不動產開發過程充斥許多風險，影響開發商經營。景氣因素導致銀行放款態度保守，造成開發商融資困境。不動產信託打破不動產不可分割限制，利用受益權憑證轉讓方式同時向多人籌募資金，增加不動產開發融資管道。然而，不動產開發的高風險與專案獲利不穩定，造成部分國家限制開發型不動產信託於公開市場募集資金。本研究以文獻回顧與個案研究方式，探討開發型不動產信託對不動產開發商經營模式的影響。研究發現，開發型不動產信託有助於專案融資與外部風險隔離。在企業經營上，對開發商的活動結構、價格結構、財務結構與公司界線產生影響。

The process of real estate development is full of risks affecting business management of developers. The boom and bust of the industry make it harder for the developers in project financing. Real estate trust make it possible for developers raising funds from more institutions by issuing beneficiary certificates and transferring partially to the investors. However, the real estate development trust’s public issuing is restricted in many countries because of the unstable return. In this paper, we discuss the influence on developer’s business model while real estate trust is implemented using literature reviewing and multi-cases studying method. It is found that the real estate development trust do good on project financing and risks isolation. It will transform the configuration of activities, pricing structure, financial structure, and company boundaries of developers.

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