地方政府透過引進民間投資公共建設，帶動了區域經濟發展、減少政府財務支出及增加就業機會，更開啟了地方政府與國有財產局合作的機制。本研究以新北市政府目前已完成簽約或辦理中的個案進行歸納分析，從設定地上權、租賃與標售等招商模式中，找出在不同的環境因素下，應選擇何種模式為最適。而辦理招商前置作業應考量基本環境、市場可行性、法律可行性、財務可行性等分析結果。 研究發現，政府部門開放的態度、設置專責的單位、長官的支持、有效的行政效率及良好的內容規劃，為招商案主要關鍵成功因素。不同的招商模式各有其考量因素，設定地上權模式主要考量因素為：1.財務設算後回收期間較長2.計畫的回收於設定地上權期間內達成，財務設算可行3.產業類型以服務業、商業設施為主。租賃模式主要考量因素為：1.產業特性較無法評量其營收的狀況2.財務分析不可行3.產業類型以工業使用為主。標售模式主要以土地開發後取得之土地為主。 / By introducing private investment in public construction, local governments could lead regional economic development, reduce the government’s financial expenditures, increasing employment opportunities, as well as create a cooperative mechanism between local governments and National Property Administration. The study summarized and analyzed some bidding cases which have completed contract signing or still under process in the New Taipei City Government, trying to find the most suitable trade promotion model, under different environmental factors, from like superficies creation, lease, tender and etc. In preparing the start-up work of trade promotion, the analysis of basic environment and feasibility in market, law and finance should be considered. The study finds that there are several key factors leading trade promotion projects successful such as open attitude, set of specialized unit, support from the executive, high efficiency and good project planning of and in governmental departments. Models will be designed under different considerations. When choosing the model of superficies creation, it mainly considers longer payback year after financial evaluation, which could possibly be accessible if the planed payback could be achieved during its creation period, and it mainly categorized in the service industry and commercial facilities. If the industry’s characteristics the kind less able to evaluate its revenue condition; financial analysis is unfeasible and is chiefly for industry use, the leasing model will be considered. If the land is expected to be acquisitive after land development, the tender one is the concern.

University of Macau / Faculty of Law

合建契約在我國不動產市場當中，一直占有相當重要的地位。尤其當地主想要在自己所有的土地上擁有房屋，或者擬將舊屋更新時，合建契約就扮演重要的角色。透過合建契約，地主得節省自行建築房屋所必須支出之資金，即可取得房屋所有權；而建商無須支出取得建築土地之龐大資金，避免資金積壓，即可於地主提供之土地上興建房屋。雙方再依據契約所定比例，分配房屋及土地。實務上常見的合建契約類型有很多種，然而大致上可以地主是否以取得房屋所有權為目的為區分標準，如果地主只是提供土地與建商共同經營事業，而於房屋興建完成之後依約定比例分配獲利，並不實際分配房屋，此種合建契約多以「合夥契約」之方式為之，於實務上較少發生爭執，本文即不以此為討論重點。而另一類的合建契約，即地主以取得房屋所有權為其目的，提供土地與建商合建，並且實際獲得分配房屋。此種合建契約之契約類型，以及當事人的權利義務內容、契約條款，在實務上衍生的糾紛甚多，然而較為深入且有體系的的討論卻為數甚少，本論文即以此種合建契約為重心，探討合建契約之功能、契約類型、合建房屋原始所有權人之認定標準，並且建構當事人的權利義務體系、檢視契約條款內容。 在討論合建契約類型與條款內容時，本文將一併探討合建契約與消費者保護法之間的關係。因為在本文討論的合建契約當中，地主以取得房屋所有權為其主要目的，是否得將其視為消費者保護法上所指之消費者，而認合建契約之法律關係屬於消費關係，因此當建商以合建之定型化契約與地主締約時，得以適用消費保護法，採取較為有利於地主之解釋。除此之外，關於合建契約特殊的保證金制度，本文將以實務上的判決為例，討論保證金擔保之內容與目的，以及保證金返還義務與瑕疵擔保之瑕疵修補義務之間，是否得為同時履行抗辯的相關問題。 與合建契約相關另一項特殊的問題，則在於當地主將合建土地所有權移轉予第三人時，建商或者是買受房屋之人，對於土地買受人是否仍然有權繼續使用合建土地，或者成為無權占有，而將遭受拆屋還地、侵權行為損害賠償以及不當得利返還之訴訟。實務上的見解可明顯區分為兩種，一種見解認為合建契約為債權契約，僅具有相對性，因此當合建土地所有權人變異時，新所有權人當然不受合建契約之拘束，建商或房屋買受人即無法主張依據合建契約使用合建土地，其占有自屬無權。另一種見解則認為，合建土地買受人應受合建契約之拘束，因此建商或房屋買受人屬於有權占有，或者認為合建土地買受人權利之行使應受限制，藉此避免拆屋還地等重大影響社會經濟的結果。本文即從這兩個方向，探究其法律上的依據與各種可能的解釋方案，希望能夠達到保障社會上重大經濟利益的目標，避免浪費已投入的大量資源。 關鍵詞：建商 地主 合建契約 權利濫用 消費者保護 定型化契約 債之相對性 誠實信用原則 買賣不破租賃

