都市更新實務操作上具有高度的不確定性與風險性，而傳統的價值評估方法無法確切地表達都市更新專案在不確性因素下所隱含的價值。因此，本文針對都市更新實務操作之特性，應用實質選擇權(Real Options)的方法，評估都市更新投資案之價值，探討都市更新事業階段與建造階段的選擇權價值。同時，本文於事業階段導入放棄價值，使實施者在投資時更具有彈性，符合都市更新案操作的特性。最後本文進行個案分析，證實個案實質選擇權的擴張淨現值大於傳統淨現值的價值，經過敏感度分析後，影響都市更新選擇權價值的三個重要三項參數為都市更新收益、波動性及建造階段成本，表示都市更新案在不確定因素下，確實含有決策彈性價值，可以證實實質選擇權適用於都市更新之優點價值評估。

The urban regeneration practice operates has the high uncertainty and the risk, but the traditional value evaluated method is unable to express the urban regeneration project accurately the value which conceals under the uncertain factor. Therefore, in this research that applies the method of real options for the characteristics of the urban regeneration practice operates to evaluate the value of urban regeneration investment proposal and inquire the option value into enterprise period and construction period of urban regeneration. At the same time, this study includes giving up value in enterprise period that make practitioner invests more flexible and accord with the characteristics of urban regeneration operation. Finally, this research carries on the case analysis, confirmed the expanded Net Present Value ( NPV) of real option is bigger than the traditional one. After the sensitivity analysis, we find that urban regeneration option is influenced by these parameters: urban regeneration income, volatility and construction cost.

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