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題 名 | 以投資觀點探討二項式選擇權評價理論對預售屋隱含買權價值之評價=Valuation of Implicit Call Option of Pre-Sales House Based on Binomial Option Pricing Theory from Investment Viewpoint |
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作 者 | 陳俊合; 謝潮儀; | 書刊名 | 臺灣土地金融季刊 |
卷 期 | 36:4=142 1999.12[民88.12] |
頁 次 | 頁117-127 |
分類號 | 554.89 |
關鍵詞 | 預售屋; 買權; 選擇權; 二項式評價; Pre-sales house; Call option; Option; Binomial pricing; |
語 文 | 中文(Chinese) |
中文摘要 | 預售屋之交易係約定於未來特定期間交屋之契約買賣形式,若將預售屋以投資財 觀之,投資者期初只要預付少許之頭期款及工程期款就可取得預售屋完工時之購屋權利,其 交易類似選擇權(買權)交易型態,因此選擇權之評價方法理論上應是可提供投資預售屋時評 估其買權價值變化之參考,合理詮釋與評估預售屋隱含(implicit)之買權價值。 預售屋市場中因頭期款及工程期款應繳款項之不同對預售屋隱含之買權價值會產生何種 影響?在模型中該如何納人考量與評價?本文之目的即從投資觀點利用二項式選擇權評價理 論針對預售屋隱含之買權價值作一初探,藉由預售屋隱含買權之評價模型,可提供投資預售 屋時之決策參考。 |
英文摘要 | The transaction of the pre-sales house is executed like contract agreed to hand over the house at specific time in the future. The investor, only paying little initial payment and installment paid according to construction schedule at first, can acquire the right to buy the house when it is finished. The transaction is also like the form of call option. So the pricing method of option should be able to appraise the implicit call option of the pre-sales house theoretically. What is the influence of implicit call option of pre-sales house resulted from the initial payment and installment paid according to construction schedule? Flow can we considerate and appraise in the valuation model of the pre-sales house? The purpose of this paper is to discuss the implicit call option of the pre-sale house based on binomial option pricing theory from investment viewpoint. By means of the pricing model of implicit call option of the pre-sale house, the results can be proposed for reference when making decisions about investing in pre-sales houses. |
本系統中英文摘要資訊取自各篇刊載內容。