的政策效果，則是避免財團壟斷不動產資源，所以政府在政策上應當鼓勵不動產證券化之發展。有鑑於此，有關不動產證券化，在政策上則應採開放的態度，立法上應較大幅度之鬆綁，審查流程更應採便民的措施，甚至准許國外的REITs在台發行。 然不動產投資畢竟金額龐大且專業，一般社會大眾無法解其堂奧，政府當然有責任在開放的同時，加諸安全與規避經營風險的立法與監督，俾能不動產證券化健全的進行。本研究即針對目前國內不動產證券化的立法上與審查程序上之開創性與不合理性，提出看法與建議。如REITs發行時，不動產估價之公平性、成立SPC 制、允許REITs的增資與合併、開放開發型的REITs等均論述其優、劣，並作成建議。而政府也應採開放的態度，既啟動不動產證券化的列車，即不應半途再加諸太多的限制，造成不動產證券化發展不順暢。以目前台灣已發行量觀之，投資人要發揮不動產證券化之避險與穩定獲利之功能，分散財團不動產持有比例、加速都市更新速度，實在是能量不足。 期盼主管官署，放眼未來，取國外證券化發展之長處，重新本著與國際接軌之精神，修訂不動產證券化法及其相關法令與新審查辦法。唯有法令鬆綁，不動產證券化良效始能反應在我國股市與不動產市場，讓社會大眾均能參與不動產投資與分享不動產開發之利益。新增加的金融商品才得以循序漸進，分散社會資金的投資風險。 / REITs enables individual investors to participate in the large real estate investment through securitization. There are some benefits of REITs investment such as the stability of its price, also highly probability of capital gain. REITs can not only generate stable income for the public but also provides a safer investment tool for pension fund. The government policy should encourage the securitization of real estate in order to avoid the financial group monopolizing the real estate resources. Therefore, government supervising bureau should be more open-minded for deregulation and even allows overseas REITs to emit in Taiwan. Nevertheless, due to its huge amount and specialization, real estate investment seems not tangible for the majority of social populace. The government certainly has the responsibility to provide a safer environment through regulation and supervision in order to enhance the integrity of securitization development. This research aims at the development of REITs in Taiwan, and proposes some views and suggestions. For example when REITs is being released, the fairness of its valuation、SPC system、increasing capital、 merging, and regulation innovation of development REITs. The government should be more open-minded to avert balk the development of REITs because of too much limitations. The volume of present REITs circulation in Taiwan is still not large enough to accelerate city renewal、diversify real estate holding by the tycoons, and stable the profit for the investors. Hoping the authorities can have great visions and absorb the knowledge of securitization from other countries to scheme more mature regulations, and take broader views. Only if the deregulation can not only enable everyone participate and benefit from real estate securitization but diversify investment risk.

