Please use this identifier to cite or link to this item:
https://ah.lib.nccu.edu.tw/handle/140.119/134135| DC Field | Value | Language |
|---|---|---|
| dc.contributor.advisor | 林左裕 | zh_TW |
| dc.contributor.advisor | Lin, Tso-Yu | en_US |
| dc.contributor.author | 柴又瑄 | zh_TW |
| dc.contributor.author | Tsai, Yu-Hsuan | en_US |
| dc.creator | 柴又瑄 | zh_TW |
| dc.creator | Tsai, Yu-Hsuan | en_US |
| dc.date | 2020 | en_US |
| dc.date.accessioned | 2021-03-02T06:44:21Z | - |
| dc.date.available | 2021-03-02T06:44:21Z | - |
| dc.date.issued | 2021-03-02T06:44:21Z | - |
| dc.identifier | G0107257031 | en_US |
| dc.identifier.uri | http://nccur.lib.nccu.edu.tw/handle/140.119/134135 | - |
| dc.description | 碩士 | zh_TW |
| dc.description | 國立政治大學 | zh_TW |
| dc.description | 地政學系 | zh_TW |
| dc.description | 107257031 | zh_TW |
| dc.description.abstract | 畸零地係土地合併開發時會遇到的問題之一，社會大眾對於畸零地地主的拿翹行為亦不陌生。過往文獻多朝都市計畫和法律制度方面來探討畸零地，較少以投資分析之角度研究畸零地價值，故本研究希望藉由實質選擇權之概念，探討畸零地地主和鄰地開發商對於畸零地價值之認知，透過建立隱含選擇權價值之畸零地評價模型，分析模擬個案不同情境下之合併決策，並藉由探討市場因素變動下對於選擇權價值、畸零地價值和合併時機之影響，來解釋在面臨未來不確定性時，鄰地開發商之合併決策和畸零地地主之遞延決策，進而提供畸零地價值評估上一個新的考量因素，以期增加雙方對於畸零地價值之共識，並從選擇權價值和遞延成本之角度，提供畸零地地主拿翹行為之解套方法。\n透過模擬分析之結果發現，考慮遞延成本後，並非遞延合併時機越久，畸零地價值越高，而是存在最適遞延期間，且地價波動率、房價成長率與選擇權價值、畸零地價值和合併時機呈現正向關係；與地價稅或利息則為負向關係，符合理論預期。然而，拿翹程度越高，雖選擇權價值、畸零地價值越高，但合併時機卻越晚越不利。此外，目前之房價水準對於合併時機則沒有明顯的影響。 | zh_TW |
| dc.description.abstract | Deformed land and holdout are the problems of land assembly. By reviewing past literature, most of discussions about deformed land were focus on the aspect of urban planning and legislation, however, there is no research on analyzing the value of deformed land in view of investment decision. Therefore, the purpose of this study is to discuss the cognition of deformed land value for landlord and developer by applying the concept of real option, and to analyze the assembly decision making in different situations by establishing deformed land value model and imitated case. In addition, this study discusses the impact of market factors change on real option value, deformed land value and assembly timing, and hope to provide a new consideration for evaluating deformed land, reach a consensus and suggest a solution of holdout problem in view of real option and deferral cost.\nAccording to simulation analysis, there are several outcomes as followed. First of all, when considering deferral cost, it isn’t the longer the deferral period, the higher the deformed land value, but exist an appropriate deferral period. Secondly, land price volatility and housing price growth rate have a positive impact on real option value, deformed land value and assembly timing, while land tax and interest have a negative impact, but they are all in line with theoretical expectation; however, holdout level has a negative impact on assembly timing, which is different from theoretical expectation. Besides, housing price level has no significant impact on assembly timing. | en_US |
| dc.description.tableofcontents | 第一章 緒論 1\n第一節 研究動機與目的 1\n第二節 研究方法與限制 5\n第三節 研究架構與流程 6\n第二章 相關理論與文獻回顧 9\n第一節 土地合併與地主行為 9\n第二節 實質選擇權理論 15\n第三節 實質選擇權於土地價值之應用 21\n第四節 二項式選擇權評價模型簡介 26\n第三章 研究設計 31\n第一節 鄰地開發商可接受之畸零地成本上限值模型 31\n第二節 畸零地價值模型 39\n第三節 合併決策與合併時機 42\n第四節 變數選取和參數設定 46\n第四章 個案簡介與模擬分析 51\n第一節 模擬個案基本資料 51\n第二節 遞延選擇權於合併決策之應用 59\n第三節 市場變動因素對合併時機之影響 67\n第五章 結論與建議 81\n第一節 結論 81\n第二節 後續研究建議 83\n參考文獻 84\n附錄 88 | zh_TW |
| dc.format.extent | 4494581 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.source.uri | http://thesis.lib.nccu.edu.tw/record/#G0107257031 | en_US |
| dc.subject | 畸零地 | zh_TW |
| dc.subject | 實質選擇權 | zh_TW |
| dc.subject | 模擬分析 | zh_TW |
| dc.subject | 土地合併 | zh_TW |
| dc.subject | 合併時機 | zh_TW |
| dc.subject | 拿翹行為 | zh_TW |
| dc.subject | Deformed land | en_US |
| dc.subject | Real Option | en_US |
| dc.subject | Simulation analysis | en_US |
| dc.subject | Land assembly | en_US |
| dc.subject | Assembly timing | en_US |
| dc.subject | Holdout | en_US |
| dc.title | 應用實質選擇權評估畸零地價值 | zh_TW |
| dc.title | The Application of Real Option for the Valuation of Deformed Land | en_US |
| dc.type | thesis | en_US |
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| dc.identifier.doi | 10.6814/NCCU202100240 | en_US |
| item.fulltext | With Fulltext | - |
| item.openairecristype | http://purl.org/coar/resource_type/c_46ec | - |
| item.cerifentitytype | Publications | - |
| item.grantfulltext | embargo_20260204 | - |
| item.openairetype | thesis | - |
| Appears in Collections: | 學位論文 | |
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| 703101.pdf | 4.39 MB | Adobe PDF2 | View/Open |
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