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題名 商用辦公室收益資本化率之研究-以台北市為例
Office capitalization rates:The Case of Taipei City
作者 張又升
Chang, Yu Sheng
貢獻者 林秋瑾
Lin, Chiou Jin
張又升
Chang, Yu Sheng
關鍵詞 收益資本化率
收益法
直接資本化法
特徵價格
Capitalization Rate
Income Approach
Direct Capitalization Approach
Hedonic Price Model
日期 2009
上傳時間 9-May-2016 15:40:12 (UTC+8)
摘要 收益資本化率是不動產估價收益法中最為關鍵的因素，不動產淨收益透過收益資本化率轉換為價值，其步驟看似簡易，卻深藏「失之毫釐，差之千里」的陷井。在國內，商用不動產廣泛運用收益法來估計不動產價值，但收益資本化率之研究卻相當缺乏，相關文獻僅限於國外，因此，本研究以台北市商用不動產為主要研究對象，除了探討收益資本化率之影響因素與實務界在決定過程上的缺失外，並提出較具有解釋力的計算與預測方法。
     本研究蒐集自1992年至2008年止台北市商用辦公室之租金與房價資料，利用特徵價格模型將轉換後的租金與房以直接資本化法計算收益資本化率，與問卷結果中可得之影響因素資料進行相關分析、多變量自我迴歸分析，找出關鍵之影響因素，並利用指數平滑法、Box-Jenkins、灰色與VAR模型等時間預測方法來進行收益資本化率之預測。
     本研究實證結果顯示，以特徵價格模型計算台北市商用辦公室之收益資本化率，其模型解釋力相當高，並獲致區位上的差異結果。此外，影響因素分為四個面向包含：社會經濟條件、其他投資工具、市場條件、建築物條件等四項，影響因素中除了收益資本化率自身前期為一個重要指標，社會經濟條件之經濟成長率、建築物條件之台電用電不足底度戶數與市場條件之電力(企業)總用電量(十億度)為重要領先指標，其他投資工具之股價指數與社會經濟條件之失業率為同步對收益資本化率有影響性，代表市場條件之不動產景氣領先綜合指標受到收益資本化率之影響而為落後指標，而收益資本化率本身並具有平均數復歸的現象。在未來趨勢的預測方面，單一時間數列適合長期資料之預測模型Box-J進行預測之解釋力（adjR-square）較高，各模型之預測結果平均來說，以Box-J與VAR-I為最有可能之預測值，而最樂觀為VAR-II之預測值，最悲觀為灰色之預測值。
     透過國內不動產估價實例進行驗證，本研究結果可以準確進行事後驗證與事前預測，對於提升不動產估價師與投資者收益資本化率的估計與解釋能力上應有所助益。
Capitalization rate is the most crucial factor in the income approach real estate appraisal method. When this appraisal method is applied, real estate net income is converted into value via capitalization rate. The conversion process is simple and straight forward, but there seems a trap of misuse in real practice. Domestically, income approach real estate appraisal method has been put to use extensively to estimate commercial real estate value. However, research in capitalization rate is in shortage considerably. Related literature merely re-stricted in overseas resource, Hence, our study focus on Taipei office as the main subject to investigate the influential factors of capitalization rate and its shortcoming of real practice, in additional, we propose more concrete explana-tory calculation and estimation methods.
     Our study collects information on Taipei City office rental and transaction price between 1992 and 2008. Using Hedonic Price Model, the converted rents and transaction price are applied by direct Capitalization Approach to calculate capitalization rate. Thereafter, we compared with the influential factors derived from the survey through correlation analysis, and Vector Autoregression Model (VAR) to find the pivotal influence factors. Meanwhile, we use Exponential Smoothing(ES)、Box-Jenkins、Grey Forecasting Model and VAR time-series estimate method to conduct capitalization rate prediction.