私募制度是在「便利企業籌資」跟「投資人保護」間取得平衡的制度。本論文分為四大部分針對此議題加以探討。第一部份是比較法的介紹，以美國跟日本的立法例為主，分別在第二章跟第三章中討論；第二部分是我國法制的檢討，在第四章中說明；第三部分則是我國私募實證狀況的介紹，配置在第五章前半段；最後第五章的後半段，則用來說明對我國私募制度的展望。 □ 美國私募制度是以三三年證券法第四條第二項為起點，再透過章則D、RULE 144、RULE 144A、以及章則S等行政命令加以規範，由於其發展久遠，架構健全，因此屢為各國私募立法之參考對象。日本立法例則是以日本證券取引法第二條第三項為基礎，區分為「專業私募」與「少人數私募」G部分分別發展，再透L證券取引法施行令、還有關於第二條的定義府令加以補充。 □ 我國私募法制之架構係於證券交易法第四十三條之六到第四十三條之八訂有最基礎之私募規範。另包括公司法、金融資產證券化條例、不動產證券化條例，以及民國九十三年六月才通過的證券投資信託及顧問法中，對於私募制度也都針對個別法律的特性有所規範。而主管機關亦透過大量之行政命令對技術性、細節性之事項加以補充。對此，本文分別作解釋論之探討與立法論之分析。 □ 歸結我國實證狀況，可發現辦理私募的公司可分為財務艱困公司、組織調整公司以及亟需龐大資金公司三大類。且私募制度關於籌資時程的縮短以及成本的降低，均有一定助益。然我國較特殊之的情形乃，私募之應募對象以符合主管機關所定條件的自然人、法人或基金最多，機構投資人反而極少。此或與辦理私募的企業多為財務狀況不佳的公司，無法吸引機構投資人的興趣有關。 □ 最後，關於私募制度展望部分，本文探討私募與網際網路運用的配合，以及私募與海外籌資的關連。對私募制度而言，網際網路運用上的最大問題就是利用網路的優點卻剛好是私募法規的瓶頸，因網路之優點即可以無遠弗屆的接近各層面使用者，但私募制度卻禁止一般性廣告跟公開勸誘，故如何調配二者間的衝突，便有研究必要。而海外籌資是企業資金來源的延伸，在企業國際化與全球化的的趨勢下，將會越來越重要。私募也是海外籌資的一種手段。目e財政部已經以行政命令開放海外私募，但是海外私募還必須兼顧國外私募法規，故此亦為我國私募制度之發展可注意之方向。

不動產證券化可行性之研究 摘要 為解決傳統不動產投資困境，將不動產投資方式由固定的資產形式轉變為證券型態的概念，而有不動產證券化（Real Estate Securitization）的產生。國內主要的不動產證券化模式分為不動產投資信託（Real Estate Investment Trust）與不動產資產信託（Real Estate Asset Trust），這兩種模式未來市場供需面實際運作的可行性為何，將是不動產證券化制度成功與否的重要關鍵。 本研究先從需求面投資者的角度切入，透過問卷調查資料，運用Logit模型探討證券化可行性因素對於投資者購買不動產受益證券的影響。實證結果發現，一般投資者認為受益證券的市場流通性、分散風險的重要性愈高，以及預期報酬率愈高，其購買不動產受益證券的可能性愈高；在總體因素方面，對於未來證券市場情況愈樂觀，以及房地產市場情況愈樂觀，其購買受益證券的機率將愈高；法人投資者則認為分散風險的重要性愈高，以及該法人機構主要投資工具的種類愈多，其購買不動產受益證券的機率愈大。 以供給面不動產持有者財務上的可行性而言，其財務目標在追求自身的ROE極大化，因此不動產持有者將視各項風險來源對於投資報酬的影響，決定是否運用證券化投資方式。模擬分析結果發現，除了不動產持有者本身的財務結構限制與不動產經營能力之外，在個別考量委託成本風險與開發風險的情況下，其對於不動產持有者ROE的影響較小，但營運風險相較於其他風險來源，對於不動產持有者ROE的影響較大；綜合各項風險來源同時納入考量時，發現不動產持有者自有資金比例愈低，其運用證券化方式的ROE較高，但變動的幅度也較大。此一實證與模擬分析結果，對於未來國內不動產證券化實際運作，可提供政府、業者及一般投資大眾作為決策參考。 關鍵字：不動產證券化、不動產投資信託、不動產資產信託、Logit模型、蒙地卡羅模擬 / A Feasibility Study of Real Estate Securitization in Taiwai Abstract By transforming real assets into securities , real estate securitization is created to solve the liquidity problem of real estate investment. The real estate securitization system in Taiwan is divided into two types - Real Estate Investment Trust and Real Estate Asset Trust. Whether the real estate securitization system succeeds or not is based on the feasibility of the market operation in practice. On the demand side, this research uses Logit model to analyze the impact of the feasibility of the real estate securitization system on the investors’ behavior of buying beneficiary certificates by sampling from intuitional investors and individual investors. The empirical results show that the individual investors emphasize on liquidity, divergence, and expected return. In addition, the probability of buying real estate beneficiary certificates increases with the degree of their optimistic expectation on both the stock and the real estate