non / Statistics in the 2008 World Leasing Yearbook showed that China’s leasing volume was only US$5.35 billion for the year 2006, lagging far behind that of other high-GDP countries. However, leasing in China did experience extraordinary high growth rates over the past few years and seems to have ample room for growth in the future. As we know, each industry has its own set of critical success factors (CSFs) and a match between these factors and a firm’s strengths may ensure the firm’s successful performance. Thus, the main purpose of this paper is to explore CSFs for leasing in China and explain the major influences behind these factors. This research is analyzed based on the PEST analysis framework and Porter’s five forces model. The CSFs identified in this study can provide guidelines to develop leasing in China as well as for those planning to enter China’s leasing market. Based on the findings, the business environment for leasing in China, though better than it has ever been, still leaves much to be desired. For leasing to further develop, the following CSFs must be handled with care: Public awareness and understanding; An enabling legal framework; Credit risk management capabilities; Diversified funding sources; Qualified and well-trained staff; A vibrant second-hand equipment market, and Information technology infrastructure and know-how. The identified CSFs also lead to several strong policy recommendations. Among these are the following: Embarking on campaigns promoting leasing; Passing the Financial Leasing Law as soon as possible; Removing tax disincentives to leasing; Establishing a national credit information center; Providing funding support and credit guarantee schemes in favor of SME leasing; and Strengthening information technology infrastructure. Without improvement of these critical elements, the outlook for China’s leasing sector may not be so promising after all.

近年來，電動車與電動機車發展及應用儼然已成為世界潮流，在機車密度極高且擁有「機車王國」稱號的台灣，電動機車技術日新月異，也發展出多樣化商業模式，其中最著名莫過於電動機車電池租賃商業模式，以及共享商業模式。 本研究旨在利用成本效益分析中的淨現值法及益本比法，模擬分析機車使用者以電動機車代替傳統燃油機車，為使用者自己及整體社會帶來之淨現值。在電動機車方面，本研究分析兩種電動機車商業模式，分別為「電動機車電池租賃商業模式」及「共享電動機車商業模式」。 本研究結果顯示，在使用者立場下，目前電動機車成本依舊大於傳統125C.C.燃油機車之成本，且「電動機車電池租賃商業模式」較適合每個月騎乘里程較長之使用者，而「共享電動機車商業模式」較適合每個月騎乘里程較短之使用者。此外，敏感度分析顯示出，在「電動機車電池租賃商業模式」下，騎乘里程長度與NPV及BCR均呈現正相關。在「共享電動機車商業模式」下，每個月騎乘里程為100公里之使用者，在共享電動機車計價方式為每分鐘2.25元之方案下，使用者之NPV>0及BCR>1，並且騎乘里程越短之使用者，其對共享電動機車計價變動的益本比敏感程度越高(當價格下降時，益本比上升較高)。 最後，在整體社會立場下，利用「電動機車電池租賃商業模式」替換傳統燃油機車且騎乘里程越高之使用者，對整體社會帶來之淨現值越高。而利用「共享電動機車商業模式」替換傳統燃油機車且騎乘里程越低之使用者，越具有經濟效益。 / In recent years, the development and application of electric vehicles and electric scooters have become popuplar. In Taiwan, where scooter density is very high and is also called a "scooter kingdom", electric scooter technology is not only improving, but also developing a diversified business model. Particularly, two of the most famous business models are “Electric scooter battery rental business model” and “Sharing electric scooter business model”. The purpose of this study is to use the net present value method and the benefit ratio method in the cost-benefit analysis. We analysis the user's own benefits and the overall social net benefits which are generated from the scooter users replacing traditional fuel scooter with electric scooter. In the field of electric scooters, this study analyzes two business models of electric scooters, “Electric scooter battery rental business model” and “Sharing electric scooter business model”. According to the simulation result of empirical analysis, for the users, the current cost of electric scooters is still higher than the cost of traditional 125C.C. fuel scooters. “Electric scooter battery rental business model” is more suitable for people who have higher accumulated distance per month, and “Sharing electric scooter business model” is more suitable for people who have lower accumulated distance per month . On the other hand, according to the result of sensitivity analysis, the accumulated distance is positively correlated with NPV and BCR in the “Electric scooter battery rental business model”. In the “Sharing electric scooter business model”, those who ride 100 km per month have NPV> 0 and BCR> 1 in the pricing of NT$2.25 per minute. Besides, those who ride 100 km per month have higher sensitivity of pricing. For the overall society, those who use the "Electric scooter battery rental business model" to replace the traditional fuel scooter and have higher accumulated distance per month can generate higher net benefits to the whole society. Those who use the "Sharing electric scooter business model" to replace the traditional fuel scooter and have lower accumulated distance per month can generate higher net benefits to the whole society.

