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。 　　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. 　　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.

我國證管會法令規定公司出售不動產應於三日內公告之，此為該事件首次公告，其後該季之季盈餘中亦將包括出售不動產損益，此為再次公告。投資人如果只注重底線數字，而不深究其數字背後的含意，則該資訊再次公告時，投資人仍然會對包含在底線數字中的出售不動產損益產生反應，此為功能固著假說之現象。本文探討我國證券市場對出售不動產事件是否存在功能固著之現象，實證結果發現：1.出售不動產事件之首次公告，確實會對股價產生影響。2.再次公告出售不動產損益時，仍會再次對股價產生影響，證明投資人對出售不動產事件存有功能固著情形。3.投資人的精明程度並不會影響資訊再宣告時的股價反應，因此無法證明我國證券市場符合擴大功能固著假說。4.公司規模會影響資訊再宣告時股價反應的程度。 / The Securities and Futures Commission in Taiwan requires that the sale of real estate by a firm should be announced within two days of the transaction. The sales revenue of real estate transaction will be publicized again when the quarterly earnings are released. In an efficient market, the price will simultaneously and fully reflects the transaction information. However, if investors react once again to the sales revenue of real estate transaction at quarterly earnings announcement, the market has functional fixation phenomenon. This study examines the existence of the functional fixation phenomenon through real estate transaction. 　　The empirical results illuminate: (1) Market price reacts to the announcement of real estate transaction. (2) The functional fixation hypothesis cannot be rejected based on the reaction of the market prices to the sales revenue of real estate transaction at quarterly earnings announcement. (3) The extent of sophistication of individual investors does not affect the reaction of stock prices to the sales revenue of real estate transaction at quarterly earnings announcement and therefore the extended functional fixation hypothesis is rejected in Taiwan security market. (4) Firm size affects the extent of market reaction to the sales revenue of real estate transaction at quarterly earnings announcement.

土地開發分析法是開發人員與估價師評估土地價格的重要方法之一，然而不同從業人員針對相同標的估值往往不盡相同，是估價人員的偏誤造成價格上的差異？抑或是估價人員運用土地開發分析法時，各項投入參數差異所產生？本研究以台北市公開標售成交地價與上市建設公司評估台北市地價分別分析，利用@Risk尋找土地開發分析法各項投入參數可能的機率分配型態，再以蒙地卡羅模擬分析建立土地開發分析價格的機率模型，並利用平均絕對百分比誤差（MAPE）、命中率（hit Rate）及交插驗證(cross-validation)做為機率模型預測估值優劣程度的衡量標準，比較「公開標售」組與「評估地價」組兩者機率模型何者預測能力。結果發現「評估資料」組的估值準確性較佳，「公開標售」組所建立之機率模型較不具預測效果。而三種適合度檢定之機率模型則是以A-D適合度檢定所建立之機率模型表現最佳(MAPE為14.98%，誤差±10% Hit-rate為38.46%，誤差±20% Hit-rate為71.43%)。本文透過機率模型的建立，考量不動產開發隱含之風險，呈現估值的結果由定值轉變為區間；考量不同估價人員或開發業者間，對於相同投入參數不同認知的情形；本模型將對地價敏感性較大之投入參數由定值轉為機率密度函數，較估價人員或開發業者主觀認定各項投入參數之變動更為客觀；可應用於大量估價，亦可作為估價人員或開發業者評估土地時，價格之參考 / Land development analysis is one of the developers and valuers assessment of land price method, different practitioners, however, is often not the same for the valuation of the same subject, valuers bias caused by the difference in price? Or valuers use of the land development analysis, the various input parameters the differences? In this study, turnover in Taipei sale by public tender premium and public listed construction company to assess the land value of Taipei City were analyzed, Looking for land development analysis the probability distribution of possible input parameters using the @ Risk, useing Monte Carlo simulation analysis to establish the land development analysis of the price of the probability model, and using the mean absolute percentage error (MAPE), the hit rate and cross-validation as a probability model to predict the measure of the quality and extent of the valuation, "open auction” group and “assess the premium” group between the two probability model may be predictive ability. The results showed that the valuation accuracy of the assessment information group better probability model created by the sale by public tender group compared with no predictive effect. Three kinds of fit test of the probability model is based on the AD for degree verification to establish the probability model the best performing (MAPE of 14.98%, the error is ± 10% Hit-the rate is 38.46%, the error is ± 20% the Hit-the rate is 71.43% ). Through the establishment of the probability model, consider the real estate development implied the risk of showing the results of the valuation by the valuation change interval; considerations between the different valuation or development industry, for the same input parameters of different cognitive situations; this model will have premium The larger sensitivity of the input parameters from the given value to the probability density function over valuation or development industry subjective judgments more objective changes of the input parameters; can be applied to a large number of valuation, assessment of land may be used as the valuation or development industryWhen the reference price.

