本研究主要在建立一個合建專案開發價值評估模式，考量在合建契約履約期限不確定性下雙方決策行為對於報酬之影響，以修正現行評估模式假設地主不會改變決策條件導致報酬高估之問題。本研究透過探討合建契約內所載明之項目，找出合建開發特性中影響雙方報酬之因素，並以實質選擇權之架構建立一合建專案價值的基本評估模式。在契約存續期間可能延長下，分別以地主與建商角度建立其報酬式，找出同時滿足雙方執行合建的條件範圍用以修正基本評估模式，得到考量雙方決策權利下之合建專案開發價值評估模式。利用此模式可以得到合建專案最佳開發時機與最適保證金額度，最後，計算不同分配比率與保證金條件下雙方之報酬與風險，以及違約機率以作為合建協議時的依據。

This study establishes a joint construction development evaluating model. In order to correct the problem of present evaluating model that based on the assumption that the landowners will not change their decisions and cause the reward is overrated. The model that is built in this study considers the effects of reward made by both landowners and developers under uncertainly situation during the existence of the contract. This study found the characteristics of joint construction that affects the rewards of both sides and built a “Joint Construction Development Basic Evaluating Model” with real options by studying the contract of joint construction. To correct the basic evaluating model, this study built the remuneration formula based on the view of landowners and developers respectively under the situation that duration of contract may be extended; therefore, this study built a joint construction development evaluating model that satisfies the criteria range of both sides. This model provides the best development timing and optimal margin of joint construction project. Finally, we calculate the reward, risk, and default frequency of both landowners and developers under the conditions of different distribution ratio and margin to build a model that can be used as the basis of joint construction contract.

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