As the result of the real estate bubble on 1990, the domestic real estate market is constantly sluggish which makes an impact on the development of relevant industries in Taiwan. In recent 15 years, the housing industry has been deeply impacted in particular. In order to stimulate the recovery of the real estate market and the development of economy, Taiwan government promoted many related projects in order to boost the prosperity of Real Estate industry. Such as ¡§Improving Real Estate Market Polices¡¨, ¡§Two-year Reduction Policy of Land Value Increment Tax to Half¡¨, release limitations on foreign ownership of Taiwan property ¡§Real Estate Appraisal regulation¡§¡§Certified Real Estate Registration Agent Code¡¨ Legislation of real estate management¡¨. Meanwhile ¡§The Conference of National Economy and development¡¨, ¡§A series of strengthen economy quality¡¨ and ¡§Economic Development Advisory Conference¡¨ have been convoked and recommended ¡§real estate securitization¡¨ might be the workable way. In 23rd July 2003 the Legislative Yuan passed the Real Estate Securitization Statute and Enforcement Rules of the Real Estate Securitization Statute. The purpose of the enactment was through securitization stimulating the real estate market and effectively developing real estate. Real estate securitization, by definition, the financing mechanism alters the investor¡¦s investment, from a direct investment to a securitized investment. The trust company issues securities over a portfolio of properties to raise fund from the capital market other than mortgage loans from banking system. The implementation of the real estate securitization can combine the real estate market with the capital market and effectively facilitate the development of real estate resources. These transactions have grown increasingly popular over time, providing the long-awaited fueling of the domestic real estate market. Therefore not only the real estate industry enables to utilize the funds raised from the general public, but also improves distressed government finance . By referring to the experience of the US and Japan , Taiwan Real Estate Securitization Statute was constructed by two kinds of Real Estate Securitization, the investment trust of real estate (REITs) and real estate assets trust (REATs). The Act being adopted from the Real Estate Investment Trust system of USA; and the Real Estate Asset Trust system of Japan. The real estate securitization has been brought into practice for over 3 years since implementation of Taiwan¡¦s Real Estate Securitization Statute. Till the end 2006, Financial Supervisory Commission ratified 15 cases of real estate securitized products, over NTD 69,694 million of real estate securities was issued. Among them, 7 cases regard REITs as the structure issues NTD 51,800 million which about 75% of total market share. The purpose of this study is to discuss the Development of Real Estate Investment Trust in Taiwan by analyzing and referring the current situations and relevant legal mechanisms in US and in Japan. Through real case study probes actual operation of REITs also gives suggestions for their prospective development and impacts. In addition, the research provides recommendation and valuable information to the current market and insights about the future development of Taiwan¡¦s REIT market.

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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O presente trabalho tem por objetivo analisar a securitização imobiliária como uma alternativa viável de captação de recursos para financiamento imobiliário no Brasil. Este trabalho possui uma natureza essencialmente analítica, não sendo estabelecido nenhum modelo empírico de testes e análise dos dados apresentados. Por outro lado, foi realizada uma revisão da literatura sobre crédito imobiliário e securitização imobiliária no Brasil a partir da criação do SFH (Sistema de Financiamento Habitacional), em 1964. O volume de negociações de CRI (Certificado de Recebíveis Imobiliários), principal título securitizado, apresentou alta taxa de crescimento nos últimos anos, passando de R$ 11 milhões em 2000 para R$ 4,1 bilhões em 2010. A Caixa Econômica Federal, agente com a maior carteira de financiamento imobiliário, realizou em 2011 a cessão de 4.324 contratos de financiamento habitacional para securitização, através da emissão de CRIs. Os CRIs emitidos totalizaram R$ 232.766.000,00 (duzentos e trinta e dois milhões, setecentos e sessenta e seis mil reais). A análise realizada indica que as recentes alterações institucionais e o crescimento das operações permitem considerar a securitização como uma alternativa de funding viável para o mercado imobiliário brasileiro. / This paper aims to analyze the real estate securitization as a viable alternative to raise funds for the real estate financing in Brazil. This work has an essentially analytical nature, and no empirical tests model and analysis of the presented data was established. Moreover, a literature review on mortgage and real estate securitization in Brazil was performed since the creation of the SFH (Sistema de Financiamento Habitacional), in 1964. The trading volume of CRI (Certificado de Recebíveis Imobiliários), the main security securitized, showed a high rate of growth in recent years, going from 11 million reais in 2000 to 4.1 billion reais in 2010. The Caixa Econômica Federal, an institution with the largest portfolio of real estate financing, made 4,324 cessions of housing financing contracts for securitization in 2011, through the emission of CRIs. The issued CRIs amounted 232,766,000.00 reais (two hundred and thirty-two million, seven hundred and sixty-six thousand reais). The analysis indicates that recent institutional changes and growth of securitization operations can be considered as a viable funding alternative of funding alternative for the Brazilian real estate market.