本研究係利用財務理論定價模型之實質選擇權擴張情境模式，以三項式選擇權評價方法，評估現行上市的不動產投資信託商品（REITs）的合理價值。並選定富邦一號與二號、國泰一號與二號、新光一號等5檔REITs商品進行評價分析。 　　經研究結果，其中有4檔REITs評價價值與其2010年財報淨值非常接近；此外，並有其中3檔REITs的評價價值，相對於財報的每股淨值，更為接近實際股票市場交易的最高價格，證明本研究的三項式選擇權評價模型可適用於REITs商品的評價方法。 / This paper employs the Trinomial Real Option Pricing Model for the valuation of Real Estate Investment Trusts (REITs). The following five REITs in Taiwan (or T-REITs) are selected for empirical analysis: Fubon No.1 and No.2 REITs, Cathay No.1 and No.2 REITs, and Shin Kong No.1 REITs. Results show that the values of four T-REITs values from the valuation model are very close to their book value in the end of 2010, and three T-REITs values are also similar to their highest prices in the exchange market. Conclusions of this study imply that the Trinomial Real Option Pricing Model may serve as a good approach for the valuation of REITs prices.

特徵價格模型是傳統常被使用於不動產大量估價的模型，由於模型將造成所有價位的不動產其特徵都具有同樣的邊際價格而無法解釋現實不動產特徵的各種可能狀況，故引發本研究利用分量迴歸建立大量估價模型之動機。研究利用台灣不動產成交行情公報的資料進行台北市大廈的實證分析，針對特徵價格法的延伸與估價準確度做檢視。嘗試應用分量迴歸建立大量估價模型，討論住宅特徵對於價格的邊際影響力於不同價位的住宅是否存在差異，並討論分量迴歸模型的估價精確度。研究採用交互驗證法與重複實驗30次討論模型的估計效果，並利用平均絕對百分比誤差（MAPE）以及命中率（Hit Rate）做為模型預測優劣程度的衡量標準，以討論分量迴歸模型是否可以較最小平方特徵價格模型有更為準確的估計表現。實證首先探討價格分量之下各住宅屬性對於價格的影響狀況，得到大部分住宅特徵對於價格的邊際影響力的確會因住宅價位的不同而有所差異。在估價準確度的部份，經測試得到利用分量迴歸建立大量估價模型的估價效果達研究的預期目標，且其估計表現優於最小平方特徵價格模型。 / 藉由分量迴歸模型，得到隨著住宅價位的增加，坪數與屋齡對於價格的影響力並非呈現一致的趨勢；坪數輪廓與屋齡輪廓出現轉折也為變數增加二次項變數的原因得到實證依據。重複實驗30次的整體表現，分量迴歸模型的MAPE較最小平方迴歸模型低了1.687％；誤差落在正負10％的Hit Rate較最小平方迴歸模型高了3.81％；誤差落在正負20％的Hit Rate較最小平方迴歸模型高了5.14％。30次的實證為分量迴歸模型的估價表現更優於最小平方迴歸模型得到較具說服力的結果。 / Hedonic pricing models are traditionally used for real estate automated valuation models. Because the conditional mean calculated by OLS does not give a complete description of the relationship between dependent variable and independent variables, which leads to the motive of this study. This study inspects the extension of hedonic pricing models and appraisal accuracy, and we attempt to apply quantile regression to real estate automated valuation models and discuss the difference of the marginal contribution in each individual characteristic under different price level. Our study adopts cross validation and repeats empirical process for 30 times, and we use MAPE and hit rate to evaluate accuracy and argue if quantile regression models have better estimation. The empirical results show that the marginal contribution of housing area and age changes with price level; the turning points of area curve and age curve show empirical evidence for including square variables. The entirety performance of repeated experiments points out that the MAPE of quantile regression model is 1.687% lower than OLS model; as error ranged between 10% to -10%, the hit rate of quantile regression model is 3.81% higher than OLS model; as error ranged between 20% to -20%, the hit rate of quantile regression model is 5.14% higher than OLS model. The 30 times experiment of quantile regression models shows a much more persuasive result than OLS models.

