不動產證券化(Securitization of Real Estate)即為將土地及建 築物資本性證券化，不動產證券化條例的立法目的在於直接或間接地透過產業關聯效果，為發展國民經濟，藉由證券化提高不動產之流動性，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。使得一般小額投資人亦能輕易加入市場，以利不動產開發或國家重大建設、都市更新案件均能募得需求資金，而專業開發單位亦能各擅其長。本文第一部分先就不動產證券化條例中，對不動產證券化的意義、目的典內容提出釐清，介紹不動產證券化的標的及可產生的影響，建立對不動產證券化之基本觀念。第二部分探討美、日相關法制，介紹美國法中土地信託及日本土地信託之內涵優點，由美、日兩國土地信託之發展及邁入不動產證券化之過程，歸納出外國立法例在實務運作上之優點，做為我國實施不動產證券化之參考。 第三部分自信託法理看我國不動產證券化條例草案，討論我國不動產證券化引入信託模式，與信託原理在不動產資產信託之運用，就信託法之功能比較不動產投資信託與不動產資產信託之區別。第四部分關於不動產資產信託之設立，說明受託機構與當事人的關係，不動產資產信託受託機構之設立與受益證券之法律規定。第五部分從資產信託受託機構管理之法律地位及信託財產之權限，探討草案中關於受託機構之規定，及受託機構管理財產之權限。 第六部分針對不動產資產信託之效益及特色，說明對土地信託之證券化，受託機構之專業管理能力及發揮土地之所有與利用分開之效率，及不動產資產信託之設立在土地政策面、利用面、經濟面，並能擴大金融業務產品。最後就前關部份之見解加以歸納，提出不動產證券化，未來實際應用的可能問題與爭議探討，希望逐步的修正釐清能有助於不動產市場與資本市場充分結合，並達到不動產市場及資本市場相互發展的目標。

The legislative purposes for the Real Estate Securitization Act (Draft) are to improve the national economy, to increase the flexibility of investments in real estate, to protect real estate investments and to enable the securitization of real estate investments. Part I of this paper discusses the meaning, purpose and contents of real estate securitization under the draft of the Real Estate Securitization Act and the resu1ting impact such Act will have once adopted. Part II examines and compares two different legal systems of land trusts: the American land trust system and the Japanese land trust system. It also examines how these two systems developed as well as the strengths and weaknesses of these two systems, providing lessons from which we can learn and which we can apply in the development of our own real estate securitization system. Part III applies the trust law principles and model to the real estate asset trust. It compares and contrasts real estate investment trusts and real estate asset trusts. Part IV discusses the procedure for the establishment of real estate asset trusts and explains the rules governing the trustees of real estate asset trusts and the security certificates. Part V discusses the proposed statutory provisions relating to the trustee entity and the trust property and the limitations on the powers of the trustee entity and its management of the trust property. Finally, Part VI focuses on the strengths and special features of real estate asset trusts. Building on the discussion in the prior parts, Part VI identifies a number of issues that are likely to arise in the future in the implementation of the Act and the securitization of real estate and conc1udes with recommendations regarding how such issues can be addressed so that the Act will work effectively to achieve its intended purposes.