本研究以臺灣不動產投資信託基金（Real Estate Investment Trusts; REITs）之發展趨勢與未來機會為核心，透過文獻整理、制度比較與量化分析，探討臺灣REITs長期發展停滯之原因，並進一步借鏡日本與新加坡之成功經驗，提出臺灣未來制度改革之方向。研究首先回顧臺灣自2003年《不動產證券化條例》施行以來之市場發展現況，發現我國 REITs市場雖已建立基本制度，惟受限於信託架構、籌資與投資限制及稅制誘因不足等因素，以致市場規模長期偏小。其次，本研究比較日本(Japan Real Estate Investment Trusts; J-REITs)與新加坡(Singapore Real Estate Investment Trusts；S-REITs)之制度設計與市場表現，歸納出「專業外部管理」與「發起人驅動」為活絡REITs市場的兩大核心要素，兩國均透過專業管理機制、較具彈性的資本運作、稅務導管制度及多元化資產配置，成功建立具規模與流動性的REITs市場；相較之下，臺灣REITs在量化分析上呈現市值規模偏小、市價淨值比深度折價、槓桿運用保守及資產類型集中於傳統商業不動產等特徵，顯示現行制度對市場成長與價值提升之支持度不足。基於上述分析且因應臺灣近期推動《證券投資信託及顧問法》「基金架構雙軌制」的修法契機，本研究建議主管機關應加速相關法規落地，並配合稅制調整、籌資機制鬆綁、投資標的多元化及公司治理強化等方向進行改革，以提升市場效率與投資吸引力，臺灣REITs的制度轉型不僅有助於活化不動產資產及提高資本市場深度，亦可與臺灣發展亞洲資產管理中心之政策目標相互連結，成為促進長期資金配置與不動產金融發展之重要工具。

This study focuses on the development trends and future opportunities of Real Estate Investment Trusts (REITs) in Taiwan. Through literature review, institutional comparison, and quantitative analysis, this research explores the underlying reasons for the long-term stagnation of Taiwan's REITs market and proposes directions for future institutional reforms by drawing on the successful experiences of Japan and Singapore. The study first reviews the market development since the implementation of the Real Estate Securitization Act in 2003. It finds that although a basic framework has been established, the market scale remains persistently small due to constraints such as the rigid trust structure, restrictions on financing and investments, and insufficient tax incentives. Secondly, this study compares the institutional design and market performance of J-REITs and S-REITs, concluding that "professional external management" and a "sponsor-driven model" are the two core elements for revitalizing the REITs market. Both countries have successfully built scalable and highly liquid REITs markets through professional management mechanisms, flexible capital operations, tax conduit systems, and diversified asset allocation. In contrast, quantitative analysis reveals that Taiwan's REITs are characterized by a small market capitalization, a deep discount in the P/NAV ratio, conservative leverage utilization, and a high concentration of asset types in traditional commercial real estate. These characteristics indicate that the current regulatory system fails to adequately support market growth and value enhancement. In response to the recent legislative momentum for a "dual-track fund structure" under the Securities Investment Trust and Consulting Act, this study recommends that competent authorities accelerate the implementation of relevant regulations. To improve market efficiency and investment appeal, reforms should also encompass tax adjustments, deregulation of financing mechanisms, diversification of investment targets, and the enhancement of corporate governance. The institutional transformation of Taiwan REITs will not only help revitalize real estate assets and deepen the capital market but also align with the national strategic objective of developing Taiwan into an Asian Asset Management Center, ultimately serving as a vital instrument for long-term capital allocation and the advancement of real estate finance.

一、書籍
Chan, S. H., Erickson, J., & Wang, K. (2003). Real Estate Investment Trusts: Structure, Performance, and Investment Opportunities, New York: Oxford University Press.

二、期刊論文
1.游志煌;王中喆，(2024)。簡介「證券與不動產投資信託及證券投資顧問法」修正草案及不動產投資信託新制。理律新知，2024-02，P1-2。
2.Chen, D., Gao, Y., Kaul, M., Leung, C. K. Y., & Tsang, D, (2016). The Role of Sponsors and External Management on the Capital Structure of Asian-Pacific REITs: The Case of Australia, Japan, and Singapore, International Real Estate Review, 19(2), 197-221.
3.Hattori, T., & Yoshida, J, (2024). REIT Equity Financing and Capital Investment in the Presence of the Central Bank Put, Crepe Discussion Paper NO.154.
4.Ramachandran, J., Chen, K. K., Subramanian, R., Yeoh, K. K., & Khong, K. W, (2018). Corporate governance and performance of REITs: A combined study of Singapore and Malaysia. Managerial Auditing Journal, 33(8/9), 786-812.