數位科技的快速發展影響了人們的生活型態，也為企業提供了更多為顧客創造價值的機會。為因應網路及行動科技世代的來臨，不動產服務業者亦需了解如何應用數位科技提供顧客更全面的服務。 為了解不動產服務業在不動產生命週期各階段如何運用數位科技服務消費者，以及不動產服務業者應用數位科技的動機、延伸效益與挑戰；本研究以質化研究方法，收集國內外不動產服務業相關個案，依不動產生命週期分為上游投資興建、中游仲介交易、下游使用管理三類，以顧客價值創造循環（customer value creation cycle）分析個案應用數位科技於服務流程方式。 研究發現，上游投資興建階段，建設、營造業在諮詢、核心服務、附加服務等服務接觸點，應用VR、雲端分享協作、工程管理App工具讓顧客理解設計內容、提升工作效率。以居間媒合為主的仲介交易階段，同樣於諮詢、核心服務、附加服務接觸點，大量應用AR、VR等互動技術，並整合BI、big data，使房屋、行情資訊更加透明以促進成交。使用管理階段與顧客互動最為密切，除核心及附加服務外，於付款、客服、維護等服務接觸點，應用更多SoLoMo、O2O、行動支付等技術，整合居家周邊生活資源服務顧客。 應用數位科技不僅改變企業工作習慣與流程，也可創造新商業模式，或藉行動裝置提供客製服務深化顧客關係。然而，導入科技時亦可能面臨系統整合、工作流程與組織轉變而造成管理成本提升，或是遭遇獲利模式不穩定等挑戰。 因應數位新趨勢，不動產服務業者應完善行動服務介面、調整營運模式，進而掌握顧客需求，以真正解決顧客問題並為顧客創造價值。此外，企業應提前於不動產生命週期的前端即思考後續仲介交易、使用管理階段維運，並可從產業鏈上下游思考新應用模式；或是進一步延伸至顧客價值循環的其他階段，從關聯服務中發掘新商機。

隨著中國大陸經濟的高度成長，不動產市場也隨之發展。在貸款利率及不動產相關稅負長期偏低之下，住宅產品的投資需求不斷上升，使得房價一路高漲。房屋價格的增幅過大、增速過高，已經超出了合理的範圍。截至2010年，中國大陸推出一系列以抑制房價為主要目的的宏觀調控政策，許多重點城市也陸續推出以“限購令”為主要內容的地方性政策來調控不動產市場。由於中國大陸地幅遼闊，各地的不動產市場因受各種因素影響而發展各異，因此挑選了北京、上海、廣州三個頗具代表性的重點城市作為研究對象。本文應用年租金與加權平均資本成本（WACC）還原基本價值，以其與市場價格間的差距作為泡沫程度的估計，計算出這三個城市2007年至2012年間不動產價格泡沫程度。藉由這三個城市的不動產市場泡沫狀況，運用共整合分析檢視中國城市不動產價格泡沫的影響因素，并以Granger因果關係檢定探討三地不動產價格泡沫與各因素之領先落後關係。 實證結果顯示，人均可支配收入和金融機構各項信貸總額對不動產價格泡沫具有正向影響，不動產價格泡沫則對其本身具有負向影響，而抵押貸款利率與不動產價格泡沫先是正相關而後轉為負相關的關係。而根據Granger因果關係檢定結果，北京不動產價格泡沫落後於金融機構各項貸款總額，而上海不動產價格泡沫領先於人均可支配收入，廣州不動產價格泡沫則落後於人均可支配收入、抵押貸款利率與金融機構各項貸款總額。 / With the rapid economic development in China, the real estate market has been undergoing a great boom. The low interest and tax rates are very favorable for the continuously increasing house demands, and thus resulting in higher housing prices. And the extremely rapidly increasing housing prices are not reasonable. Until 2010, Chinese government had published a series of national housing regulatory decisions to address the over-heating real estate market. And the restrictions on house purchase have been put into practice in some major cities. Given that China has a vast territory with large variety, the impact of these regulations on the local real estate markets of the cities can hardly be determined. Therefore, we study here the real estate market in Beijing, Shanghai and Guangzhou, three of the most representative major cities in China. This study evaluates the housing bubbles situations in these cities from 2007 to 2012 by comparing fundamental values with market prices. The fundamental value of real estate can be calculated by annual rents and WACC. Based on the evaluated housing bubbles situations, this study then applies Cointegration analysis to further explore the factors that may contribute to China’s housing bubbles. In addition, Granger causality test is employed to examine the lead/lag relationship between housing bubbles and the variables. The empirical result shows that per-capita disposable incomes and total loans of financial institutions are positively related to China’s housing bubbles. And the housing bubbles in these three cities are negatively related to themselves. In addition, the impact of interest rates on housing bubbles is positive and later turns negative with respect to the magnitude of increasing rates. According to the results of Granger causality tests, Beijing’s housing bubbles are Granger caused by total loans while property bubbles in Shanghai lead personal incomes. Furthermore, housing bubbles in Guangzhou are Granger caused by personal disposable incomes, interest rates and total loans.

