政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/69633
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文筆數/總筆數 : 114205/145239 (79%)
造訪人次 : 52617643      線上人數 : 795
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜尋範圍 查詢小技巧：
  • 您可在西文檢索詞彙前後加上"雙引號"，以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋，建議至進階搜尋限定作者欄位，可獲得較完整資料
    •  進階搜尋


    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/69633


    題名: 購租屋決策分析---實質選擇權的應用
    其他題名: Applying the Concept of Real Option to the Household Decision Making of Tenure Selection
    作者: 林左裕
    Lin, Calvin Tsoyu
    貢獻者: 地政系
    關鍵詞: 實質選擇權;二項式選擇權評價模式;購租屋決策
    Real Option;Binomial Option Pricing Model;Tenure Selection
    日期: 2003.06
    上傳時間: 2014-09-03 11:43:57 (UTC+8)
    摘要: 本研究將實質選擇權的觀念應用到家計單位的購屋決策上，指出當未來的房價為不确定狀況，且租屋市場的存在同樣能滿足其住屋需求下，家計單位在考慮是否進行購屋決策時，其背後隱含一何時(timing)購屋的機會選擇，為一個遲延決策選擇權(defer option)的要領價值，并利用二項式選擇權評價模式(binomial option pricing model)，實際推導此一選擇權的價值。使用本研究的模型架構進行分析，可以清楚的由數據進行投資決策之判斷，有助於家計單位正确評估購租屋決策。結果指出，當未來房價的波動性較大時，此一選擇權價值上升；當個人資金必要報酬率提高，會使得選擇權價值下降；當租金水準提高時，選擇權的價值亦提高。
    This study applies the concept of real option to the household decision making of tenure selection. As the house price in the future remains uncertainty, tenure selection is like a timing option to buy a house. This study does not only indicate that this option is an American put option, but also derive the value of the put option through binomial option pricing model. On the one hand, if the household selects to pay the rent for one period instead of buying a house, the expenditure may be reimbursed due to the decrease of house price. On the other, the expenditure may rise due to the increase of house price. This study offers a useful model for household to determine whether it is a right decision to buy or rent a house. The result shows that the more volatile the house price, the higher the option value; the higher the ratio of equity to house price, the lower the option value.
    關聯: 住宅學報, Vol.11, No.2, pp.79-100
    資料類型: article
    顯示於類別:[地政學系] 期刊論文

    文件中的檔案:

    檔案 描述 大小格式瀏覽次數
    9100.pdf137KbAdobe PDF2934檢視/開啟


    在政大典藏中所有的資料項目都受到原著作權保護.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回饋