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.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0102923017 |
| Creators | 蔡汶靜, Tsai, Wen Ching |
| 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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