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題名 長期租賃契約型態對土地再開發之影響
The Impact Of Long-term Lease On Land Development
作者 張乃文
貢獻者 陳奉瑤
張乃文
關鍵詞 長期租賃契約
再開發行為
選擇權
Long-term lease
Redevelopment
Option
日期 2005
上傳時間 18-Sep-2009 16:16:31 (UTC+8)
摘要 影響不動產使用權價值之因素除了使用期限之長短外,再開發行為更是關鍵之一。Capozza(1991)認為承租人由於租賃契約存續期間之限制,會選擇在較早時機以較小規模進行再開發。然這樣的行為不利於不動產維持最高最有效之利用。故Dale-Johnson(2000)將選擇權加入到租賃契約中,希望藉此提高承租人再開發之誘因。然選擇權具有價值,選擇權之價值應反映在初始租金之約定上,然初始租金之變動對於承租人之再開發行為是否會有影響尚無定論。本文使用Capozza(1991)之模型探討初始租金之變動以及租金成長假設型態不同對於承租人再開發行為之影響,結果顯示,初始租金變動會影響承租人再開發行為,而租金服從隨價變動時承租人再開發時點會延遲且再開發規模會增加。
The factors effect real estate value beside the term of using property, redevelopment is one of the important key. Capozza(1991)consider that because the limited term of lease, the lessee will redevelopment earlier and less scale than lessor. But this kinds of lessee behavior isn’t good for the property in high and best use. Dale-Johnson(2000) let option into lease to give lessee more incentive under redevelopment. However, option with value and must reacted to initial rent. But the chang in initial rent if effect lessee’s redevelopment at the same time is unknown yet. This paper use Capozza(1991) model to confer how initial rent change and different pattern of rent growth will chang lessee’s redevelopment. The result shows that initial rent change will reduce lessee’s redevelopment scale,and when rent follow Arithmetic Brownian Motion, lessee redevelopment timing will defer and increase scale.
參考文獻 Ambrose,B.W. and Hendershott,P.H. and Klosek,M. (2002),’’Pricing Upward-Only Adjusting Leases’’, The Journal of Real Estate Finance and Economics, Springer, vol. 25(1),pp.33-49.
Amin,K and Capozza,D.R.(1993),’’Sequential Development’’,Journal of Urban Economics,vol.34,pp.142-158.
Anthony,Yanxiang.G.U,Rogger,E.Cannaday(2004),’’Value of the Option to Develop Residential Land: An Empirical Estimate", Real Estate Review, ,vol.32(4),pp.60-65.
Austin,J.J. and Shiawee,XY (2002),’’Adverse Selection In Real Estate Leasing’’, Real estate finance; Dec 2002;vol.19(4),pp.20-26.
Capozza,D.R. and LI,Y. (1994),’’The Intensity And Timing Of Investment:The Case Of Land’’,The American Economic Review,vol.84(4),pp.889-904.
Capozza,D.R. and Sick,G.A (1991),’’Valuing Long Term Leases: The Option to Redevelop’’, The Journal of Real Estate Finance and Economics, vol.4(2),pp.209-223.
Cunningham,C.R.(2006),’’House Price Uncertainty,Timming of Development, and Vacant Land Prices:Evidence for Real Options in Seattle’’,Journal of Urban Economics,vol. 59(1), pp.1-31
Dale-Johnson,D. (2000),’’Long-Term Ground Leases, The Redevelopment Option And Contract Incentives’’,Real Estate Economics. Bloomington: Fall 2001,vol.29(3),pp.451-484.
Dow,J.M. and Poter,G.A.(2004),’’Restructuring And Renewing Existing Leases In Today’s Commercial Office Market:Guidelines For Tenants To Evaluate Options And Negotiate Terms’’,Journal of Coporate Real Estate,vol.6(3),pp.237-242.
EI-HARAM,M.A. and Horner,M.W.(2002),’’Factor Affecting Housing Maintenance Cost’’,Journal of Quality in Maintenance
Engineering,vol.8(2),pp.115-123.
Louis,D.I. (2001),’’Real Option In Real Estate Development’’,Journal of Property Investment & Financial,2001,vol.19(1),pp.73-78.
Patric,H. Hendershott and Charles,W.R.Ward.(2003),’’Valuing and Pricing Retail Lease with Renewal and Overage Options’’,Journal of Real Estate Finance and Economics,vol.26(2),pp.223-240
Paul,D.C. and Timothy,J.R. and Alexander,J.T.(1996),’’Mixed Uses And The Development Option’’,Real Estate Economics,vol.24(3),pp.317-339.
Quigg and Laura(1993),’’Empirical testing of real option pricing models”, Journal of Finance,vol.48(2),pp.621-640.