     The result of this study provides actual proof that to use Hedonic Price Model to calculate office capitalization rate of Taipei, the results are rather ac-curate and indicate a geographical difference. In terms of influential determi-nates, the capitalization rate in itself is an important indicator in the beginning. The Economical Growth Rate and the household under electricity base degree utility of Taiwan Power Company are also significant leading indicators. Stock Price Index, Unemployment Rate and the capitalization rate affect among them. Real Estate Cycle Leading Indicators are affected by capitalization rate and hence a lagged index. Capitalization itself exhibits mean return phenomenon. The future trend prediction of capitalization rate, Box-J and VAR-I give the most likely estimates; VAR-II gives the most optimistic value, whilst Grey Forecasting Model gives the most pessimistic estimation.
     Through Case study of domestic real estate appraisal to conduct experi-mental verification indicates that the result of our study can accurately carry out aftermath verification and prior estimation. As such, hopefully our empiri-cal study might be able to benefit real estate appraiser and investor to enhance their ability to determine the capitalization rate.
參考文獻 一、 中文參考文獻
     (一) 期刊與論文
     1. 于宗先、王金利，1999，「台灣泡沫經濟」，台北：聯經出版事業公司。
     2. 李昀叡，2005，「收益資本化率之分析與應用－以台北市住宅為例」，國立台北大學不動產與城鄉環境學系碩士論文：台北。
     3. 翁業軒，2008，「投資者理性預期之研究－以台北地區住宅收益資本化率為例」，國立政治大學地政學系碩士論文：台北。
     4. 張金鶚，2003，「房地產投資與決策分析理論與實務」，初版，台北：華泰。
     5. 張能政，2003，「不動產估價行為之研究－行為理論之應用」，國立台北大學不動產與城鄉環境學系碩士論文：台北。
     6. 張嘉宇，2008，「台北市辦公大樓租金影響因素分析－以物業管理觀點為出發」，國立政治大學地政學系碩士論文：台北。
     7. 梁仁旭，2005，「收益法應用問題之探討」，『土地問題研究季刊』，4卷3期，頁72-83。
     8. 曾翊瑋，2005，「租戶結構對辦公大樓租金收益穩定性之影響-兼論辦公大樓投資組合分析」，國立政治大學地政學系碩士論文：台北。
     9. 黃名義，2001，「辦公室市場租金與區位之研究」，國立政治大學地政學系博士論文。
     10. 黃瓊瑩，2004，「不動產投資風險衡量之研究」，國立政治大學地政學系碩士論文：台北。
     11. 鄭美幸、詹志明，2002，「灰色理論與時間序列模型在匯率預測績效上之比較」，『台灣金融財務季刊』，4卷2期，頁95-104。
     (二) 專書
     1. 林左裕，2001，「不動產投資管理」，台北：智勝文化事業股份有限公司。
     2. 美國不動產估價協會，1999，不動產估價，第11版，頁569-593。
     3. 梁仁旭、陳奉瑤，2006，「不動產估價」，台北：陳奉瑤，頁197-237。
     二、 英文參考文獻
     1. Accetta, G.J., 1998, “Supporting Capitalization Rates”, The Appraisal Journal; Oct 1998; 66, 4 ; ABI/INFORM Global: 371。
     2. Ambrose, B.W. and Nourse, H.O., 1993, “Factors Influencing Capitalization Rates”, The Journal of Real Estate Research, Vol.8, No.2, 221-237.
     3. Appraisal Institute, 2005, “Rats and Ratios Used in the Income Capitalization Ap-proach”, An Appraisal Institute Handbook.
     4. Archer, W.R and Ling, D.C., 1997, “The Three Dimensions of Real Estate Mar-kets：Linking Space, Capital, and Property Markets”, Journal of Real Estate Finance, Fall: 7-14.
     5. Bradley, D.M., 1989, “The Cap Rate, the Discount Rate and Inflation”, The Ap-praisal Journal, 57(2): 237-243.
     6. Brueggeman, W.B. and Fisher, J.D., 1993, “Real Estate Finance and Investments”, Homewood, Ill.: Irwin, Ninth Edition.
     
     7. Chen, J., Hudson-Wilson, S. and Nordby, H., 2004, “Real Estate Pricing Spreads & Sensibilities: Why Real Estate Pricing Is Rational”, Journal Of Real Estate Portfolio Management, 10(1): 1-21.
