研究生: |
王天帝 Wang-Tien Ti |
---|---|
論文名稱: |
以實質選擇權建構土地投資評價模式之研究 Research of the land investment appraisal pattern by the real option construction |
指導教授: |
王慶煌
Ching-Huang Wang |
口試委員: |
呂守陞
Sou-Sen Leu 周瑞生 Jui-Sheng Chou |
學位類別: |
碩士 Master |
系所名稱: |
工程學院 - 營建工程系 Department of Civil and Construction Engineering |
論文出版年: | 2009 |
畢業學年度: | 97 |
語文別: | 中文 |
論文頁數: | 114 |
中文關鍵詞: | 實質選擇權 、延遲選擇權 、土地開發最適門檻 、通貨膨脹 、淨現值 |
外文關鍵詞: | real option, deferral option, Land development of hurdle, Currency Inflation, Net Resent Value |
相關次數: | 點閱:265 下載:0 |
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在台北市土地開發者在購買土地之後,通常不會立即開發,也就是一般俗稱養地。傳統上估計土地價值方法多以現金流量方法(Cash Flow Approach)進行專案之評估,但其未能考量到時間的彈性影響,因而較易無法適切地評估專案之實際價值。本研究將採Black-Scholes 評價模式(簡稱B-S模式)概念,以實質選擇權建構土地評價模式;實質選擇相當於一個沒有期限之美式買權,土地開發者可利用其等待或立即開發土地之特性,來依循景氣之好壞來決定開發之時間點。本研究將探討未開發土地之真實價值、較適開發時間點、選擇權價值及通貨膨脹問題,並依此發展一個土地投資評價模式,能探討通貨膨脹與土地開發上之關連性與土地延後開發所增加之選擇權價值。
In Tapei, land exploiters usually can’t develop immediately after purchasing land, which is the general popular name “raise land”. In the traditional way, estimating the land value is often carried on appraisal of project by method of Cash Flow Approach, but it has not been able to consider to the elastic effect of the time, therefore, it is not easy to be able to appraise the actual value of the project appropriately. This research will adopt a concept of the appraisal pattern of Black-Scholes (the i.e. B-S pattern), which is the land investment appraisal pattern by the real option construction; the real option is equal to type of American buy power without deadline, The land exploiters may use the characteristic of its waiting or the develop land immediately to rely on the booming qualities to decide time of development.This research will discuss the real value of undeveloped land, the suitable development time, the option value and the question of currency inflation. Furthermore, according to developing a land investment appraisal pattern, which can be discussed the correlation between currency inflation and land development, and the land is postponed development to bring the increase of option value.
中文:
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英文:
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其它:
28.黃宗源,土地開發與建築法規應用,永然文化出版(1996)。
29.台北市統計年報, ttp://w2.dbas.taipei.gov.tw
30.行政院主計處, http://www.dgbas.gov.tw/mp.asp
31.內政部地政司全球資訊網,http://www.land.moi.gov.tw/chhtml/allpage.asp
32.財政部國有財產局台灣北區辦事處,http://www.npbnto.gov.tw
33.台北市政府地政處土地開發總隊, http://www.lda.taipei.gov.tw
34.國土規劃及不動產資訊中心, http://www.realestate.org.tw/
35.信義房屋, http://www.sinyi.com.tw/
36.東森房屋, http://www.sinyi.com.tw/
37.住商不動產, http://www.hbhousing.com.tw/
38.全國不動產,http://www.nra.com.tw/