Sing,T.F and Patel,K(2001),’’Empirical evaluation of the value of waiting to invest’’ Journal of Property Investment & Finance,vol.19( 6),pp. 535-554
Sing,T.F. and Tang.W.L.(2004),’’Valuing Leasing Risks In Commercial Property With A Discrete-time Binomial Tree Option Model’’,Journal of Property Investment & Finance,vol.22(2),pp.173-191.
Sing,T.F.(2002),’’Valuing Renew Option In Public Industrial Leases In Singapore’’,Journal of Property Investment & finance; vol.20(3),
pp.222-241.
Titman,S.(1985),’’Urban Land Prices Under Uncertainty’’,The American Economic Review,vol.75(3),pp.505-514.
Trigeorgis,L.(2001),’’A Conceptual Option Framework For Capital Budgeting’’,Real Options and Investment under Uncertainty, Massachusetts Institute of Technology.
White,L.D.(2005),’’Issues To Consider For The Growing Tenant (With Sample Clauses)’’,The Practical Real Estate Lawyer,vol.21(3),pp.43-64
William,C.W(2000),’’Percentage Rent in Retail Leasing:The Alignment of Landlord-Tenant Interests’’,Real Estate Economics,vol.28(2),pp.185-204.
Williams,J.T.(1991),’’Real Estate Development As An Option’’,Journal of Real Estate Finance and Economics,vol.4(2),pp.191-208.
Wood,M.(2002),’’From Owner To Tenant’’,Real Esta Forum,vol.57(12), pp.94-100.
Copeland,Tom著,顏錫銘譯,(2005),實質選擇權,華泰文化事業公司。
何振文(2000),蒙地卡羅模擬在選擇權評價上之應用,國立中央大學財務管理研究所碩士論文。
林富榮(2002),公有土地最佳組合開發模式之研究,淡江大學商學院高階主管管理碩士學程碩士論文。
林雅悅(2002),不動產租賃契約價值之研究,國立政治大學地政研究所碩士論文。
梁仁旭(2005),土地實質選擇權價值之探討,第三屆土地研究學術研討會。
郭志強(1997),實質選擇權在BOT專案計劃之應用研究,國立台灣大學管理科學研究所碩士論文。
郭修暐、楊政霖(2002),電子化企業策略價值評價模式,2002科技與管理學術研討會論文集。
陳奉瑤(2003),可更新土地開發價值之研究,台灣土地研究第六卷第一期,第1頁至第16頁。
黃心儀(2004),租賃住宅市場房東供給決策之研究,國立台北大學地政學系碩士論文。
蔡伊聰(1995),民間合作建築土地所有權人與建設公司權益分配比例之研究,逢甲大學土地管理學系碩士論文。
藍青玉(1995),訊息不對稱下最適租賃契約之決定,國立政治大學國際貿易學系碩士論文。
邊泰明(1991),地價變動對土地利用強度影響之研究,國立政治大學地政研究所碩士論文。
行政院主計處,http://www.dgbas.gov.tw/mp.asp?mp=1
描述 碩士
國立政治大學
地政研究所
93257008
94
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0093257008
資料類型 thesis
dc.contributor.advisor 陳奉瑤zh_TW
dc.contributor.author (Authors) 張乃文zh_TW
dc.creator (作者) 張乃文zh_TW
dc.date (日期) 2005en_US
dc.date.accessioned 18-Sep-2009 16:16:31 (UTC+8)-
dc.date.available 18-Sep-2009 16:16:31 (UTC+8)-
dc.date.issued (上傳時間) 18-Sep-2009 16:16:31 (UTC+8)-
dc.identifier (Other Identifiers) G0093257008en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/35874-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 地政研究所zh_TW
dc.description (描述) 93257008zh_TW
dc.description (描述) 94zh_TW
dc.description.abstract (摘要) 影響不動產使用權價值之因素除了使用期限之長短外,再開發行為更是關鍵之一。Capozza(1991)認為承租人由於租賃契約存續期間之限制,會選擇在較早時機以較小規模進行再開發。然這樣的行為不利於不動產維持最高最有效之利用。故Dale-Johnson(2000)將選擇權加入到租賃契約中,希望藉此提高承租人再開發之誘因。然選擇權具有價值,選擇權之價值應反映在初始租金之約定上,然初始租金之變動對於承租人之再開發行為是否會有影響尚無定論。本文使用Capozza(1991)之模型探討初始租金之變動以及租金成長假設型態不同對於承租人再開發行為之影響,結果顯示,初始租金變動會影響承租人再開發行為,而租金服從隨價變動時承租人再開發時點會延遲且再開發規模會增加。zh_TW
dc.description.abstract (摘要) The factors effect real estate value beside the term of using property, redevelopment is one of the important key. Capozza(1991)consider that because the limited term of lease, the lessee will redevelopment earlier and less scale than lessor. But this kinds of lessee behavior isn’t good for the property in high and best use. Dale-Johnson(2000) let option into lease to give lessee more incentive under redevelopment. However, option with value and must reacted to initial rent. But the chang in initial rent if effect lessee’s redevelopment at the same time is unknown yet. This paper use Capozza(1991) model to confer how initial rent change and different pattern of rent growth will chang lessee’s redevelopment. The result shows that initial rent change will reduce lessee’s redevelopment scale,and when rent follow Arithmetic Brownian Motion, lessee redevelopment timing will defer and increase scale.en_US