     8. Clayton, J., Ling, D.C. and Naranjo, A., 2008, “Commercial Real Estate Valuation: FundamentalVersus Investor Sentiments, The Journal of Real Estate Finance and Economics, 38(1): 5-37.
     9. Copeland, T.E. and Weston, J.F, 1988, “Financial Theory and Corporate Policy”, Reading, Mass: AddisonWesly, third edition.
     10. Couchman, N. and Tsolacos, S., 2003, “Explaining Standard Retail Yields in UK Loca-tions”, Journal Of Retail And Leisure Property, 3(3): 211-22.
     11. Dipasquale, D., and Wheaton W.C., 1992, “The Markets For Real Estate Assets and Space: A Conceptual Framework”, Journal of The American Real Estate and Urban Economics Association, Summer, No.20: 181-197。
     12. Dokko, Y., and Edelstein, R.H., Pomer, M. and Urdang, E.S., 1991, “Determinants of the Rate of Return for Nonresidential Real Estate: Inflation Expectations and Market Adjustment Lags”, AREUEA Journal, 19(1): 52-69。
     13. Evans,R.D., 1990, “A Transfer Function Analysis of Real Estate Capitalization Rates”, The Journal Of Real Estate Research, 5(3): 371-379.
     14. Fisher, J.D., 1992, “Integrating Research on Markets for Space and Capital”, AREUEA Journal 20(2):161-180.
     15. Froland, C., 1987, “What Determines Cap Rates on Real Estate? ”,The Journal of Portfolio Management,13(4): 77-82
     16. Gunnelin, A., Hendershott, P.H., Hoesli M., Söderberg, B., 2004, “Determinants of Cross-Sectional Variation In Discount Rates, Growth Rates and Exit Cap Rate”, Real Estate Economics; Summer; 32(2); ABI/INFORM Global: 217。
     17. Goodman, A.C., Thibodeau, T.G., 2003, “Housing Market Segmentation and He-donic Prediction Accuracy”, Journal of Housing Economic, 12(3): 181~201.
     18. Hendershott, P.H. and Turner B., 1999, “Estimating Constant-Quality Capitaliza-tion Rates and Capitalization Effects of Below Market Financing”, Journal of Property Research, 16(2): 109-122.
     19. Hollies, R., 2007, “International Variation In Office Yields: A Panel Approach”, Journal of Property Investment & Finance, 25(4): 370-387.
     20. Honnold, K.L., 1990, “The Link Between Discount Rates and Cap Rates: Revis-ited”, The Appraisal Journal , Apr 1990, 58(2): 190
     21. Hysom, J.L. and Crawford, P., 1997, “The Evolution of Office Building Re-search”, Journal of Real Estate Literature, 5: 145 -157.
     22. Jud, G.D. and Winkler, D.T., 1995, “The Capitalization Rate of Commercial Properties and Market Returns”, Journal of Real Estate Research, 10(5)：509-518.
     23. Kelly, W., Epley, D.R.and Mitchell, P., 1995,“A Requiem for Ellwood”,The Ap-praisal Journal, Jul,63(3); ABI/INFORM Global：284
     24. Ling, D. and Naranjo, A., 1997, “Economic Risk Factors and Commercial Real Estate Returns”, Journal of Real Estate Finance And Economics, 14(3): 283-307.
     25. Mcgough, T. and Tsolacos, S., 2001, “Do Yields Reflect Property Market Funda-mentals？”, Real Estate Finance and Investment Working Paper No 2001.01.
     26. Mcgough, T. and Tsolacos, S. and Olkkonen, O., 2000, “The Predictability of Of-fice Property Returns in Helsinki”,Journal of Property Investment and Finance, 18(6): 565-585
     
     27. Modigliani, F. and Miller, M.H., 1958, “The cost of Capital, Corporation Finance and the Theory of Investment”, American Economic Review, 48(3):261-297.
     28. Muellauer, J. and Murphy, A., 1997, “Booms And Busts In The U.K. Housing Market”, The Economic Journal, 107: 1701-1727.