O presente trabalho tem por objetivo analisar a securitização imobiliária como uma alternativa viável de captação de recursos para financiamento imobiliário no Brasil. Este trabalho possui uma natureza essencialmente analítica, não sendo estabelecido nenhum modelo empírico de testes e análise dos dados apresentados. Por outro lado, foi realizada uma revisão da literatura sobre crédito imobiliário e securitização imobiliária no Brasil a partir da criação do SFH (Sistema de Financiamento Habitacional), em 1964. O volume de negociações de CRI (Certificado de Recebíveis Imobiliários), principal título securitizado, apresentou alta taxa de crescimento nos últimos anos, passando de R$ 11 milhões em 2000 para R$ 4,1 bilhões em 2010. A Caixa Econômica Federal, agente com a maior carteira de financiamento imobiliário, realizou em 2011 a cessão de 4.324 contratos de financiamento habitacional para securitização, através da emissão de CRIs. Os CRIs emitidos totalizaram R$ 232.766.000,00 (duzentos e trinta e dois milhões, setecentos e sessenta e seis mil reais). A análise realizada indica que as recentes alterações institucionais e o crescimento das operações permitem considerar a securitização como uma alternativa de funding viável para o mercado imobiliário brasileiro. / This paper aims to analyze the real estate securitization as a viable alternative to raise funds for the real estate financing in Brazil. This work has an essentially analytical nature, and no empirical tests model and analysis of the presented data was established. Moreover, a literature review on mortgage and real estate securitization in Brazil was performed since the creation of the SFH (Sistema de Financiamento Habitacional), in 1964. The trading volume of CRI (Certificado de Recebíveis Imobiliários), the main security securitized, showed a high rate of growth in recent years, going from 11 million reais in 2000 to 4.1 billion reais in 2010. The Caixa Econômica Federal, an institution with the largest portfolio of real estate financing, made 4,324 cessions of housing financing contracts for securitization in 2011, through the emission of CRIs. The issued CRIs amounted 232,766,000.00 reais (two hundred and thirty-two million, seven hundred and sixty-six thousand reais). The analysis indicates that recent institutional changes and growth of securitization operations can be considered as a viable funding alternative of funding alternative for the Brazilian real estate market.

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

[pt] O modelo de monitoração, registro e valoração de investimentos, adotado por investidores institucionais em países desenvolvidos e em especial o americano, juntamente com todos os seus agregados financeiros - índices de bolsas, indicadores de performance, precificação de ativos, ratings, standards, etc...- é sem dúvida um forte elemento direcionador e influenciador dos modelos adotados no Brasil para administração de carteiras de investimento. Surgiu no próprio mercado americano, após o término da recessão do inicio dos anos 90, uma profunda remodelagem dos instrumentos, veículos, indicadores de performance e standards dos investimentos de base imobiliária, que até então seguiam seus próprios e diversificados padrões, desvinculados dos modelos propalados e adotados pelo mercado financeiro. O conhecimento dos modelos de gestão adotados por investidores institucionais brasileiros, em especial os fundos de pensão é básico para se desenhe uma nova estratégia futura de alocação e respectiva gestão de recursos em carteiras de base imobiliária de investidores institucionais. O foco do presente trabalho é dar início a este processo de conhecimento pela identificação e interpretação dos principais fatores que modelam a gestão imobiliária dos fundos de pensão brasileiros, propondo a partir daí algumas reflexões iniciais sobre estes fatores e por conseguinte sobre estes modelos, visando padronizações, aperfeiçoamentos e um maior alinhamento com práticas já consagradas em mercados mais desenvolvidos e eficientes. / [en] It is common knowledge that the models of monitoring, registering and valuating investments, accepted by institutional investors in many developed countries, especially the US - together with financial ratios adopted in the stock market, in assets price evaluation and performance, in risk ratings, in account standards - have great influence in the models implemented by investment portfolio managers in Brazil. After the recession in the beginning of 1990 s, took place in the US Real Estate market a major restructure of Real Estate instruments, vehicles, performance indices, and standards. The Real Estate community agreed that their market could no longer have dissimilar and diverse methods for measuring and evaluating Real Estate assets if compared with those used currently by the financial market. Knowing and understanding the relationship between models adopted by brazilian institutional investors and the positioning of pension funds when allocating resources to real state, is fundamental to trace any new future allocation and management strategy for real state investments by institutional investors. The main purpose of this paper is to begin this process of knowledge by identifying and interpreting the main factors that model the real estate portfolio management adopted by Brazilian pension funds, followed by some reflexion over those factors and conseqüently over those models, mainly focused on standardization and refinement of such current models, and also on aligning current practices to those already approved and implemented by more developed and efficient markets.

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。