本研究希望了解資產管理公司在評估不良資產價格的過程，並探討購買不良資產應考慮的因素，最後則希望透過評價系統的建立，考量不同的評價因子，評估最適購買價格。
本研究藉由文獻回顧與實證分析，針對住宅類型之不良資產進行分析，研究結果之結論如下：
一、評價因素之選擇及建立評價系統：
(一)評價因素之選擇
資產管理公司在購買不良資產時考量的因素，根據過去相關文獻回顧，考量因素大抵可分為：基本資料條件（含區位、屋齡、建物結構、建物總樓層、停車位個數、持分建物總面積、住宅類型-大廈、住宅類型-公寓、土地總面積、分次移轉持份面積、土地前次移轉現值或原規定地價、土地目前公告現值），資產管理公司資料如價格資料(由資產管理公司委託外部不動產估價師所評估市場可處分估值(MV)、預估法拍可處分估值(AV)、預估不良資產可處分估值(SV))、成本資料（移轉成本、持有成本）、法院拍賣資料（拍次、設定期間、第1順位設定金額、最近一次法院鑑估值、法院鑑估期間）、策略資料等。
(二)建立評價系統
1.不同市場與策略來探討購買不良資產評價系統之價差分析
經實證分析發現一般的評價方式與資產管理公司評價方式有明顯差異。不同策略區分市場為市場可處分估值、法拍可處分估值模型與不良資產可處分估值模型，其價差只有在市場可處分估值與法拍可處分估值間有差別，但其與不良資產可處分估值間價差不大。
2.不同市場與策略來探討購買不良資產評價系統之評價因子
本研究嘗試在分成二個階段來探討，在第一階段中以分別的市場模型用隨機方式來進行實證分析時，發現價差有減少的情況；而在第二階段嘗試著用選擇性偏誤校正值來進行實證分析時，發現選擇性偏誤校正值並不顯著，所以不需要用選擇性的偏誤加以選擇，只要用分別的市場模型即可。
3.選擇最適評價系統模型
為了選擇最適評價系統的模型，本研究嘗試著加入預測之模型，依分別市場模型以了解何種模型為預測不良資產估值的最適模型。在考慮策略的情況下選擇以市場可處分估值模型，其評價比率平均數為0.981348最接近1與變異係數為10.06966%在25%以下，為所有情況下最低者，顯示其為最適的評價模型。
二、透過評價系統最適模型的選取，結果以市場可處分估值為最適價格，顯示透過資產管理公司公開競標不良資產之機制確實能提昇公司(銀行)的價值到至高點。
三、在評價系統當中，選取最適估值後，需經由現金流量之折現計算，以獲得最後評估計算的價格，期間是最重要計算停損點的因素，本研究實證所選取的最適模型亦即市場可處分估值模型，其可未來預估可處分的金額較高及預估可處分期間較短，可達到資產管理公司要求。 / This study set up the process of assessing the price of the non-performing assets of Asset Management Company, forthmore, buying factors of the non-performing assets should be considered. The best fitted price-model is searched in the price-appraisal system of the non-performing assets.
Our study is with references reviewed and empirical analyzed on house-type non-performing assets; the conclusions of this study are as follows:
1. Evaluation the choice of assessment factors and Establishment the price-appraisal system
(1) Evaluation the choice of assessment factors in thr data system
After reviewing the references, AMC buy the NPL considered the assessment factors can be divided into as follows : The basic characters ( include location, building age, building structure, the total floor of building, parking lot, building area, building type - the mansion, apartment, land area, holding land area, land previous transferring current value or price, land current value or price), AMC’s related data such as asset price (trust appraiser, real estate of outside, assess by property Management company market can punish valuation (Market sold-Value, MV), estimate law can punish valuation to make in advance (Auction-Value, AV), estimate non-performing assets can punish valuation in advance (estimated Sold-Value, SV), cost data( transaction cost, holding cost), the court auctions related data ( bidding times, loaning duration, the 1st order mortgage amount of money, the last time court valuation, court valuation duration), strategy related data etc..
(2) Establishment the price-appraisal system
a. Different markets and strategies to set up the price-appraisal system of the buying non-performing assets and analyze the price differential
There exist the differences in the general appraisal way and Asset Management Company. Different strategies with distinguished-market can punish for market valuation, law is it can punish valuation model and non-performing assets can punish the valuation model to make, price differential can show between MV and AV markets, but no big difference among others( AV-SV or SV-MV).
b. Different markets and strategies to choice assessment factors in the price-appraisal system of the buying non-performing assets
We have two stages in this study: The first stage is the choice of markets randomly, we using the HEKIT model with selection bias adjustment. It is found the price difference is reducing, but the IMR (selection bias adjustment indication) is nonsignificent. Alternatively we chose the markets among.
c. The best fitted price-appraisal model choice in price-appraisal system
In order to choose the best fitted appraisal model, this study chose the among markets as the predicted model. With and without the different strategies the MV model win the assess ratio average 0.98 is most close to 1 and the coefficient of variation is 10.07% under 25 % of CV standard.
2. Through the price-appraisal system, the best fitted choice of market sold-valuation shown the bank or AMC’s value of non-performing assets reach lofty peak under the AMC’s open competitive bidding mechanism.
3. In the price-appraisal system, the best fitted choice of market sold-valuation, need to calculate via the discounting of cash flow, to gain the final assets price; however the duration is the most important factor for loss-stop point. The best fitted choice of market sold-valuation can gain the higher sold-money and shorter sold-duration time that can be punished in advance in the future. That choice can reach the Asset Management Company requirement and loss-stop point.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0093923017 |
| Creators | 高啟原 |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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