由於2004至2013年在不動產多頭走勢及賣方市場背景下，商用不動產採用拍賣方式銷售，得標價格屢創新高，使商用不動產採用拍賣銷售交易比例逐漸提高，然而得標者為何願以高於標售底價甚多的價格競標？以及，投標者多為專業法人機構，依法需委託不動產估價師估價，競標時估價金額與得標價格卻不一致，為何如此？而賣方訂定的標售底價，是委託不動產估價師評估之市場價值，或賣方評估拍賣標的物之市場價值，為何估價金額與標售底價有所差異？由於得標價格公開，常被視為不動產市場前景指標，故了解得標價格、估價金額與標售底價間關係，有其必要性。 因此，本研究以台北市辦公室標售個案為研究對象，以拍賣理論、特徵價格理論為基礎，建構複迴歸分析模型，探討影響得標價格、估價金額及標售底價間差異之因素，以供投標者出價決策、賣方訂定底價與不動產估價師估價時之參酌。本研究實證結果顯示，得標價格、估價金額皆高於標售底價，但得標價格不一定高於估價金額。投標者、賣方、不動產估價師對價格認知存有差異，賣方、投標者及不動產估價師會依據其所蒐集的資訊、個人的知識與專業、自身經驗法則及決策參考因素，對價格形成因素存有不同詮釋。此外，不動產估價師僅是協助投標者評估可獲利的合理價格，但無法保證其獲利，致投標者認知之投資價值與不動產估價追求的真實價值相異。

