| dc.contributor.advisor | 張金鶚 | zh_TW |
| dc.contributor.author (Authors) | 曾翊瑋 | zh_TW |
| dc.contributor.author (Authors) | Tseng,I Wei | en_US |
| dc.creator (作者) | 曾翊瑋 | zh_TW |
| dc.creator (作者) | Tseng,I Wei | en_US |
| dc.date (日期) | 2005 | en_US |
| dc.date.accessioned | 18-Sep-2009 16:18:29 (UTC+8) | - |
| dc.date.available | 18-Sep-2009 16:18:29 (UTC+8) | - |
| dc.date.issued (上傳時間) | 18-Sep-2009 16:18:29 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0093257028 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/35887 | - |
| 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) | 93257028 | zh_TW |
| dc.description (描述) | 94 | zh_TW |
| dc.description.abstract (摘要) | 過去文獻少有探討不動產的收益穩定性，多重視市場租金或市場空置率的變化，但隨著辦公大樓證券化投資風潮，個別大樓的租金和空置率變化，以及大樓租金收益穩定性成為投資的重要判斷指標，而其中租戶結構更是辦公大樓租金收益穩定的主要來源，也是大樓空置率的重要影響因子，成為本文研究之焦點。本文實地調查台北市主要辦公室商圈中90棟辦公大樓，並以三階段最小平方法（3SLS）聯立模型分析影響個別辦公大樓租金及空置率的因素，研究結果發現，空置率增加1%將使每坪月租金減少13.09元，但每坪月租金增加100元會造成大樓空置率上升1.55%。其次，平均每層租戶數目多、租戶平均面積大、租戶以外商公司為主體、企業平均利潤率高、「金融及保險、不動產及租賃、專業科學及技術服務業」等行業佔大樓面積比例愈高等因素，皆能有效降低辦公大樓空置率，使投資人的租金收益更穩定。由此可知，成功的辦公大樓投資或證券化，租戶結構對於空置狀況的影響應加以重視，方能確保未來擁有穩定的租金收益。 因不動產證券化發展，辦公大樓投資組合情況也應受到市場重視，本文以90棟辦公大樓進行兩兩任意組合模擬，在現有資料下，結果為相較於個別辦公大樓投資，若將辦公大樓採兩兩投資組合，能獲得較高報酬及較低風險。而分析組合內容可發現，重視大樓的建物品質比重視租戶品質更能達到效率組合，若選擇「好建物」的大樓納入投資組合中，將能提高組合的報酬；若選擇「好租戶」的大樓納入投資組合中，將能降低組合的風險。 | zh_TW |
| dc.description.abstract (摘要) | Previous literatures mostly focus on the change in market rental and vacancy rate of office buildings, but rarely discuss the rental income stability of real estates investment. However, with the prevalence of office building securitization as investment targets goes on, the rental income stability of individual real estates has become an important indicator for investment purposes. Among many, tenant structure, the main focus of this study, is the major source of income stability of office buildings, and also an important factor to building vacancy rate. This study makes researches of ninety office buildings in the major business areas of Taipei, applying three stage least squares(3SLS) methods to analyze the factors that affect the rental and vacancy rate of individual office buildings. The empirical results of this study suggest that increasing per 1% in vacancy rate shall make decrease monthly rent by 13.09 $NTD/ping and increasing per 100$ NTD/ping in monthly rent shall make increase1.55% in building vacancy rate. Moreover, there are many factors, such as the average number of tenants on per floor, average rental size from per tenant, foreign firms are the main tenants of office building, the average firm return rate, can all efficiently lower the vacancy rate of office buildings, and make rental returns more stable for investors. Besides, if the industries of finance and insurance, real estate and rental, science expertise and technical service make up a high proportion of total floor surface will lower the vacancy rate.Therefore we know that, for a successful office building securitization or investment, the effect of tenant structure on vacancy rate should be more recognized in order to ensure a future possession of stable rental returns. Due to the development in the Real Estate