dc.description.tableofcontents 第一章 緒論 - 1 -
第一節 研究動機與目的 - 1 -
第二節 研究方法與流程 - 3 -
第三節 研究限制 - 5 -
第二章 文獻回顧 - 7 -
第一節 實質選擇權之意義 - 7 -
第二節 實質選擇權對土地開發之影響 - 11 -
第三節 選擇權對租賃契約之影響 - 15 -
第三章 再開發行為評估模型之建構 - 23 -
第一節 租金固定成長模式 - 23 -
第二節 租金隨價成長模式 - 29 -
第四章 模擬分析 - 33 -
第一節 租金固定成長下承租人再開發行為 - 33 -
第二節 初始租金改變對承租人再開發行為之影響 - 45 -
第三節 租金隨價變動下之承租人再開發行為 - 49 -
第四節 敏感度分析 - 57 -
第五節 運用分析 - 62 -
第五章 結論與建議 - 65 -
第一節 研究結論 - 65 -
第二節 後續研究建議 - 67 -
參考文獻 - 69 -
zh_TW
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dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0093257008en_US
dc.subject (關鍵詞) 長期租賃契約zh_TW
dc.subject (關鍵詞) 再開發行為zh_TW
dc.subject (關鍵詞) 選擇權zh_TW
dc.subject (關鍵詞) Long-term leaseen_US
dc.subject (關鍵詞) Redevelopmenten_US
dc.subject (關鍵詞) Optionen_US
dc.title (題名) 長期租賃契約型態對土地再開發之影響zh_TW
dc.title (題名) The Impact Of Long-term Lease On Land Developmenten_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Ambrose,B.W. and Hendershott,P.H. and Klosek,M. (2002),’’Pricing Upward-Only Adjusting Leases’’, The Journal of Real Estate Finance and Economics, Springer, vol. 25(1),pp.33-49.zh_TW
dc.relation.reference (參考文獻) Amin,K and Capozza,D.R.(1993),’’Sequential Development’’,Journal of Urban Economics,vol.34,pp.142-158.zh_TW
dc.relation.reference (參考文獻) Anthony,Yanxiang.G.U,Rogger,E.Cannaday(2004),’’Value of the Option to Develop Residential Land: An Empirical Estimate", Real Estate Review, ,vol.32(4),pp.60-65.zh_TW
dc.relation.reference (參考文獻) Austin,J.J. and Shiawee,XY (2002),’’Adverse Selection In Real Estate Leasing’’, Real estate finance; Dec 2002;vol.19(4),pp.20-26.zh_TW
dc.relation.reference (參考文獻) Capozza,D.R. and LI,Y. (1994),’’The Intensity And Timing Of Investment:The Case Of Land’’,The American Economic Review,vol.84(4),pp.889-904.zh_TW
dc.relation.reference (參考文獻) Capozza,D.R. and Sick,G.A (1991),’’Valuing Long Term Leases: The Option to Redevelop’’, The Journal of Real Estate Finance and Economics, vol.4(2),pp.209-223.zh_TW
dc.relation.reference (參考文獻) Cunningham,C.R.(2006),’’House Price Uncertainty,Timming of Development, and Vacant Land Prices:Evidence for Real Options in Seattle’’,Journal of Urban Economics,vol. 59(1), pp.1-31zh_TW
dc.relation.reference (參考文獻) Dale-Johnson,D. (2000),’’Long-Term Ground Leases, The Redevelopment Option And Contract Incentives’’,Real Estate Economics. Bloomington: Fall 2001,vol.29(3),pp.451-484.zh_TW
dc.relation.reference (參考文獻) Dow,J.M. and Poter,G.A.(2004),’’Restructuring And Renewing Existing Leases In Today’s Commercial Office Market:Guidelines For Tenants To Evaluate Options And Negotiate Terms’’,Journal of Coporate Real Estate,vol.6(3),pp.237-242.zh_TW
dc.relation.reference (參考文獻) EI-HARAM,M.A. and Horner,M.W.(2002),’’Factor Affecting Housing Maintenance Cost’’,Journal of Quality in Maintenancezh_TW
dc.relation.reference (參考文獻) Engineering,vol.8(2),pp.115-123.zh_TW