「寬頻」為網際網路基礎建設，透過”頻寬”的配合，將使網路經營獲得正面成果。固網電信市場的開放，不僅帶動寬頻設施普及，對於網路服務供應商(ISP)產業生態或經營模式亦投下新的變數。衝擊最大的莫過於所衍生的加值服務，將改變產業間態勢消長。 　　緣於頻寬價格因競爭不斷下壓利潤空間，ISP深切體會惟有轉型發展「加值服務」，方能於激烈市場中立於不敗之地。然而「加值服務」森羅萬象，諸如：提供各種豐富的資訊、線上購物、協助企業資訊系統規劃、網路資料中心(IDC)、應用軟體租賃服務(ASP)、電子交易市集(e-Marketplace)…等，以ISP業者有限的資源，如何選擇能在短期內佈建成功且兼具效益的附加價值服務，進而整合服務創新經營模式，實為ISP獲利關鍵。 　　本研究以目前資訊委外所衍生之新興網路服務產業：網路資料中心(IDC)、應用軟體租賃服務(ASP)、電子交易市集(e-Marketplace)，作為ISP評估轉型的選擇。 　　由於網路資料中心(IDC)、應用軟體租賃服務(ASP)、電子交易市集(e-Marketplace)三者具有相當程度的延伸性，且均需倚賴網路完成交易，”頻寬”遂成為服務品質的關鍵。ISP以其豐富的網路服務經驗暨客戶資源，跨足IDC、ASP、e-Marketplace自有利基。然因三者市場均有來自不同產業之眾多競爭者，ISP應審視市場外部環境之機會與威脅，配合己身的優、劣勢，推衍出整體性策略，發揮資源、管理、行銷上的綜效。 　　另一方面，IDC、ASP及e-Marketplace所延伸之加值服務體系，已然由單純的價值鏈拓展為同步運作之價值網，因此策略思維亦需從生態考量，運用網路新經濟外部性的形勢力量，推動價值網網網運作，方能締造報酬遞增的營運佳績。 　　在摸索過程中，就現今經濟情勢的瞭解，將有助於順勢而為，導出經營加值服務的方向，冀望以此創新之經營模式，為電信事業再創另一個春天；同時也為此期間蓬勃的B2B電子商務發展作一記實。

對於資金的大量需求是汽車行業維持生產和銷售的主要特徵；運用消費金融業務擴大汽車廠家的產銷規模，成為了汽車消費財務服務產生的基礎。 最早的汽車消費財務服務業務，起源於1907年的美國，伴隨著汽車在美國、德國、日本等汽車行業發達國家的普及，汽車消費財務服務的業務規模也急劇擴大。在汽車消費財務服務的沿革過程中,汽車製造廠商藉助自身獨有的專業化和規模化優勢, 投資了汽車財務服務公司，逐漸成為國際汽車消費財務服務的經營主體。 汽車消費信貸 (Hire Purchase) 和汽車融資租賃 (Operating Lease) 是汽車財務服務的主要業務型式。隨著消費觀念的改變，汽車財務服務的業務重心也漸漸從消費信貸移轉到融資租賃。 融資租賃是將傳統的租賃提升到貿易與金融相結合的方式，透過「融物形式」達到「融資目的」的一種交易方式。融資租賃逐漸成為現代企業設備融資的重要形式之一，甚至在面對金融海嘯的衝擊時，扮演「拉動內需導航儀」的角色，對現代經濟的影響越來越大。 本文以多國籍企業的國際型車廠角度，闡釋消費財務服務的業務以及功能，並進一步分析汽車財務服務公司的快速發展現狀，以及多元化和產業化的發展趨勢。在內容的編寫上，先針對過去臺灣地區，對於提高汽車產業競爭力之歷史做回顧，並說明目前臺灣地區，汽車產業的現狀與優勢，再以企業五力分析，研究政策制定與產業趨勢的關係，並強調政策推動之方向與管理資訊的內容及其重要性。 最後，本文結合了不同發展階段和時期的國內經濟和汽車產業的發展特徵,剖析了當前限制汽車消費財務服務進一步發展原因，提出了推動汽車消費財務服務在我國發展繁榮的條件和建議。 / Capital intensive is the key character of vehicle industry in its production and sales cycle. Employ consumer finance to expand sales and manufacture scale is the strategic intent among vehicle industry which paved the way to flourish the Vehicle Financial Services (VFS) Business. VFS Business was originally from America in 1907. Like emergent market, VFS extends the business along with the vehicle universalism in USA, Germany, Japan and even other developed countries. Through the pipeline control, the Vehicle Manufactures fully take the advantage from their core competence, get involved into Financial Services business and then earn the operating ownership accordingly. Hire Purchase (HP) and Operating Lease (OL) both are the major business models for VFS. Time is changed. The business was mainly focus on HP, but shift to OL followed by the Consumption Concept changed. OL is a kind of transaction which develops the traditional leasing into trading and financing, by pass the purely money financing. OL is currently playing the key role for cooperate equipment leasing. Further more, OL was also the key driver to pull the domestic demand, great help to Economy Status. This article is trying to illustrate the consumer financial services and features from Multinational Vehicle Manufacture point of view. Meanwhile, it also further analyzes the strong growth on VFS business as well as diversification and industrialization trends. Structure wise, we started out the historical review for improving competitiveness on Taiwan market, got on the current SWOT, and then turned point to Porter's 5 Forces Analysis. We went through all the way from “country policy development linked with vehicle industry trends” to stress “the importance on cooperate policy and information management”. Eventually, this article lists down the market development from different stages, profiles the domestic economy together with industry characteristic, dissects the obstructions on VFS from further development, ends up with movement proposal.