     29. Nouse, H., 1987, “The ‘Cap Rate’, 1966-1984：A Test of the Impact of Income Tax Changes In Income Property”, Land Economics, 63(2): 147-152。
     30. Plattner, R., 1992, “Income Capitalization Problems”, The Appraisal Journal, 60(4): 549-555.
     31. Pozdena R.J., 1980, “Inflation Expection and the Housing Market”, Economic Review: 29-47
     32. Ramsett, D., 1999, “Yield Capitalization for Market Analysis”, The Appraisal Journal, 67(4): 398。
     33. Rosen S., 1974, “Hedonic Prices and Implicit Markets: Production Differention in Pure Competition”, Journal of Political Economy. 82(1): 34-55
     34. Saderion, Z., Smith B. and Smith C., 1994, “An Integrated Approach to the Evaluation of Commercial Real Estate”, Journal of Real Estate Research, 9(2): 151-167.
     35. Sarpe, W.F., 1964, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk”, Journal of Finance, 19(3): 425-442.
     36. Schwab, R., 1983, “Real and Nominal Interest Rate and the Demand for Housing”, Journal of Urban Economic, 3(2): 181-195.
     37. Sivitanides, P., Southard J., Torto, R.G. and Wheaton W.C., 2001, “The Determi-nants of Appraisal-Based Capitalization Rates”, Real E State Finance, 18(2): 27-37
     38. Sivitanidou, R. and Sivitanides, P., 1999, “Office Capitalization Rates: Real Estate and Capital Market”, Journal of Real Estate Finance and Economics, 18(3): 297-322.
     39. Strickland, T.L, 1999, “Extracting Overall Capitalization Rates From The Mar-ket-A Review of Basic Considerations”, Assessment Journal; Sep/Oct;6(5); ABI / INFORM Global: 17.
     40. Voith, R.and Crone, T., 1988, “National Vacancy Rates and the Persistence of Shocks in U.S. Office Markets”, AREUEA Journal 16(4): 437-458.
     41. Wang, K., Grissom, T.V. and Chan, S.H., 1990, “The Functional Relationship and Use of Going-in and Going-out Capitalization Rates”, The Journal of Real Es-tate Research, 5(2): 231-245。
     42. Wheaton, W., 1999, “Real Estate Cycles:Some Fundamentals.”, Real Estate Eco-nomics, 27(2): 209-230.
     三、 網頁參考文獻
     1. 王健安,2005，“再論不動產證券化估價的幾個課題：折現率、折舊與殘值與的估算,”財團法人國土規劃及不動產資訊中心。網址:
     http://www.realestate.org.tw/realestate/policy/PolicyIndex_2.aspx?ID=3
     2. Sivitanides, P., 2008, “Real Estate Investing for Double-Digit Returns”, prop-erty-investing.org, Web：http://www.property-investing.org/index.html
描述 碩士
國立政治大學
地政學系
95923006
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0095923006
資料類型 thesis
dc.contributor.advisor 林秋瑾zh_TW
dc.contributor.advisor Lin, Chiou Jinen_US
dc.contributor.author (Authors) 張又升zh_TW
dc.contributor.author (Authors) Chang, Yu Shengen_US
dc.creator (作者) 張又升zh_TW
dc.creator (作者) Chang, Yu Shengen_US
dc.date (日期) 2009en_US
dc.date.accessioned 9-May-2016 15:40:12 (UTC+8)-
dc.date.available 9-May-2016 15:40:12 (UTC+8)-
dc.date.issued (上傳時間) 9-May-2016 15:40:12 (UTC+8)-
dc.identifier (Other Identifiers) G0095923006en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/95308-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 地政學系zh_TW
dc.description (描述) 95923006zh_TW