dc.relation.reference (參考文獻) Louis,D.I. (2001),’’Real Option In Real Estate Development’’,Journal of Property Investment & Financial,2001,vol.19(1),pp.73-78.zh_TW
dc.relation.reference (參考文獻) Patric,H. Hendershott and Charles,W.R.Ward.(2003),’’Valuing and Pricing Retail Lease with Renewal and Overage Options’’,Journal of Real Estate Finance and Economics,vol.26(2),pp.223-240zh_TW
dc.relation.reference (參考文獻) Paul,D.C. and Timothy,J.R. and Alexander,J.T.(1996),’’Mixed Uses And The Development Option’’,Real Estate Economics,vol.24(3),pp.317-339.zh_TW
dc.relation.reference (參考文獻) Quigg and Laura(1993),’’Empirical testing of real option pricing models”, Journal of Finance,vol.48(2),pp.621-640.zh_TW
dc.relation.reference (參考文獻) Sing,T.F and Patel,K(2001),’’Empirical evaluation of the value of waiting to invest’’ Journal of Property Investment & Finance,vol.19( 6),pp. 535-554zh_TW
dc.relation.reference (參考文獻) Sing,T.F. and Tang.W.L.(2004),’’Valuing Leasing Risks In Commercial Property With A Discrete-time Binomial Tree Option Model’’,Journal of Property Investment & Finance,vol.22(2),pp.173-191.zh_TW
dc.relation.reference (參考文獻) Sing,T.F.(2002),’’Valuing Renew Option In Public Industrial Leases In Singapore’’,Journal of Property Investment & finance; vol.20(3),zh_TW
dc.relation.reference (參考文獻) pp.222-241.zh_TW
dc.relation.reference (參考文獻) Titman,S.(1985),’’Urban Land Prices Under Uncertainty’’,The American Economic Review,vol.75(3),pp.505-514.zh_TW
dc.relation.reference (參考文獻) Trigeorgis,L.(2001),’’A Conceptual Option Framework For Capital Budgeting’’,Real Options and Investment under Uncertainty, Massachusetts Institute of Technology.zh_TW
dc.relation.reference (參考文獻) White,L.D.(2005),’’Issues To Consider For The Growing Tenant (With Sample Clauses)’’,The Practical Real Estate Lawyer,vol.21(3),pp.43-64zh_TW
dc.relation.reference (參考文獻) William,C.W(2000),’’Percentage Rent in Retail Leasing:The Alignment of Landlord-Tenant Interests’’,Real Estate Economics,vol.28(2),pp.185-204.zh_TW
dc.relation.reference (參考文獻) Williams,J.T.(1991),’’Real Estate Development As An Option’’,Journal of Real Estate Finance and Economics,vol.4(2),pp.191-208.zh_TW
dc.relation.reference (參考文獻) Wood,M.(2002),’’From Owner To Tenant’’,Real Esta Forum,vol.57(12), pp.94-100.zh_TW
dc.relation.reference (參考文獻) Copeland,Tom著,顏錫銘譯,(2005),實質選擇權,華泰文化事業公司。zh_TW
dc.relation.reference (參考文獻) 何振文(2000),蒙地卡羅模擬在選擇權評價上之應用,國立中央大學財務管理研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 林富榮(2002),公有土地最佳組合開發模式之研究,淡江大學商學院高階主管管理碩士學程碩士論文。zh_TW
dc.relation.reference (參考文獻) 林雅悅(2002),不動產租賃契約價值之研究,國立政治大學地政研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 梁仁旭(2005),土地實質選擇權價值之探討,第三屆土地研究學術研討會。zh_TW
dc.relation.reference (參考文獻) 郭志強(1997),實質選擇權在BOT專案計劃之應用研究,國立台灣大學管理科學研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 郭修暐、楊政霖(2002),電子化企業策略價值評價模式,2002科技與管理學術研討會論文集。zh_TW
dc.relation.reference (參考文獻) 陳奉瑤(2003),可更新土地開發價值之研究,台灣土地研究第六卷第一期,第1頁至第16頁。zh_TW
dc.relation.reference (參考文獻) 黃心儀(2004),租賃住宅市場房東供給決策之研究,國立台北大學地政學系碩士論文。zh_TW
dc.relation.reference (參考文獻) 蔡伊聰(1995),民間合作建築土地所有權人與建設公司權益分配比例之研究,逢甲大學土地管理學系碩士論文。zh_TW
dc.relation.reference (參考文獻) 藍青玉(1995),訊息不對稱下最適租賃契約之決定,國立政治大學國際貿易學系碩士論文。zh_TW
dc.relation.reference (參考文獻) 邊泰明(1991),地價變動對土地利用強度影響之研究,國立政治大學地政研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 行政院主計處,http://www.dgbas.gov.tw/mp.asp?mp=1zh_TW