基於契約自由及自我負責原則，個人得依自己意思自主形成法律關係，而在契約法上，契約當事人透過自主決定，形成彼此間之法律關係，參與契約之人必須為他方當事人及法律安定性等利益，承擔因自身經驗不足或判斷錯誤，所造成決定自由受妨礙之風險。而不動產交易具有以下特徵:1 買賣雙方皆非經常性交易，2市場交易之價格資訊不易取得（實價登錄仍具有時間上的落差），3尋求潛在買方的交易成本很高，4買賣雙方對交易價格的議價及磋商能力較差，5標的物之瑕疵及法令上的限制，非賣方使用經驗可以探知，需透過專業的調查及說明6.交易金額龐大且需辦理貸款，7.交易時間從簽約到點交耗時較長，8.除標的物之事實交付占有外，需辦理完納稅捐，所有權移轉、抵押權設定、塗銷等程序，9.不動產買賣契約之約定內容多使用法律專業文字，買賣當事人不易理解等。因此，一般消費者在缺乏實際買賣不動產經驗及社會的專業分工下，常委由仲介業處理買賣事宜。所以，買方或賣方願以給付高額仲介服務費，委託仲介業進行銷售或承買，就賣方而言，其委託之目的是希望憑藉仲介業之專業及交易經驗進行「委託銷售」、「履約協力」及提供與銷售及履約有關之「說明義務」。就買方而言，其委託之目的是希望憑藉仲介業之專業及交易經驗「搜尋及承買符合需求之特定標的」、「履約協力」及提供與承買及履約有關之「說明義務」。 在仲介實務上，仲介活動始於仲介業對賣方之開發及對買方之帶看行為，無論是委託銷售契約或委託要約斡旋契約，其委託銷售或承買之價格或其他條件，多受該前階段仲介業所提供之資訊影響。為期能完整說明仲介業說明義務之完整內容，本文認為仲介業之給付義務應始於物件開發，終於房屋點交。 仲介業對買賣雙方是否具有說明義務，即在探尋仲介業對買方或賣方是否負有狹義債之關係(給付義務)，而探尋之方法係透過當事人意思表示、契約條文的解釋，及契約性質的定性，以確認該給付義務之依據(請求權基礎)。但狹義債之關係僅為廣義債之關係所發生多數個別的給付之一，因此要判斷仲介業之說明義務，需先確認當事人間債之發生原因及當事人間廣義債之關係的內容。而契約構成之要素，應依當事人約定之內容及目的、法律強制規定作為契約內容、法律擬制契約內容判斷之結果。本文認為，仲介業與賣方之委託銷售契約及仲介業與買方之委託要約斡旋契約書，應非屬典型委任、居間或承攬契約。惟因民法第529條勞務契約強制類型之規定，而定性為委任契約。 仲介業者對買賣雙方說明義務之依據，有基於當事人約定契約之給付義務、有基於類推適用民法第567條、有基於民法第184條之侵權行為，有基於民法第148條第2項誠信原則之附隨義務。且其說明義務之範圍，本文歸納司法判決之實務見解，法院如以民法第567條為依據，仲介業說明義務須限定「訂約事項」「當事人履行能力及訂立該約能力」之法定事項且仲介業得為「合理方式調查」為限。惟本文認為，仲介業與買賣雙方說明義務之範圍，依據契約之目的、契約內容之形成要素判斷，非僅民法第567條所定事項，應包括足以影響買方或賣方意思形成之重要要素。因此，仲介業對賣方說明義務之範圍，應該包括「委託價格及條件之形成」「銷售活動及買方出價」「標的瑕疵之提示」「賣方履約可能之障礙及風險」委託銷售契約及不動產買賣契約「合約上賣方違約責任及不利益事項」。而仲介業對買方之說明義務應該包括「特定標的是否符合買方特定需求及使用目的」「承買價格及條件之形成」「標的瑕疵之提示」「買方履約可能之障礙及風險」委託要約或斡旋契約及不動產買賣契約「合約上買方違約責任及不利益事項」。 另關於仲介業說明義務之程度，本文歸納司法判決之見解，區分為「低度說明義務」、「中度說明義務」、「高度說明義務」。惟本文認為，仲介業說明義務之調查方法及程度，依債務人之給付應依債之本旨及債務不履行可歸責事由之判斷標準，本文認為，關於說明義務之具體事項及調查方法，應依專門職業人員之善良管理人之注意義務，應指有一般具有相當知識經驗且勤勉負責之人，在相同之情況下且合乎「專業能力」「工作經驗」「職業責任」應餞行之調查方法。而仲介業對買賣雙方說明義之程度應達於「預見風險」且能「避免或防止損害結果之發生」，因此應統一採取「高度說明義務」。

不動產產業近年來持續蓬勃發展，關於不動產相關的服務，亦成為各家不動產同行的兵家必爭之地。如何以好的服務創新，激發潛在買家對於特定建案的興趣，進而促成交易，帶動不動產業者之營運績效，可謂本研究之一大要點。 　　而資訊科技的日新月異，更是服務創新之一大契機。過去的不動產服務，往往必須以實體界面提供；然而，若是透過資訊平台進行服務提供，那可望有機會提供更完整且更加及時的服務，而且伴隨網際網路的威力，可以讓服務更加無所不在。每年我國不動產成交數量成千上萬，但是仿間資訊並不一定能完全滿足需要，買家和賣家之間存在資訊不對稱，是故，利用資訊系統進行服務創新降低資訊不對稱極具商機。 　　本研究透過學者邱志聖於2001年所提出的策略4C理論架構，使用V公司作為個案研究的案例，探討不動產產業利用網際網路提供服務創新的議題，希望能對不動產產業之產學界有所助益。 / Real estate industry continues to flourish in recent years, and services related to real estate industry have also become a battleground of firms in that industry. How to utilize better service innovation to inspire potential buyers' interest in specific building cases, to prompt trading, and to boost operating performance of those industries are all major points in this study. 　　The rapid changes in information technology can also be regarded as one of the great opportunity for service innovation. In the past, the real estate services often base on physical interface; however, through the information platform, it is more likely to provide a more timely service.Moreover, the power of the Internet has made service more ubiquitous. The volume of China's real estate transactions mounts tens of thousands each year, but the information in the market place does not fully meet the needs. Information asymmetry exists between buyers and sellers, therefore,using of information system to improve services innovation and to reduce information asymmetry can be regarded as a profitable niche. 　　This study, through the strategy 4C theoretical framework proposed by a scholar Jyh-Shen Chiou in 2001, using V Company as a case study, explores the issue of real estate industry's usage of the Internet to provide service innovation, in hopes that the results will be helpful for the real estate industry and the academia.