dc.description.abstract (摘要) 收益資本化率是不動產估價收益法中最為關鍵的因素，不動產淨收益透過收益資本化率轉換為價值，其步驟看似簡易，卻深藏「失之毫釐，差之千里」的陷井。在國內，商用不動產廣泛運用收益法來估計不動產價值，但收益資本化率之研究卻相當缺乏，相關文獻僅限於國外，因此，本研究以台北市商用不動產為主要研究對象，除了探討收益資本化率之影響因素與實務界在決定過程上的缺失外，並提出較具有解釋力的計算與預測方法。
     本研究蒐集自1992年至2008年止台北市商用辦公室之租金與房價資料，利用特徵價格模型將轉換後的租金與房以直接資本化法計算收益資本化率，與問卷結果中可得之影響因素資料進行相關分析、多變量自我迴歸分析，找出關鍵之影響因素，並利用指數平滑法、Box-Jenkins、灰色與VAR模型等時間預測方法來進行收益資本化率之預測。
     本研究實證結果顯示，以特徵價格模型計算台北市商用辦公室之收益資本化率，其模型解釋力相當高，並獲致區位上的差異結果。此外，影響因素分為四個面向包含：社會經濟條件、其他投資工具、市場條件、建築物條件等四項，影響因素中除了收益資本化率自身前期為一個重要指標，社會經濟條件之經濟成長率、建築物條件之台電用電不足底度戶數與市場條件之電力(企業)總用電量(十億度)為重要領先指標，其他投資工具之股價指數與社會經濟條件之失業率為同步對收益資本化率有影響性，代表市場條件之不動產景氣領先綜合指標受到收益資本化率之影響而為落後指標，而收益資本化率本身並具有平均數復歸的現象。在未來趨勢的預測方面，單一時間數列適合長期資料之預測模型Box-J進行預測之解釋力（adjR-square）較高，各模型之預測結果平均來說，以Box-J與VAR-I為最有可能之預測值，而最樂觀為VAR-II之預測值，最悲觀為灰色之預測值。
     透過國內不動產估價實例進行驗證，本研究結果可以準確進行事後驗證與事前預測，對於提升不動產估價師與投資者收益資本化率的估計與解釋能力上應有所助益。		zh_TW
dc.description.abstract (摘要) Capitalization rate is the most crucial factor in the income approach real estate appraisal method. When this appraisal method is applied, real estate net income is converted into value via capitalization rate. The conversion process is simple and straight forward, but there seems a trap of misuse in real practice. Domestically, income approach real estate appraisal method has been put to use extensively to estimate commercial real estate value. However, research in capitalization rate is in shortage considerably. Related literature merely re-stricted in overseas resource, Hence, our study focus on Taipei office as the main subject to investigate the influential factors of capitalization rate and its shortcoming of real practice, in additional, we propose more concrete explana-tory calculation and estimation methods.
     Our study collects information on Taipei City office rental and transaction price between 1992 and 2008. Using Hedonic Price Model, the converted rents and transaction price are applied by direct Capitalization Approach to calculate capitalization rate. Thereafter, we compared with the influential factors derived from the survey through correlation analysis, and Vector Autoregression Model (VAR) to find the pivotal influence factors. Meanwhile, we use Exponential Smoothing(ES)、Box-Jenkins、Grey Forecasting Model and VAR time-series estimate method to conduct capitalization rate prediction.
     The result of this study provides actual proof that to use Hedonic Price Model to calculate office capitalization rate of Taipei, the results are rather ac-curate and indicate a geographical difference. In terms of influential determi-nates, the capitalization rate in itself is an important indicator in the beginning. The Economical Growth Rate and the household under electricity base degree utility of Taiwan Power Company are also significant leading indicators. Stock Price Index, Unemployment Rate and the capitalization rate affect among them. Real Estate Cycle Leading Indicators are affected by capitalization rate and hence a lagged index. Capitalization itself exhibits mean return phenomenon. The future trend prediction of capitalization rate, Box-J and VAR-I give the most likely estimates; VAR-II gives the most optimistic value, whilst Grey Forecasting Model gives the most pessimistic estimation.
