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題名：不動產估價的另類選擇：模糊實質選擇權模型
書刊名：住宅學報
作者：蘇進雄／陳澤義 引用關係／王詩韻 引用關係／吳雪伶
作者(外文)：Su, Chin-shyong／Chen, Tser-yieth／Wang, Shin-yun／Wu, Hsueh-ling
出版日期：2019
卷期：28:1
頁次：頁51-81
主題關鍵詞：模糊實質選擇權模型；不動產估價；估價準確性；Fuzzy real option model；Real estate valuation；Valuation accuracy
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(1) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:0
  • 共同引用共同引用:15
  • 點閱點閱:4
本研究旨在提倡模糊實質選擇權模型在不動產估價的適用性，因此我們修改以往研究所提的選擇權評價模型與模糊實質選擇權模型，建立新的不動產抵押選擇權模型與擴展版模糊實質選擇權模型（Et-FROV模型）。實證結果顯示Et-FROV模型可以縮小誤差幅度與提高估值的準確性，此先進模型可以解決估價失真問題。更重要的是，我們不僅可以準確估計標的資產之保本價值（即保本93%），還可以獲得其增值利潤（即增值84%），此為我們的主要貢獻。因此，這個先進模式可以提供美國暨其他國家之另類參考。
This study aims to promote the applicability of a fuzzy real option model in real estate valuation. To this end, we have modified the option pricing model and the fuzzy real option model proposed in previous studies to create a novel real estate mortgage option model and an extended fuzzy real option model (Et-FROV model). The empirical results show that the Et-FROV model can reduce the error margin and improve valuation accuracy. Moreover, the advanced model can solve the problem of valuation distortion. More crucially, we can not only accurately estimate the underlying asset's hedging value (i.e., capital preservation at 93%), but can also derive its value-added profit (i.e., added value at 84%), which is our principal contribution to the literature. Hopefully, this advanced model can provide an alternative reference for the United States and other countries.
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會議論文
1.蘇進雄、陳澤義、王詩韻、吳雪伶(2017)。六種模型在歐式買權之實證比較。臺灣財務金融學會國際研討會。  延伸查詢new window
2.Zhu, Y.、Zhang, Y.、Lin, S.、Liu, X.(2011)。Application of Fuzzy Mathematics in Real Estate Valuation。International Conference on Information Computing and Applications，588-595。  new window
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