<p>1.3. Research Questions.</p><p>With this in mind, the research questions of this work are:</p><p>1. Is the Capital Asset Pricing Model still applicable despite the heavy impact of the financial crisis on the financial systems?</p><p>2. What happens to this model when the risk free rate approaches zero?</p><p>3. Is there a relationship between the riskiness of an asset and the risk-free interestrate when the latter is approaching the zero level?</p>

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.

1.3. Research Questions. With this in mind, the research questions of this work are: 1. Is the Capital Asset Pricing Model still applicable despite the heavy impact of the financial crisis on the financial systems? 2. What happens to this model when the risk free rate approaches zero? 3. Is there a relationship between the riskiness of an asset and the risk-free interestrate when the latter is approaching the zero level?

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