     Through Case study of domestic real estate appraisal to conduct experi-mental verification indicates that the result of our study can accurately carry out aftermath verification and prior estimation. As such, hopefully our empiri-cal study might be able to benefit real estate appraiser and investor to enhance their ability to determine the capitalization rate.		en_US
dc.description.tableofcontents 授權頁 II
     口試委員簽名表 III
     謝 誌 IV
     中文摘要 V
     英文摘要 VI
     目 錄 VII
     圖目錄 VIII
     表目錄 IX
     第一章 緒論 1
     第一節 研究動機與問題 1
     第二節 研究目的與方法 3
     第三節 研究範圍與限制 4
     第四節 研究架構與流程 5
     第二章 相關理論與文獻回顧 6
     第一節 收益資本化率的意義與計算方法 6
     第二節 影響化收益資本率之因素 17
     第三節 預測模型運用 24
     第四節 小 結 26
     第三章 辦公室市場現況分析 27
     第一節 辦公室市場現況 27
     第二節 個案分析 45
     第三節 問卷設計與調查 56
     第四節 小 結 63
     第四章 實證結果與分析 64
     第一節 收益資本化率的計算與分析 64
     第二節 影響因素分析 72
     第三節 預測分析 84
     第四節 小 結 88
     第五章 結論與建議 89
     第一節 結 論 89
     第二節 建 議 91
     參考文獻 92
     一、 中文參考文獻 92
     二、 英文參考文獻 92
     三、 網頁參考文獻 94
     附 錄 95
     附錄一、研究問卷 95
     附錄二、口試記錄與回應 101		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0095923006en_US
dc.subject (關鍵詞) 收益資本化率zh_TW
dc.subject (關鍵詞) 收益法zh_TW
dc.subject (關鍵詞) 直接資本化法zh_TW
dc.subject (關鍵詞) 特徵價格zh_TW
dc.subject (關鍵詞) Capitalization Rateen_US
dc.subject (關鍵詞) Income Approachen_US
dc.subject (關鍵詞) Direct Capitalization Approachen_US
dc.subject (關鍵詞) Hedonic Price Modelen_US
dc.title (題名) 商用辦公室收益資本化率之研究-以台北市為例zh_TW
dc.title (題名) Office capitalization rates:The Case of Taipei Cityen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、 中文參考文獻
     (一) 期刊與論文
     1. 于宗先、王金利，1999，「台灣泡沫經濟」，台北：聯經出版事業公司。
     2. 李昀叡，2005，「收益資本化率之分析與應用－以台北市住宅為例」，國立台北大學不動產與城鄉環境學系碩士論文：台北。
     3. 翁業軒，2008，「投資者理性預期之研究－以台北地區住宅收益資本化率為例」，國立政治大學地政學系碩士論文：台北。
     4. 張金鶚，2003，「房地產投資與決策分析理論與實務」，初版，台北：華泰。
     5. 張能政，2003，「不動產估價行為之研究－行為理論之應用」，國立台北大學不動產與城鄉環境學系碩士論文：台北。
     6. 張嘉宇，2008，「台北市辦公大樓租金影響因素分析－以物業管理觀點為出發」，國立政治大學地政學系碩士論文：台北。
     7. 梁仁旭，2005，「收益法應用問題之探討」，『土地問題研究季刊』，4卷3期，頁72-83。
     8. 曾翊瑋，2005，「租戶結構對辦公大樓租金收益穩定性之影響-兼論辦公大樓投資組合分析」，國立政治大學地政學系碩士論文：台北。
     9. 黃名義，2001，「辦公室市場租金與區位之研究」，國立政治大學地政學系博士論文。
     10. 黃瓊瑩，2004，「不動產投資風險衡量之研究」，國立政治大學地政學系碩士論文：台北。
     11. 鄭美幸、詹志明，2002，「灰色理論與時間序列模型在匯率預測績效上之比較」，『台灣金融財務季刊』，4卷2期，頁95-104。
     (二) 專書
     1. 林左裕，2001，「不動產投資管理」，台北：智勝文化事業股份有限公司。
     2. 美國不動產估價協會，1999，不動產估價，第11版，頁569-593。
     3. 梁仁旭、陳奉瑤，2006，「不動產估價」，台北：陳奉瑤，頁197-237。
     二、 英文參考文獻
     1. Accetta, G.J., 1998, “Supporting Capitalization Rates”, The Appraisal Journal; Oct 1998; 66, 4 ; ABI/INFORM Global: 371。
     2. Ambrose, B.W. and Nourse, H.O., 1993, “Factors Influencing Capitalization Rates”, The Journal of Real Estate Research, Vol.8, No.2, 221-237.