Securitization, the situations in portfolio of office buildings should receive its share of attention from the market. This paper simulates 90 office buildings into random pairs and finds out that, in contrary to stand-alone investments, investing in pairs shall yield a higher return at a lower risk. Analyzing the contents of the portfolio, we can find out that, paying more attention on the quality of the building rather than on the quality of tenants can more easily attain efficiency. Putting a “good building” into an portfolio shall increase return, and putting in a building with “good tenants” shall reduce risk. | en_US |
| dc.description.tableofcontents | 第一章 緒論…………………………………………………………………………1第一節 研究動機與研究問題........................................1第二節 研究方法與研究範圍……………………………………………………4第三節 研究架構與流程............................................5第二章 理論與文獻回顧……………………………………………………………6第一節 辦公室租金、空置率、收益穩定性相關文獻…………………………6第二節 投資組合理論……………………………………………………………8第三節 小結………………………………………………………………………10第三章 市場現況描述………………………………………………………………11第一節 台北市辦公室市場現況描述……………………………………………11第二節 國內不動產投資信託基金(REITs)-辦公大樓組合現況描述 …………13第三節 研究樣本現況描述………………………………………………………15第四章 租金及空置率聯立模型建立………………………………………………18第一節 模型建立…………………………………………………………………18第二節 實證模型變數選取………………………………………………………21第三節 實證結果分析……………………………………………………………24第五章 辦公大樓投資組合分析……………………………………………………28第一節 資料說明、處理與樣本分析……………………………………………29第二節 辦公大樓組合分析………………………………………………………34第六章 結論與建議…………………………………………………………………43第一節 結論………………………………………………………………………43第二節 建議與後續研究…………………………………………………………45參考文獻 ……………………………………………………………………………47附錄 …………………………………………………………………………………49<表目錄>表一 國內已發行之不動產投資信託基金…………………………………………13表二 已發行之REITs-辦公大樓標的基本資料……………………………………14表三 市調樣本及母體比較表………………………………………………………17表四 研究樣本敘述統計……………………………………………………………17表五 聯立方程式以2SLS與3SLS估計結果………………………………………26表六 聯立方程式標準化迴歸係數(Standardized-β)值 ……………………………27表七 建物品質指標及權重分數……………………………………………………30表八 租戶品質指標及權重分數……………………………………………………31表九 四類型大樓樣本數目表………………………………………………………31表十 四類型辦公大樓各季報酬情況………………………………………………33表十一 四類型辦公大樓報酬的相關係數…………………………………………33表十二 各種效率情況之報酬及風險………………………………………………35表十三 四類型大樓兩兩組合後，各種組合樣本數………………………………36表十四 個別辦公大樓與兩棟大樓組合報酬、風險比較表………………………36表十五 效率及不效率組合結果……………………………………………………38表十六 兩種不相上下效率組合結果………………………………………………39表十七 高報酬及低報酬組合結果…………………………………………………41表十八 高風險及低風險組合結果…………………………………………………42表十九 台北市各行業辦公室租賃強度指數………………………………………50<圖目錄>圖1 研究流程圖 ……………………………………………………………………5圖2 台北市主要辦公商圈辦公室樓地板面積分佈情況…………………………11圖3 台北市辦公室近年租金開價及底價…………………………………………12圖4 台北市辦公室近年供給、需求、空置率……………………………………12圖5 模擬辦公大樓兩兩組合操作流程圖 …………………………………………28圖6 個別大樓、兩棟大樓組合報酬及風險散佈圖 ………………………………35 | zh_TW |
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| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0093257028 | en_US |
| dc.subject (關鍵詞) | 租戶結構 | zh_TW |
| dc.subject (關鍵詞) | 辦公大樓 | zh_TW |
| dc.subject (關鍵詞) | 租金 | zh_TW |
| dc.subject (關鍵詞) | 空置率 | zh_TW |
| dc.subject (關鍵詞) | 投資組合 | zh_TW |
| dc.subject (關鍵詞) | Tenant Structure | en_US |
| dc.subject (關鍵詞) | Office Building | en_US |
| dc.subject (關鍵詞) | Rent | en_US |
| dc.subject (關鍵詞) | Vacancy Rate | en_US |
| dc.subject (關鍵詞) | Portfolio | en_US |
| dc.title (題名) | 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 | zh_TW |
| dc.type (資料類型) | thesis | en |
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