住宅型不動產投資專案評估與開發流程之個案研究

本研究藉由個案研究的方法，針對不動產投資專案的開發評估與財務規劃進行文獻探討，並利用投資計劃評估之觀念，結合決策過程所需之圖表與數據，探討住宅型不動產開發流程之關鍵決策因素，包括：(1)開發可行性評估、(2)財務規劃、(3)開發規劃與計畫制訂、(4)計畫執行、(5)銷售策略、(6)執行績效管理、(7)計畫調整與修正、以及(8)結案作業。針對不動產投資開發計畫，本研究進一步以開發商之角度探討實務之延伸議題，包括融資策略之敏感度分析，以及成屋與預售屋之內部報酬率與淨現值分析；同時亦針對2011年6月1日起特種貨物及勞務稅(簡稱：奢侈稅)的實施，以及2012年8月1日起政府實價登錄的政策實施，對於開發商的稅賦與財務操作、土/建融資貸款與不動產價格議價之財務面衝擊、以及不動產市場交易的影響進行延伸探討。本研究期望對於不動產相關研究提供實例之佐證，同時，對於不動產開發行業的入門者，提供實務操作流程的真實計畫與經驗；並針對住宅型不動產開發專案提出建議與分析，以期能善加利用經驗的累積，在不動產開發行業中茁壯成長。

關鍵字

住宅型不動產投資計畫評估；不動產開發流程；個案研究；實價登錄；奢侈稅

並列摘要

In this case-study oriented research, we review literatures regarding evaluation of real estate investment projects and exploitation procedure of residential properties. Combined with graphs and quantitative tables needed for decision making, we also explore key factors in residential properties development, including project assessments, financial planning, project scheduling, implementation, marketing strategy, performance evaluation, modification, and project closing. Furthermore, via NPV/IRR and sensitivity analyses, we examine possible financial impact on developers’ loan strategy and price negotiation at real estate projects since the enforcement of “Selected Goods and Services Tax “ on Jun. 1st, 2011 and “Actual Selling Price Property Taxation” on Aug. 1st, 2012. Eventually, through this study, we expect to provide authentic example for real estate research and to share experience in real estate development for practitioners.

並列關鍵字

Investment Plan and Evaluation of Residential Properties Projects ； Real Estate Development Procedures ； Case Study ； Actual Selling Price Property Taxation ； Selected Goods and Services Tax.

參考文獻

唐富藏 (1989)。投資計劃評估。台北市：華泰。

Babbie, E. (2002). The Basics of Social Research. CA: Wadsworth.

Buchanan, J. T. (1994). An Experimental Evaluation of Interactive MCDM Methods and the Decision Making Process. The Journal of the Operational Research Society, Vol. 45, No. 9, 1050-1059.

Bulan, L., Mayer, C., & Somerville, T. (2009). Irreversible investment, real options, and competition: Evidence from real estate development, Journal of Urban Economics 65, 237–251.

Busby, J. S., & Pitts, C. G. C. (1997). Real options in practice: an exploratory survey of how finance officers deal with flexibility in capital appraisal. Management Accounting Research, 8(2): 169-186.

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住宅型不動產投資專案評估與開發流程之個案研究

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