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題名 以實質選擇權觀點評估更新土地之研究
其他題名 The Research of Redevelopment Land Appraisal---Viewpoint of Real Option Theory
作者 陳奉瑤
關鍵詞 實質選擇權;都市更新;土地估價;台灣;淨現值法
Real option;Urban renewal;Land appraisal;Taiwan;Net present value model (NPV)
日期 2000
上傳時間 18-Apr-2007 18:24:10 (UTC+8)
Publisher 臺北市:國立政治大學地政學系
摘要 待開發土地價值之評估,多以未來收益為基礎之收益還原法為之。惟無論是直接資本化的收益還原法、加入動態的現金流量法,均為財務上淨現值法則(NPV 法則)的運用。由於淨現值法具有不可延遲性與可回復性之假設,與現實狀況有所出入,故近來諸多學者致力於實質選擇權之研究,期能彌補淨現值法則所忽略之管理彈性與時機延遲問題。可更新土地基本上亦具有可供再開發的潛力,現於台灣地區被廣泛應用於評估可更新土地價值之土地開發分析法,亦面臨前述忽略最適開發時機選擇之問題。本文基於可更新土地亦應具有選擇權價值的觀點,建立可更新土地評價模式,經由模型探討求得影響可更新土地選擇權價值的變數,及其影響方向。並藉由數值模擬,分析各變數對該選擇權價值的影響。
Income Approach Basing on future income is the main valuation method for redevelopment land. No matter what Direct Capitalization method or Discounted Cash Flow analysis is applied the Net Present Value rule. Both all ignore the characteristic of deferability and irreversibility. Real option theory recognizes that the owner can develop/redevelop the property at some point in the future when the present value of the benefits exceeds the present value of costs. Residual valuation for development is the main method to evaluate the urban redevelopment land in Taiwan. It also has the problems of impossibility for delaying investment and reversibility. This study establishes the valuation model for redevelopment land from the viewpoint of urban redevelopment land must consider the option value. Through that the author shows the factors and how they effect on option value. Finally, there are some suggestions to the urban regeneration policy.
描述 核定金額:172200元
資料類型 report
dc.coverage.temporal 計畫年度:89 起迄日期:20000801~20010731en_US
dc.creator (作者) 陳奉瑤zh_TW
dc.date (日期) 2000en_US
dc.date.accessioned 18-Apr-2007 18:24:10 (UTC+8)en_US
dc.date.accessioned 8-Sep-2008 16:53:03 (UTC+8)-
dc.date.available 18-Apr-2007 18:24:10 (UTC+8)en_US
dc.date.available 8-Sep-2008 16:53:03 (UTC+8)-
dc.date.issued (上傳時間) 18-Apr-2007 18:24:10 (UTC+8)en_US
dc.identifier (Other Identifiers) 892415H004051.pdfen_US
dc.identifier.uri (URI) http://tair.lib.ntu.edu.tw:8000/123456789/4861en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/4861-
dc.description (描述) 核定金額:172200元en_US
dc.description.abstract (摘要) 待開發土地價值之評估,多以未來收益為基礎之收益還原法為之。惟無論是直接資本化的收益還原法、加入動態的現金流量法,均為財務上淨現值法則(NPV 法則)的運用。由於淨現值法具有不可延遲性與可回復性之假設,與現實狀況有所出入,故近來諸多學者致力於實質選擇權之研究,期能彌補淨現值法則所忽略之管理彈性與時機延遲問題。可更新土地基本上亦具有可供再開發的潛力,現於台灣地區被廣泛應用於評估可更新土地價值之土地開發分析法,亦面臨前述忽略最適開發時機選擇之問題。本文基於可更新土地亦應具有選擇權價值的觀點,建立可更新土地評價模式,經由模型探討求得影響可更新土地選擇權價值的變數,及其影響方向。並藉由數值模擬,分析各變數對該選擇權價值的影響。-
dc.description.abstract (摘要) Income Approach Basing on future income is the main valuation method for redevelopment land. No matter what Direct Capitalization method or Discounted Cash Flow analysis is applied the Net Present Value rule. Both all ignore the characteristic of deferability and irreversibility. Real option theory recognizes that the owner can develop/redevelop the property at some point in the future when the present value of the benefits exceeds the present value of costs. Residual valuation for development is the main method to evaluate the urban redevelopment land in Taiwan. It also has the problems of impossibility for delaying investment and reversibility. This study establishes the valuation model for redevelopment land from the viewpoint of urban redevelopment land must consider the option value. Through that the author shows the factors and how they effect on option value. Finally, there are some suggestions to the urban regeneration policy.-
dc.format applicaiton/pdfen_US
dc.format.extent bytesen_US
dc.format.extent 34729 bytesen_US
dc.format.extent 34729 bytes-
dc.format.extent 12576 bytes-
dc.format.mimetype application/pdfen_US
dc.format.mimetype application/pdfen_US
dc.format.mimetype application/pdf-
dc.format.mimetype text/plain-
dc.language zh-TWen_US
dc.language.iso zh-TWen_US
dc.publisher (Publisher) 臺北市:國立政治大學地政學系en_US
dc.rights (Rights) 行政院國家科學委員會en_US
dc.subject (關鍵詞) 實質選擇權;都市更新;土地估價;台灣;淨現值法-
dc.subject (關鍵詞) Real option;Urban renewal;Land appraisal;Taiwan;Net present value model (NPV)-
dc.title (題名) 以實質選擇權觀點評估更新土地之研究zh_TW
dc.title.alternative (其他題名) The Research of Redevelopment Land Appraisal---Viewpoint of Real Option Theory-
dc.type (資料類型) reporten