信託為一種財產管理制度，隨著財務管理制度的創新及發展，信託也被廣泛運用在各項投資活動，因此投資信託制度應運而生。為求瞭解現代投資信託制度源於美國麻州信託，第二章首先說明其別稱及意義、分析各項特性，並探討兩種類型，進一步分析證券投資信託、不動產投資信託的意義、特性與類型，以及不同制度的發展概況，作為研究投信事業的公司治理及投資人保護法律制度的重要基礎。
隨著公司治理成為先進國家、區域性經濟組織及相關國際組織所重視的課題，維護股東權益與經營階層的忠實義務及利益衝突有密切關係，為求探討證券投信事業及不動產投信事業的公司治理，在說明公司治理的概念及其修訂議題之餘，第三章探討我國證券投信事業公司治理的法令與實施現況、比較國內外有關證券投信事業設置與監督管理的相關規定，在強調證券投信事業關切國外證券的公司治理規範及實務運作之餘，並歸納一國公司治理體系主要面向與問題，同時強調證券投信事業的忠實義務及利益衝突防免是強化公司治理的重要問題，而探討忠實義務的實質內涵及法制規範、區別類似概念及分析其法律效果，並以關係人交易案例檢討現行法制相關規定。
另一方面，雖然我國不動產投信制度參考美國不動產投資信託而建立，然而第四章提及美國不動產投信事業的公司治理議題與其組織型態相關，並強調內外部營運模式的不動產投信事業衍生不同的公司治理問題，而我國不動產投信事業的公司治理議題，因產業結構以取得財政部野i而得兼營信託業務的銀行為主，所以不動產投信事業違反忠實義務而發生利益衝突情事，以固有業務與信託業務之間的利益衝突、自己交易或關係人交易為主。
投資信託事業推動有效的公司治理，可使基金投資人權益獲得適當的法律保護，足見投資信託制度投資人保護與投信事業公司治理具有相當關連，不論是美國制定投資公司法前後或晚近避險基金違反公開說明書進行擇時交易或遲延交易、我國投信投顧法通過立法前後，兩國證券主管機關皆多有作為，值此證券投資人及期貨交易人保護法、投信投顧法先後通過立法，投信基金市場也需要以投資人保護為核心概念的規範體制，因此第五章試以不同權力作用與宏觀角度為出發點，分別探討國內外基金投資人保護的立法發展、司法實務以及行政監督，藉以檢討調整我國證券投信制度的投資人保護工作，期能健全證券投信法制發展及提昇基金投資人對市場的信心。同時，雖然不動產投信基金受益人也是證券投資人，但是我國投資人保護法規定保護機構需於券商財務危機而發生違約交割情事，始得動用保護基金償付投資人，並不提供基金投資人法律保護，所以不動產投信制度的投資人保護，在法制規範及行政監督方面，仍有賴不動產證券化條例明文規範，至於司法實務，則有待法院作成可供參考的正確見解。
此外，不動產投信事業所揭露的相關資訊愈正確，則不動產投信基金投資人愈能依據該資訊作成適當的投資決策，因此第六章另從微觀角度研究不動產投信制度的投資人保護，以不動產投信事業公司治理的資訊揭露作為核心概念，介紹重要性及其理論基礎，歸納我國不動產投信法制有關資訊揭露規定，並探討美國不動產投信事業的資訊揭露，以利進行比較分析。再者，不動產投信事業向不特定投資人募集發行不動產投資信託受益證券，其所提供的公開說明書應記載事項是否完整且正確、容易取得及理解、取得獨立會計師或律師的簽證，皆是影響基金投資人能否判斷該受益證券有無投資價值的重要因素，可見公開說明書與投資人權益密切相關，所以第六章也探討美國及我國不動產投資信託的公開說明書法制，並比較分析該公開說明書的法制規範、編製內容及相關問題的法律責任，以利我國推動不動產投資信託制度的投資人保護。
除了研究結論，本文最後一部份提出我國投信投顧法、投信投顧事業公司治理實務守則、證券投資信託利益衝突防免法制、不動產投資信託公開說明書法制的修訂建議。此外，也指出未來不動產投信事業及不動產投信基金的發展方向、國內建立基金投資人保護法制以及檢討不動產投信事業資訊揭露立法政策的必要性，最後再度強調國際投資信託基金應該注意全球公司治理，以及進行外國法比較分析的適切性。

Trust is the institution used for properties management. With the innovation and development of properties management, trust is also applied to all kinds of investment. So the institution of investment trust comes with the tide of fashion. In order to understand the origin business trust, the second part of this article illustrated its alternative name, meaning, characteristics and category. And then further to analyze the meaning, characteristics, category and development of securities/real estate investment trust.