     3. Appraisal Institute, 2005, “Rats and Ratios Used in the Income Capitalization Ap-proach”, An Appraisal Institute Handbook.
     4. Archer, W.R and Ling, D.C., 1997, “The Three Dimensions of Real Estate Mar-kets：Linking Space, Capital, and Property Markets”, Journal of Real Estate Finance, Fall: 7-14.
     5. Bradley, D.M., 1989, “The Cap Rate, the Discount Rate and Inflation”, The Ap-praisal Journal, 57(2): 237-243.
     6. Brueggeman, W.B. and Fisher, J.D., 1993, “Real Estate Finance and Investments”, Homewood, Ill.: Irwin, Ninth Edition.
     
     7. Chen, J., Hudson-Wilson, S. and Nordby, H., 2004, “Real Estate Pricing Spreads & Sensibilities: Why Real Estate Pricing Is Rational”, Journal Of Real Estate Portfolio Management, 10(1): 1-21.
     8. Clayton, J., Ling, D.C. and Naranjo, A., 2008, “Commercial Real Estate Valuation: FundamentalVersus Investor Sentiments, The Journal of Real Estate Finance and Economics, 38(1): 5-37.
     9. Copeland, T.E. and Weston, J.F, 1988, “Financial Theory and Corporate Policy”, Reading, Mass: AddisonWesly, third edition.
     10. Couchman, N. and Tsolacos, S., 2003, “Explaining Standard Retail Yields in UK Loca-tions”, Journal Of Retail And Leisure Property, 3(3): 211-22.
     11. Dipasquale, D., and Wheaton W.C., 1992, “The Markets For Real Estate Assets and Space: A Conceptual Framework”, Journal of The American Real Estate and Urban Economics Association, Summer, No.20: 181-197。
     12. Dokko, Y., and Edelstein, R.H., Pomer, M. and Urdang, E.S., 1991, “Determinants of the Rate of Return for Nonresidential Real Estate: Inflation Expectations and Market Adjustment Lags”, AREUEA Journal, 19(1): 52-69。
     13. Evans,R.D., 1990, “A Transfer Function Analysis of Real Estate Capitalization Rates”, The Journal Of Real Estate Research, 5(3): 371-379.
     14. Fisher, J.D., 1992, “Integrating Research on Markets for Space and Capital”, AREUEA Journal 20(2):161-180.
     15. Froland, C., 1987, “What Determines Cap Rates on Real Estate? ”,The Journal of Portfolio Management,13(4): 77-82
     16. Gunnelin, A., Hendershott, P.H., Hoesli M., Söderberg, B., 2004, “Determinants of Cross-Sectional Variation In Discount Rates, Growth Rates and Exit Cap Rate”, Real Estate Economics; Summer; 32(2); ABI/INFORM Global: 217。
     17. Goodman, A.C., Thibodeau, T.G., 2003, “Housing Market Segmentation and He-donic Prediction Accuracy”, Journal of Housing Economic, 12(3): 181~201.
     18. Hendershott, P.H. and Turner B., 1999, “Estimating Constant-Quality Capitaliza-tion Rates and Capitalization Effects of Below Market Financing”, Journal of Property Research, 16(2): 109-122.
     19. Hollies, R., 2007, “International Variation In Office Yields: A Panel Approach”, Journal of Property Investment & Finance, 25(4): 370-387.
     20. Honnold, K.L., 1990, “The Link Between Discount Rates and Cap Rates: Revis-ited”, The Appraisal Journal , Apr 1990, 58(2): 190
     21. Hysom, J.L. and Crawford, P., 1997, “The Evolution of Office Building Re-search”, Journal of Real Estate Literature, 5: 145 -157.