三、博碩士學位論文
1.林思羽(2023)。臺灣不動產投資信託基金（REITs）現況及未來採行基金架構之修法研究。國立政治大學，法學院碩士在職專班。
2.林裕仁(2015)。我國不動產投資信託基金之決策模式對基金管理之影響—兼論美國及日本之不動產投資信託基金制度。國立政治大學，經營管理碩士學程(EMBA)。
3.章俊明(2005)。不動產投資信託(REITs)在臺灣的發展與前景展望。國立政治大學，金融研究所。
4.黃千守(2019)。我國不動產證券化條例之實務運作問題與修法建議－以不動產投資信託基金為中心。國立政治大學，法學院碩士在職專班。
5.森宏之(Mori, Hiroshi) (2019)。上場不動産投資信託（Ｊ－ＲＥＩＴ）の形成過程についての研究。埼玉学園大学大学院。

四、網際網路及其他參考資料
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2.ARES, (2025). ARES Monthly J-REIT Report-January 2025, from:
https://j-reit.jp/download/info/1394.pdf
3.Fidelity Investments, (2016). REIT Stocks: An Underutilized Portfolio Diversifier, from: https://www.reit.com/sites/default/files/media/PDFs/Research/REITStocksAnUnderutilizedPortfolioDiversifier_Fidelity.PDF
4.Investopedia: Conduit Theory: What It Is, How It Works, Retrieved MAY 03 2025, from:https://www.investopedia.com/terms/c/conduittheory.asp
5.IRAS, (2025). Income Tax Treatment of Real Estate Investment Trusts and Approved Sub-Trusts, from:
https://www.iras.gov.sg/media/docs/default-source/e-tax/e-taxguide_income-tax-treatment-of-reits-and-approved-sub-trusts.pdf
6.KPMG & REITAS, (2019). Singapore - A Global Hub for REIT Listings: Exploring Real Estate Investment Trusts in Singapore. KPMG Singapore, from: https://assets.kpmg.com/content/dam/kpmg/sg/pdf/2019/07/singapore-a-global-hub-for-reit-listings.pdf
7.Monetary Authority of Singapore, (2024). Response to feedback received on proposed amendments to the leverage requirements for REITs, from: https://www.mas.gov.sg/-/media/mas/resource/publications/consult_papers/2024/mas-response-to-feedback-on-proposed-amendments-to-reit-leverage-requirements.pdf
8.Monetary Authority of Singapore, (2025). Code on Collective Investment Schemes, from:
https://www.mas.gov.sg/-/media/mas/regulations-and-financial-stability/regulations-guidance-and-licensing/securities-futures-and-fund-management/regulations-guidance-and-licensing/codes/cis-code-last-revised-28-nov-2025.pdf
9.Nareit, (2024). REITs and Liquidity, from:https://www.reit.com/investing/investment-benefits-reits/reits-and-liquidity
10.Nareit, (2025a). The History of REITs, from:
https://www.reit.com/what-reit/history-reits
11.Nareit, (2025b). Global REIT Approach to Real Estate Investing, from:
https://www.reit.com/sites/default/files/2025-05/2025_Global_REIT_Brochure.pdf
12.Parkway Trust Management Limited, (2021). Parkway Life REIT completes asset recycling initiative with further acquisition of two nursing homes in Japan, from:https://plifereit.listedcompany.com/newsroom/20210630_185544_C2PU_ECXAQC9JJTSQW36U.2.pdf
13.SGX Research, (2024). SREITs and Property Trust, from:
https://www.reitas.sg/wp-content/uploads/2025/01/SGX-Research-SREIT-Property-Trusts-Chartbook-Q4_1.pdf
14.SmartAsset, (2025). Internally Managed vs. Externally Managed REIT, from:https://smartasset.com/investing/internally-managed-vs-externally-managed-reit
15.TSE OFFICIAL, (2025). J-REIT Guide Book, from:
https://www.jpx.co.jp/english/equities/products/reits/guidebook/b5b4pj000003984r-att/REIT.pdf