不動產租賃契約價值之研究

Abstract

為因應市場變動性及解決租約僵固性，不動產租賃契約中多存在變動條款，以提供承出租雙方彈性管理使用。租金調整係不動產租賃契約中常見的選擇權條款，惟在契約自由原則下，不論歐、美國家租金僅向上調整方式，或國內以一固定比例向上調整租金方式，均造成租金下固性之情形，明顯獨厚出租人，導致承租人過度負擔市場變動風險，進而產生租約價值偏離理論價值之缺失。由於傳統評定租約價值之現金流量法無法評價租約中選擇權價值，近年來國外學者廣泛應用各種選擇權評價方法，期能求得理論上之租約價值，同時改善承出租雙方間權益不公之現象。\r\n 本研究基於租金僅向上調整隱含選擇權價值之觀點，應用二項式選擇權評價方法，建構不動產租賃契約評價模式。經由個案模擬，探討不同租金調整方式下租約價值之差異；同時運用敏感度分析，瞭解各變數變動對於選擇權價值將產生何種影響。最後藉由分析結果，對於承出租雙方在租金調整決策上提出建議。

To manage more flexible and reduce transaction costs for both landlords and tenants, most clauses of real estate lease implicit option value. Rent review is a common option-like term. Leases with upward-only rent review clauses not only existed in USA and UK, but also in Taiwan. The rent will be merely adjusted upwards. Because of traditional discounted cash flow method can not deal with the option nature in leases, many scholars applied option pricing approaches to evaluate lease contract value in recent years.\r\n This research assumes that upward-only rent review clause is embedded option value and uses binomial option pricing approach to develop the lease pricing model for real estate. Firstly, the author compares different rent review types and their value by case study. Moreover, this study uses sensitive analysis to probe how important variable affect option value. Finally, I provide suggestions to landlords and tenants in rent review policy decision.