markets. However, the institutional investors regard the divergence of portfolios and investment instruments as the main factors of their buying those certificates. On the supply side, given the financial objective of ROE maximum, the owners of the real estate will review all of impacts of risk on return of investment before their decision to take the way of securitization. In addition to the financial structure and the management ability of the owners, the results of Monte Carlo simulation on the effect of real estate securitization also reveal that: a. There is little influence on the ROE of the owners’ real assets while taking trust cost risk and land development cost risk into consideration. b. The influence of operation risk on ROE is more than that of other risks. c. Lower the proportion of capital, higher the ROE and bigger the variation of the ROE are. The results of empirical analysis can be a reference of decision making for Government, trust industry, and investors in the real estate security market operation. Keywords：Real Estate Securitization , Real Estate Investment Trust , Real Estate Asset Trust , Logit Model , Monte Carlo Simulation

新竹科學工業園區為我國科技發展之重鎮，園區經營之支出或收益設有作業基金以為管理運用。為促進園區土地及廠房之開發並提昇營運績效，也為貫徹國家科技產業政策之執行，本文建議以不動產證券化之方式，引入民營部門之經營管理，運用財務槓桿效用以募集資金，支持園區發展政策，持續提供並滿足產業界之廠房需求，在避免造成中央政府財政壓力之前提下，已不動產證券化之方式維持園區經營之自給自足性、甚至協助園區之持續擴張。 本文分理論及實務兩方向探討不動產投資信託基金，並以新竹科學工業園區之土地廠房為標的，針對新竹科學工業園區之營運現況，模擬設計不動產投資信託基金之運行模式，並分別從法律規範面及財務營運面探討證券化之合法性與適切性，對於新竹科學工業園區土地廠房之營運，提出證券化模式之建議方案。 另外，從投資大眾募集資金的方式，在新加坡已有騰飛不動產投資信託基金，在香港已有領匯不動產投資信託基金，兩者均獲得國家政策支持，推動民營證券化模式之經驗，可為我國科學工業園區土地廠房交付成立不動產投資信託基金之借鏡。 最後，於評估新竹科學工業園區不動產證券化之可行性後，本文亦提供相關說明，試圖將本文之研究內容及結果，作為國家產業政策發展之建議。

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.

開發型不動產證券化制度，定義上係以未開發完成之不動產之權利，透過特殊目的機構，在破產隔離之法律關係下，加以小口化、規格化，並發行有價證券表彰該權利且對外募集或私募有價證券之行為。在我國法規範之下，制度上則可包括「不動產投資信託基金投資於開發型不動產」以及「不動產資產信託以開發型不動產作為信託財產私募有價證券」二種型態。證券化對於不動產之開發而言，係一相當有利之融資管道，且同時亦提供了小額投資人投資大型不動產開發案共享獲利之機會。一般均認為開發型不動產係對於證券化需求最大之標的，然而，因開發性不動產本質上具有較已開發不動產更高之風險，故學說、實務及立法上之討論亦有眾多見解主張對於開發型不動產之證券化應予禁止或限制。 我國不動產證券化條例於民國92年公布施行時，對於開發型不動產納入規範係採所謂「分階段立法」之模式，而在民國98年1月6日始由立法院三讀通過不動產證券化條例之修正案，正式將開發型不動產納入我國不動產證券化之法制，惟現行法基於道德危險之防止、風險控管與投資人保護等考量，對於開發型不動產之證券化仍設有多數禁止或限制規範。然而，本文認為風險控管與投資人保護之並非不動產證券化制度唯一或絕對之考量；並且，制度上之限制或禁止應屬投資人保護之最後手段，若尚可透過主管機關之有效監理降低投資風險並保障投資人時，仍應儘量朝「興利同時防弊」之方向運作，不應過度限制該制度之適用範圍，否則反而將使制度之立法目的無法達成。 綜上所述，本文嘗試從開發型不動產證券化之本質、特性與優缺點出發，參酌國外相關立法例，並考量我國民情與資本市場之特色後，分析提出我國開發型不動產證券化制度之走向，主張應修法開放募集之不動產投 資信託基金得投資於一般開發型不動產。另外，針對都市更新及BOT等開發案適用不動產證券化條例之議題，本研究採取否定見解，認為應於各該法律另行立法規範此種特別法上之開發型不動產證券化，而不應以不動產證券化條例規範之。故本研究尚針對現行不動產證券化條例、都市更新條例、促進民間參與公共建設法等法律規範提出修正建議。期能提供開發型不動產證券化制度將來修法及運作上之參考。 / The “development-oriented real estate securitization” could be defined as an arrangement that subdivides and standardizes the right of real estate which is undeveloped or under development, into separate shares through a special purpose vehicle and the bankruptcy-remoteness structure, and the public offering or private placement of the real estate securities representing ownership of such shares. Under the Real Estate Securitization Act of Taiwan, R.O.C. (the “Act”), so called development-oriented real estate securitization could also be construed as either 1) fund investment of REIT into real estate(s) under development, or 2) entrusting real estate(s) under development or to be developed to a REAT. Securitization is a favorable way to finance the development project, also it provides opportunities for investors with limited fund to invest in and profit from the same. Generally, development projects have the strongest needs for securitization financing. However, due to the risks accompanied with development, there are opinions from researchers and legislators for the restriction of their securitization. Upon the Act’s promulgation in 2003, the Legislative Yuan also resolved the guidelines for future amendment that the real estate under development or to be developed shall be included upon the maturity of real estate securitization operation. However, due to legislators’ concerns on moral hazard, risk control and investor protection, the amendment promulgated in 2009 formally adapting the development-oriented real estate securitization was still quite restricted. It is held by this thesis that risk control and investor protection are not the only or supreme purposes of the Act. Meanwhile, the restriction shall be deemed the last resort of investor protection, it is to say, if the monitoring and supervision of competent authority is operable, we shall use them to protect investors instead of legislative restriction. Or some objectives of the Act would be therefore hindered. Based on the analysis of the nature, advantages, disadvantages, comparative law study of development-oriented real estate securitization, and also referring to the customs and capital market structure of Taiwan, this thesis has provided some thoughts and suggestions for other researchers and legislators’ reference. Firstly, it is held that the restriction on publicly offered REIT’s investment in development project shall be removed. Also, the urban renewal and BOT project shall not be applicable under the Act as which shall be exceptional types respectively legislated in Urban Renewal Act and the Law for Promotion of Private Participation in Infrastructure Projects. It is expected that the issues, thoughts and opinions raised or provided by this thesis could encourage further discussions toward the subject to ensure the sound and stable development of real estate securitization in Taiwan.

