 |
English
|
正體中文
|
简体中文
|
Items with full text/Total items : 62830/95882 (66%)
Visitors : 4105490
Online Users : 854
|
|
|
Loading...
|
Please use this identifier to cite or link to this item:
https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/33513
|
| Title: | 不動產售後租回交易模式之個案研究 |
| Other Titles: | A case study of real estate sale and leaseback transaction model |
| Authors: | 陳俊逸;Chen, Chun-yi |
| Contributors: | 淡江大學企業管理學系碩士在職專班
趙慕芬;Chao, Muh-fen |
| Keywords: | 售後租回;資本預算;表外融資;資本租賃;營運租賃;淨營業收益;資本還原率;Sale and Leaseback;Capital Budget;Off-Balance-Sheet Financing;Capital Lease;Operation Lease;Net Operating Income;Capitalization Rate |
| Date: | 2006 |
| Issue Date: | 2010-01-11 04:13:44 (UTC+8) |
| Abstract: | 我國自2002 年開放外資以投資為目的持有我國不動產以來，國內的商業不動產投資市場經由外資背景機構投資人/法人投資人 (Institutional Investor) 的積極投入，對不動產投資市場帶來全新的觀念，完全打破傳統的思惟，為我國不動產投資市場帶來全新風貌。
自1936年開始發展之「售後租回交易」 (Sale and Leaseback Transaction)，在許多不動產投資市場發展成熟之先進國家經過多年運作，已發展相當成熟。反觀我國由於主客觀因素影響，遲至2004年底至2005年初才因外資引進，發展出第一個成功案例。
本研究分成二階段，第一階段探討（1）不動產售後租回對買賣雙方之正反面效益（2）財會制度、不動產稅務規範及法令規範（3）不動產投資之資本預算財務模型（4） 非關財務評估要點，藉此了解在我國進行不動產投資之各項重點；第二階段經由個案研究，探討實際案例之應用。
本研究有下列主要的發現
1.不動產售後租回交易為一整合性交易，透過平衡買賣雙方利益，創造雙贏之交易架構。
2.售後租回交易為一整合性交易架構，因此在進行投資同時，買賣雙方必須同時進行不動產及企業營運之雙重分析。
3.在不動產售後租回交易，投資人可以提前透過完整之財務模型試算出變數對投資報酬之影響，提前做好規畫並有助於規避投資風險。
Since government liberated regulations of acquisition of real estates for foreign investment in 2002, foreign institutional investors have been aggressively participating in the domestic market of real estate investment. These investors introduce new investment concepts and approaches, which brings some impacts to the local industry. Furthermore, it has significantly changed the prospect of local real estate investment.
The concept of “Sale and Leaseback Transaction” was firstly introduced in 1936. Since then, this model has been very successfully demonstrated and further developed in several mature markets. Nevertheless, until late of 2004 to early 2005, the first case of real transaction emerged in local market and was concluded by foreign institutional investor
This research comprises of two sections. The first section will focus on the following elements: (1) Pros and cons on real estate sale and leaseback transaction model for sellers and buyers, (2) Study of R.O.C. GAAP, tax regulations and legal regulations, (3) Study of real estate investment capital budget models (4) Non- financial relative decision criterion. By means of the abovementioned studies, we will scrutinize the key factors upon real estate investment in local market. The second section will provide a real case of the said transaction, and further discuss the application in real estate market.
Major conclusions result from this study indicate :
1.Real Estate Sale and Leaseback transaction model is considered as an integrated transaction model. By balancing buyer’s and seller’s benefits, this model can create a win-win situation.
2.As it’s an integrated transaction model, the investment assessment should cover both real estate analysis and business operation appraisals
3.During the transaction assessment, the investor can understand the impact of variables variation to the investment return, and eliminate the potential investment risk in advance. |
| Appears in Collections: | [企業管理學系暨研究所] 學位論文
|
All items in 機構典藏 are protected by copyright, with all rights reserved.
|