我國公部門出租不動產時，其租賃契約中之終止條件及續約條件等約定，與私部門間租賃契約頗有落差。而依據不動產估價技術規則第129 條規定：「不動產之租金估計應考慮契約內容、租期長短、使用目的、稅費負擔、租金水準、變遷狀態、租約更新、變更條件及其他相關因素估計之。」表示在訂定租金時需將契約內容及可能影響因素納入考量才符合公帄原則，然公部門租賃契約中之租金訂定是否將此等特殊條件納入考量，仍有待驗證。此部分在過去文獻中較少著墨，有鑑於此，本研究欲探討租賃契約中特殊條件(如單方面停止契約之權利)對租金之影響。 本研究先以特徵價格理論為基礎，建構複迴歸模型探討影響租金之因素，發現賦予出租方可逕為終止契約之權利，對商用不動產租金具有顯著影響；再進一步以二項式評價模式分析因終止契約條件不同，在租賃契約中隱含的實質選擇權價值變化，模擬結果發現租金成長率愈高，選擇權價值愈高；無風險利率愈高，選擇權價值愈低。研究結果符合選擇權理論，除了指出目前公部門資產租賃契約宜考量具特殊條件時租金之公帄性外，亦可提供爾後租約中含特殊條件時之租金定價參考。 / Rent is affected by various factors, including macro-economic, regional, individual and other related factors such as termination or renewal options. Public sectors in Taiwan prefer using template leasing contract for standardization concerns. The template leasing contract includes some terms favorable to lessors, such as termination option for lessors. The study focuses on the term to terminate the contract for lessors, which is especially considered imposing operation risk on tenants. This study at first employed the multi-regression model to examine factors affecting the rent level. Results show that the rent is significantly affected by the termination term for lessors besides other individual, regional and macro-economic variables. We further applied the binomial option pricing model to simulate how the value of leasing contract is affected by the termination options. Results show that the more the rent tends to grow, the higher value the termination term is; and the higher the interest rate, the lower value the termination term is. Results of this study provide precious implications for rent pricing as the contracts are embedded with the termination option.

University of Macau / Faculty of Law

根據傳統經濟供需理論，價格便宜相對會吸引需求上升，然而，以台灣住宅現象來看，相較沈重的房貸壓力，低廉的租金為何不能吸引租屋需求增加，反而自有住宅市場佔整體住宅市場八成高的比例？對於負擔能力可自由選擇租賃或購買住宅的家戶，似乎不管租金負擔較房貸負擔輕鬆的事實，大多偏好進入自有市場；而租屋者似乎只要負擔能力可及，就會轉入自有市場。這些現象背後是否隱含台灣住宅租賃市場與自有市場之間的替代程度不大？ 實證結果顯示，民國72年，租賃住宅對自有房屋者之交叉彈性為0.04，而自有住宅對租屋者之交叉彈性為0.06。民國82年，租賃住宅對自有房屋者之交叉彈性為0.02，而自有住宅對租屋者之交叉彈性為0.07，交叉彈性皆很小。以同一年相比較，發現租賃住宅的交叉彈性較自有住宅為大，其可能由於租屋者視租賃為過渡時期，其最終仍想擁屋，所以租屋需求對房價的變動較為敏感；而擁屋者較少會有賣掉自有住宅轉入租賃市場的情形，所以其對租金的變動較不敏感。不同的房地產價格水準下（72、82年），自有者之交叉彈性變小而租屋者之交叉彈性增加。在住宅租賃市場與自有市場之相對購屋或租屋價格的變動下，住宅消費行為在兩個次市場之間的移轉情況可自替代程度中反應出來。