當前我國農業金融施政目標將配合農業加值政策，多元化推動政策性專案農貸，農貸對象將由個別農漁民推廣至農企業，是以，資金用途亦將由農業生產擴及農漁業運銷、加工與技術研發；穩健持續的發展農業將需要充分的資金，如何為農業發展自金融市場引入資金，融資是我國金融施政的當務之急。 　　我國農漁會組織結構脆弱，規模小且欠缺增資機制，本論文鑑於美國資產證券化發展至今已半個世紀，其對直接融資環境的建樹及國家經濟的繁榮功不可沒；直接融資的優點有三：降低借款者的融資成本、提高貸款者的營運效率、增加投資者的投資標的，本論文冀望借鏡美國資產證券化發展經驗及運作模式，創新我國融資思維，以「農業貸款證券化」的方式自金融市場直接取得資金，消弭農業金融當前的瓶頸，為農業發展提供有效的融資，全力發展農業貸款證券化尚能促進國內證券化及信託業務的健康發展。 　　本論文參考美國資產支持證券與小型企業署證券化的運作模式，規劃我國農業貸款支持證券的發行程序，包括創始資產、資產群組化、現金流結構、信用增強機制、發行架構、風險分析、信用評等及訂價策略八個構面，並探討發行之可行性，獲得適法性無疑、市場供給面與需求面具有發行正當性之結論。 　　在促進次級市場流動性議題上，本論文建議以「指定集合管理運用金錢信託」平台，透過投資人的多元性參與以及投資商品的多樣性選擇，在金錢信託架構下促進交易市場的活絡，進而帶動流動性的增強；最後，本論文建議信託業運用信託機制發揮投資銀行之功能，於兼顧企業融資與客戶投資之同時，實踐扶持中小企業、促進地方經濟繁榮的責任與願景。 　　國內如能順利推動農業貸款證券化業務，對市場各個參與者之利基臚列於下，此亦為本論文衷心冀盼的： 一、對政府、農委會等中央主管機關而言： 　　（一）得以建立我國農業資本市場、擴大我國債券之發行。 　　（二）得以解決農地閒置休耕問題、增進農企業規模發展。 　　（三）得以樽節政府農業發展支出、普及全民投資農漁業。 二、對全國農業金庫而言： 　　（一）得以差異化的營運方式有別於農漁會之經營。 　　（二）得以超然的立場貫徹執行金融監督管理之責。 三、對農漁會而言： 　　（一）得以縮減資本計提的需求、提升ROA與ROE。 　　（二）得以提升金融資產流動性、增進資金使用效率。 　　（三）得以提高自有資本的比率、改善經營的績效。 　　（四）得以開創資金調度的渠道、降低資金取得成本。 　　（五）得以分散金融資產的區域性風險與集中性風險。 四、對農、林、漁、牧業者而言： 　　（一）得以取得貸款資金。 　　（二）得以降低融資成本。 五、對投資人而言： 　　（一）得以直接參與本土農業投資。 　　（二）得以享有多樣化的投資選擇。 / The current Agriculture-Finance policy of R.O.C. is to cope with Agriculture Value-up policy, so as to promote diversified project loans from individuals to corporates. Consequently, the purpose of finance will be extended to agricultural and fishing logistics, process and technic inventions. Constant and stable development of agriculture needs sufficient capital; however, the main and urgent issue of agricultural development is to direct financing from capital market. The construction of farmers’ and fishermen’s association of R.O.C. is relevantly fragile, in miniature and in lack of the mechanism of capital injection. The securitization of the U.S.A. has been developed through half century, which flourishes economy and direct finance. There are three advantages of direct finance; the first is to lower the cost of borrowers, the second is to level-up the business efficiency of debtors, and the third is to increase the objects of investors. The essay is about to refer to the experiences of US securitization and its models, so as to innovate our financing thinking with direct financing from Agriculture-Loan-Securitization; where the bottleneck of agriculture financing can be breached and provide more sufficient and efficient capital to boost Agriculture-Loan-Securitization with advantageous growth of domestic business of securitization and trust. This essay consults the methods of US ABS and SME construction to plan the issuance of Agriculture-Loan-Securitization, including aspects of original assets, assets sectors, financing construction, credit enhancing mechanism, issuance construction, risk analysis, credit rating and pricing; that leads to the justification of feasibility, legality, supply and demand of issuance. As to the issue of increase liquidity of secondary market, this essay suggests that the building of Semi-discretionary collectively managed money trust platform can provide a varieties of diversified participation and investing products to investors under the construction of money trust to activate vivid market transaction and empower liquidity. This essay also suggests that the business of trust shall use the function of investment banking, with the balance between corporate financing and client investment, to support SME and improve local economy as a liability and vision. In the event of the succession of domestic Agriculture-Loan-Securitization, the niches of each participant are suggested as followed with sincerely: 1. To Council of Agriculture and government at large, (1) Building up agriculture financing market, expanding the issuance of bonds. (2) Sorting out farmland fallow, increasing the scale of agriculture business. (3) Saving the cost of governmental agriculture cost, promoting the investment to agriculture and fishing. 2. To Agricultural Bank of Taiwan, (1) Setting up the differentiation of management from farmers’ and fishermen’s association. (2) Supervising independently. 3. To farmers’ and fishermen’s association, (1) Minimizing the demand of capital adequacy, increasing ROA and ROE. (2) Increasing capital liquidity and efficiency. (3) Level up tier 1 capital, improve return. (4) Developing new capital channel, lowering the risk of financing. (5) Spreading finance area risk and concentric risk. 4. To agriculture, forestry, fishing and animal husbandry business, (1) Acquiring finance (2) Lower the cost of financing 5. To investors, (1) Participating local agriculture investments directly. (2) Have diversified options of investment.