     22. Jud, G.D. and Winkler, D.T., 1995, “The Capitalization Rate of Commercial Properties and Market Returns”, Journal of Real Estate Research, 10(5)：509-518.
     23. Kelly, W., Epley, D.R.and Mitchell, P., 1995,“A Requiem for Ellwood”,The Ap-praisal Journal, Jul,63(3); ABI/INFORM Global：284
     24. Ling, D. and Naranjo, A., 1997, “Economic Risk Factors and Commercial Real Estate Returns”, Journal of Real Estate Finance And Economics, 14(3): 283-307.
     25. Mcgough, T. and Tsolacos, S., 2001, “Do Yields Reflect Property Market Funda-mentals？”, Real Estate Finance and Investment Working Paper No 2001.01.
     26. Mcgough, T. and Tsolacos, S. and Olkkonen, O., 2000, “The Predictability of Of-fice Property Returns in Helsinki”,Journal of Property Investment and Finance, 18(6): 565-585
     
     27. Modigliani, F. and Miller, M.H., 1958, “The cost of Capital, Corporation Finance and the Theory of Investment”, American Economic Review, 48(3):261-297.
     28. Muellauer, J. and Murphy, A., 1997, “Booms And Busts In The U.K. Housing Market”, The Economic Journal, 107: 1701-1727.
     29. Nouse, H., 1987, “The ‘Cap Rate’, 1966-1984：A Test of the Impact of Income Tax Changes In Income Property”, Land Economics, 63(2): 147-152。
     30. Plattner, R., 1992, “Income Capitalization Problems”, The Appraisal Journal, 60(4): 549-555.
     31. Pozdena R.J., 1980, “Inflation Expection and the Housing Market”, Economic Review: 29-47
     32. Ramsett, D., 1999, “Yield Capitalization for Market Analysis”, The Appraisal Journal, 67(4): 398。
     33. Rosen S., 1974, “Hedonic Prices and Implicit Markets: Production Differention in Pure Competition”, Journal of Political Economy. 82(1): 34-55
     34. Saderion, Z., Smith B. and Smith C., 1994, “An Integrated Approach to the Evaluation of Commercial Real Estate”, Journal of Real Estate Research, 9(2): 151-167.
     35. Sarpe, W.F., 1964, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk”, Journal of Finance, 19(3): 425-442.
     36. Schwab, R., 1983, “Real and Nominal Interest Rate and the Demand for Housing”, Journal of Urban Economic, 3(2): 181-195.
     37. Sivitanides, P., Southard J., Torto, R.G. and Wheaton W.C., 2001, “The Determi-nants of Appraisal-Based Capitalization Rates”, Real E State Finance, 18(2): 27-37
     38. Sivitanidou, R. and Sivitanides, P., 1999, “Office Capitalization Rates: Real Estate and Capital Market”, Journal of Real Estate Finance and Economics, 18(3): 297-322.
     39. Strickland, T.L, 1999, “Extracting Overall Capitalization Rates From The Mar-ket-A Review of Basic Considerations”, Assessment Journal; Sep/Oct;6(5); ABI / INFORM Global: 17.
     40. Voith, R.and Crone, T., 1988, “National Vacancy Rates and the Persistence of Shocks in U.S. Office Markets”, AREUEA Journal 16(4): 437-458.
     41. Wang, K., Grissom, T.V. and Chan, S.H., 1990, “The Functional Relationship and Use of Going-in and Going-out Capitalization Rates”, The Journal of Real Es-tate Research, 5(2): 231-245。
     42. Wheaton, W., 1999, “Real Estate Cycles:Some Fundamentals.”, Real Estate Eco-nomics, 27(2): 209-230.
     三、 網頁參考文獻
     1. 王健安,2005，“再論不動產證券化估價的幾個課題：折現率、折舊與殘值與的估算,”財團法人國土規劃及不動產資訊中心。網址:
     http://www.realestate.org.tw/realestate/policy/PolicyIndex_2.aspx?ID=3
     2. Sivitanides, P., 2008, “Real Estate Investing for Double-Digit Returns”, prop-erty-investing.org, Web：http://www.property-investing.org/index.html		zh_TW