本文係探討將「不動產抵押貸款債權」以「證券」方式發行及轉讓之理論與引進 國內立法與修法建議。鑑於不動產抵押貸款債權證券化是現代國際金融之趨勢，因此本文首 先將證券化區分類別，再對不動產抵押貸款債權及證券化下定義，使讀者對於此制度能有概 略之了解。依據美國證券化商品種類可分為持分權憑證、抵押擔保債券及償付債券三種型態 ，其證券化運作程序前者是以轉手信託方式將不動產抵押貸款債權移轉出去，進而發行表徵 信託財產受益持分權之受益憑證；後兩者為以擔保負債方式，取得設定質權以供擔保之新債 權，進而發行表徵債權之債券。日本證券化推行乃以美國之證券化為藍圖，所發行之證券化 商品包括：住宅抵押證書、抵押證券、住宅抵押貸款債權信託等。本文係就市場、架構及相 關法律各方面逐一探討，並分析不動產抵押貸款債權證券化制度引進我國之可行性。針對分 析所得「轉手架構」優於「抵押擔保架構」之結論，提出我國實施此制度時應參與之當事人 、組織架構 (運作程序 ) 及須配合制定與修正之法令等建議。 在結論部分，重申國內引進 此制度應配合立法與修法之問題，並具體提出立法與修法草案，供國內採行此制度之參考。

　　　　　This paper explores the issuance and transfer of "mortgage-backed securities" (MBS) and how to enact or amend statutes concerned to adopt it in Taiwan. Since mortgage-backed security has become increasingly popular in modern international finance, this paper begins with classifications of securitization, defines "mortgage-backed loan" and securitization, and presents an overview of this institution to readers. There are three securitization-derivatives, including mortgage passthrough securities (MPTs), mortgage-backed bonds (MBB), and mortgage pay-through bonds (MPTBs) in the U.S. The process of securitization of MPTs is to transfer mortgage-back loan to a trustee, then issues certificate of beneficiary. The process of securitization of MBB and MPTBs is to issue bonds with mortgage-backed loan as collateral. The Japanese structure of securitization copies from American securitization derivatives, including certificate of residential housing mortgage, mortgage security, and residential housing mortgage-backed loan trust. From various aspects of market, structure, and concerning laws, this paper explores the feasibility of adopting mortgage-backed securities in Taiwan. After comparing and analyzing, this paper asserts that trust structure is better than collateralized Debt Structure, and proposes the participants, structure (process) and concerning statutes to be enacted or amended to adopt MBS in Taiwan. In conclusion, this paper reasserts to enact and amend the statutes concerned to adopt MBS, and proposes the drafts of enactment and amendment of these statutes for a reference of adopting MBS.