美國次級房貸在1990年代中期曾經十分興盛，不過之後因LTCM危機，加上Fed採取連續升息政策，許多次級房貸放款的業者面臨資金流動性問題，以及次級房貸利潤不夠高，迫使許多業者退出這個市場，1998年亞洲金融風暴,美國雖未受波及,然自2000年開始因網路科技泡沫影响及2001年911恐怖攻擊,經濟衰退連續降息後，次級房貸在美國持續降息期間再度大幅成長，原因包括當時美國房價上升速度快、不動產市場流動性充裕，投資人增加對收益率較高產品的需求，導致更多次級房貸需求。 國際資金游動頻繁，衍生性產品及不動產證券化盛行，信用卡債、擔保債權憑證(CDO)、資產抵押證券被分割、包裝成證券或基金產品賣出，次級房貸風暴發生，間接亦影響到全球投資在上列產品之銀行、避險基金、機構法人、退休金等等…導致全球股票市場大跌，引發整個金融信用環境惡化，可能引發不良金融連鎖反應，從而導致更大的經濟金融危機。 美林證券、花旗銀行、歐美各大銀行相繼宣布資產減損,台灣國內銀行、保險公司亦陸續出現認列資產減損金額,只要一有次級房貸不利之消息出現,全球股市應聲而倒,截至目前問題所在雖略知一二,然國外金融業界因資訊較透明,其影響已漸公佈及擴大中,國內金融業則仍多採取保守態度,但亦逐漸依規定認列財產損失,然而問題是否已近尾聲,風險是否完全受控制則說法不一。 次級房貸問題的主要原因是相關金融商品證券化,層層包裝成各種衍生性產品,於次級房貸風暴發生後,信用風險連鎖反應造成相關產品無流動性,被隱藏的風險暴露後原有的信評機制幾乎全部失效,層層包裝的風險因事先未被定價,風暴後更無法估算其所會波及之影響,Mark to Market及34號公報迫使全球企業對次級房貸投資相關產品之損失提列資產減損,更加重各項產品流動性之停滯,信用危機造成信心危機，層層結構性產品及再轉投資,造成信用無虞的公司也遭魚池之殃,次級房貸衍生之金融商品,因主要購買者多為金融業或保險業或再包裝後出售予投資客,其後繼影響更是難以估計。 本論文內容除探討美國次級房貸定義、對美國國內及全球之影響、美國政府及各國政府的因應政策、截至目前影響及預計可能還會再出現影響,及因次級房貸之崩潰及衍生之金融產品之跌價所影響的層面與近年來國內外銀行爭相推展個人金融事業及財富管理事業的成立,是否有相當之關係,信用評等、風險控管、及定價在此風暴是否扮演重要角色,但卻又明顯失控?為避免類似情況再發生,應如何因應與防範?進而以提出個人對此事件探討之結論及省思後之建議。