Due to the task of corporate governance was placed importance by advanced countries and regional economic organizations, rights and interests of shareholders were closely-related to the fiduciary duty and conflicts of interest of the management. Part three explored the corporate governance of securities investment trust enterprise (SITEs), its contents included the concept and revised principle, law and regulation of Taiwan SITEs, comparison of the supervision of domestic and foreign SITEs, generalization of the dimension and issue of a country’s corporate governance system, difference of fiduciary duty’s similar concept and legal effect. And then the part was ended with a case of Taiwan SITEs related party transaction.
Although the Taiwan REIT came from REITs of America, these institutions were entirely different. Part four mentioned about the corporate governance of America REIT enterprise was related to its organizational pattern, and put emphasis on operational model brought about different governance problem. The corporate governance issues of Taiwan REIT enterprise were the conflicts of interest between banking business and trust business and self-dealing and related party transaction, because of the industry structure focused on the banks approved by the Ministry of Finance.
Effective corporate governance of investment trust enterprise can bring the rights and interests of fund investors with adequate legal protection, so intense relationship between investor protection of investment trust and corporate governance of investment trust enterprise was evident. At the time of Securities Investment Trust and Consulting Act and Securities Investor and Futures Trader Protection Act was enacted by the Yuan of Legislation, we still need the norm system concerning investor protection of investment trust fund market. From macroscopic viewpoint of power function, part five discussed investor protection in America and Taiwan securities investment trust fund respectively from legislative development, judicial practice and administrative supervision. The protection institution may use the protection fund for payment under the circumstance when a securities investor’s consigned securities firm breaches contract due to financial difficulties, pursuant to Article 21 of Securities Investor and Futures Trader Protection Act. Therefore the Act cannot offer fund investors with enough legal protection, it depends upon Real Estate Securitization Act to strengthen the legal norm and administrative supervision and all levels of courts to announce correct verdicts.
It goes without saying that the information disclosed by REIT enterprise was more correct, REITs investor can make more appropriate investment policy. From microscopic viewpoint of information disclosure, part six investigated investor protection in America REITs and Taiwan REIT funds. We’ll introduce the significance and theoretical ground of REIT enterprise information disclosure, induce the disclosure provision of Taiwan REIT enterprise, and compare with information disclosure of America REIT enterprise. REIT enterprise issued beneficial securities to raise the fund of non-specific persons, the integrity and accuracy and availability and comprehensibility and expert certification of prospectus were relevant factors to influence the investors’ judgment about REIT beneficial securities’ value. With close relationship between prospectus and the rights and interests of investor, this part still talked about the legal institution of America REITs and Taiwan REIT funds prospectus and analyze the norm, content and legal issues.
Besides the conclusion, part seven suggested Securities Investment Trust and Consulting Act, Corporate Governance Best-Practice Principles for SITEs/SICEs and the legal institution concerning the prevention from SIT conflicts of interest and REIT prospectus in Taiwan to revise. Afterward we pointed out the direction of REIT enterprise and REIT funds, the necessity to build up the legal norm of funds investor protection and to review the legislation policy of REIT enterprise information disclosure. Finally, we laid stress on international fund to take notice of global corporate governance, the suitability to compare with foreign legal norm.