高雄市 埕區曾長期據有中心商業區之地位，然近年來本區的商業機能大幅衰退沒落 ，新近崛起的商業地帶迅速取得優勢，以致本區的商業地位日益滑落；但在面對高雄 市朝向都會化發展的趨勢中，許多規畫報告和法定計畫卻仍冀望本區扮演中心性商業 機能，漠視本區內有衰退外有強大競爭的雙重壓力，且對本區之未來發展亦缺乏具體 對策，此種規畫與現實有所歧異的矛盾必須加以修正，又為挽救本區之機能免於頹敗 之命運，則本區需要一套完整的復甦計畫，於是引發了本論文之研究動機，希望能對 埕區之更新問題進行初步的探索。 本論文先檢討各階層法定計畫的內涵，以知曉本區之定位；透過現況發展資料之分析 並配合問卷調查以瞭解本區之特性；再由都會區之整體觀點對本區未來發展潛力進行 評估，綜合歸納出本區衰退的原因，並掌握本區實施更新將面臨的課題。而後根據“ 機能置換”的更新理論，以“強化土地使用強度”、“改善土地利用效益”為更新之 基本原則，期望在不損傷現有商業機能之前提下，加強本區其他都市機能活動，尤其 是住宅機能之重整，以建立高品質住宅區域，促使本區經由機能之更新轉換，避免沒 落之命運。 本論文共計六章，主要分為理論回顧、實證研究和更新規畫三部分，玆分述如下： ※第壹章為緒論，闡述研究動機、目的，界定研究範圍、內容，說明研究方法和程序 。 ※第貳章對更新理論作回顧檢討，含更新之意義與內涵，實施之型態與方式，並討論 更新方式之選擇。 ※第參章進入實證研究之部分，先自 埕區之沿革探討其變遷過程，後檢討各法定計 畫之規畫內容，以明確掌握本區在都市發展歷程中所扮演之角色；再根據現況資料， 對本區人口、產業經濟活動、土地使用、居住環境等發展現況加以分析。 ※第肆章則以整體性觀點對 埕區之未來進行評估，在這一章中以高雄市的發展趨勢 、現代化產業之傾向、土地利用效益和本市各商業中心競爭力之分析為主要內容，藉 以評估本區機能之發展途徑，由此而掌握本區的特性和課題。 ※第伍章進行更新之規畫，首先藉前途二章之分析對本區之更新提出基本構想，在參 考本區重大公共投資活動的影響程序後，擬定本區初步的更新內容，再依據理論和實 際狀況擇定恰當的更新方式，而後進行可行性分析。 ※第陸章提出本論文之結論和建議事項。

在民國50年代興建的臺北市整建住宅社區（簡稱整宅）歷經近50年的超值使用及增建、違建的超負荷累贅，已使整宅更新改建議題，成為都市統理者與追求社會公平正義的都市計畫研究學者關注的焦點，自民國70年代就取得整宅更新迫切需求的共識，為何又歷經近30年的整宅更新研究與推動，遲遲不見整宅更新的明顯成效，令無數關心社會邊緣弱勢族群整宅住戶的研究學者苦研其癥結，思謀對策提供都市統理者發揮統合公權力，展現整宅更新決策執行的有效方法。 本研究鑑於整宅更新議題的學術研究，有從公私協力方向做實施思考者，有從容積獎勵的提高思考者，有從政府強制公權力排除整宅更新障礙思考者，其思考方向都在以整宅之外部因素做思量，欠缺由整宅住戶社會網絡結構思考者。而本研究除了關注整宅更新的外部因素，更注重整宅住戶的內部因素，也就是摒棄外部與內部的區隔，融洽內外部的更新因素，統合思考整宅更新的全面因素。 本研究就臺北市整建住宅社區全體23處做研究母體，以臺北市信義區吳興街二期整建住宅社區為研究樣本，做社區個案全體住戶普查，以住戶基本社經資料、社區內外部統合社會網絡互動關係，社區住戶關注的影響更新關鍵因素為問卷調查內容，加上對整宅更新研究學者、更新主管機關承辦人員、更新實施建築業者、更新規劃諮詢推展機構、不動產估價師、建築師及稅務、法律等整宅更新有深入鑽研的相關產、經、學界做全面深度訪談，探尋整宅更新現階段的法令規範，實施推展狀況，研究成果與心得，求出整宅更新現階段的阻礙難行癥結，藉資本研究主題的深入瞭解，使整宅更新的困境較清晰浮現，俾以謀求解決對策。 本研究結論：一、整建住宅社區更新有集體行動困境 二、關鍵行動者有信任危機與道德風險 三、不確定風險的承擔機制薄弱 四、選配房屋意願不容易滿足 五、建築融資責任主體有爭議 六、期待利益超越現實 七、政府對整宅社區更新輔導態度消極 本研究提出建議：一、政府依法展現公權力，強制排除非理性反對更新者，積極參與更新推展過程 二、建立社區強聯結管道，透明更新作業系統，爭取社區認同與支持 三、建立風險管控機制 / The Taipei Resettled Tenement Communities were formed in the early years, However; Resettled projects are stalled mostly by reasons of － over usage, increasing buildings and buildings constructed without licenses. Those reasons make resettled tenement communities become to be a new issue to a lot of researchers and scholars. Renewal and /or reconstruction are urgent needed in these communities nowadays. According to academic researches of renewal issue, there are thinking points from public and private interests and bonus regulation, but there is no taking point from the social network of reconstruction. Not only the renewal elements of resettled tenement, but also the residents are the focus of my research. Through those elements deliberate the impacts of renewal. The research takes 21 resettled tenement communities of Taipei city as a population. During the communities the second period of the resettled tenement community in Wu-Xing St as a research sample carries out a census. From those residential backgrounds, interaction of social network in communities and the impacts of renewal as the questionnaire and makes an in-depth interview from people of industry, economy and academy. The key of the questionnaire consists of residential background, interaction of social network in communities, the impacts of renewal and the interview of specialists in industry, economy and academy. Finally, we can understand the bottleneck of renewal and the strategy for solution. It concluded in seven points: (1) the dilemma of collective actor. (2) the crisis from key actor. (3) the weak mechanism to uncertainly risk. (4) the unsatisfied willing of chosen house. (5) the debt in reconstructed finance. (6) the overtaking interests. (7) the passive attitude from government. It provided several suggestions that one is government should exclude irrational against in forced and positively to participate the process of renewal. The other is to build up connection in community, to purify the work of renewal, and to strive for support and identification in community. Thirdly is to build up mechanism to carry on risk.

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.