本研究之主要目的是藉由實質選擇權的概念進行投資開發案之研究,主要係以彰濱工業區做為研究對象。研究模型之設計採二項式評價法,並針對彰濱工業區作修改、設計。藉由模型的適當調整,也可應用於其它開發專案之分析,因此,主管機關即可藉此規劃一個更具有具競爭優勢的投資開發案。研究結果為由本研究可得到在租金季成長率為2%時,不論房價波動率是5%、10%或20%,當房價年成長率高於7%時,決策結果都由買入轉租賃。;在房價季成長率為2%時,不論當租金波動率為5%、10%或20%時,租金成長率在10%以下之決策結果皆為租賃。
This study presents an approach for analyzing investment developments through real option technique. It mainly focuses on the Chang Hua Coastal Industrial Park,and compares with others. The modified binomial lattice method is employed in this study. This model can be applied in other Investment Development Schemes through proper adjustment. The government can therefore program a more advantaged Investment Development Scheme through the application of real option concept. Findings on the grounds of this study is available in the rent quarterly growth rate of 2%, regardless of price volatility is 5%, 10% or 20%, decision-making results by buying when prices annual growth rate of 7%sublease. ; Prices quarterly growth rate of 2%, regardless of when the rent fluctuation rate of 5%, 10% or 20% rent growth rate below 10% of decision-making results are leasing.