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研究生:李昆泰
研究生(外文):Li, Kun-tai
論文名稱:以資本結構論探討不動產區位選擇之多評準決策
論文名稱(外文):MCDM Techniques for Exploring the Location Selection of Property based on the Capital Structure Theory
指導教授:李文雄李文雄引用關係曾國雄曾國雄引用關係
學位類別:碩士
校院名稱:開南大學
系所名稱:企業管理學系碩士班
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2007
畢業學年度:96
語文別:中文
論文頁數:83
中文關鍵詞:資本結構論網路程序分析法加權平均資金成本
外文關鍵詞:capital structure theoryAnalytic Network ProcessWACC
相關次數:
  • 被引用被引用:1
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  • 下載下載:0
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中文摘要
本研究藉由資本結構論(capital structure theory)之觀點建立區位選擇決策模型,並導入網路程序分析法(Analytic Network Process;ANP) 以評估模型中各影響因素間的交互關係與相對權重。研究結果顯示,加權平均資金成本(Weight Average Capital Cost;WACC)會受到稅負與資金成本所影響,現金流量會受到價格彈性、銀行融資成數、銷售能力及自備款成數所影響,而回收期間則會受到管理能力、市場定位及景氣好壞影響。在九項評估準則中,資金成本為影響決策最重要之因素,其次則為稅負、景氣好壞。此外本研究藉由此準則權重以評估中國與臺灣六大都市(北京、上海、廣州、台北、台中、高雄)之不動產開發條件。研究結果顯示,最佳投資地點為上海,其次則為台北。透過評估準則考量權重優先順序的研究方法求解多目標不動產開發問題,並依此財務構面,建立一個適合投資者評估房地產投資決策之架構,此為本研究之貢獻。
Abstract

This study establish the position choice decision-making model based on the viewpoint of the capital structure theory. And we use the Analytic Network Process to evaluate the each influence factor alternately relations and the relative weight in this model. The result demonstrate, WACC will influenced from capital cost and tax; the cash flow will influenced from price, finance, salesmanship, payment; and the payback period will influenced from management skill, style level, and macroeconomic. At nine criteria, capital cost is the most impotent fact to impact the decision making of the investment. Secondly is tax and macroeconomic. Additionally, we evaluate six big city in China and Taiwan (Beijing, Shanghai, Cantonese, Taipei, Taichung, Kaohsiung) by this nine criteria, The result demonstrate, Shanghai is the best location of decision making of the investment. Secondly is Taipei. To solve the multicriteria problem of exploiting property by evaluating the criteria, Establishes one to suit the investor to appraise construction of the property investment decision-making by this finance cluster is the contribution of this study.
目 錄
頁碼
誌 謝 Ⅰ
中文摘要 Ⅱ
英文摘要 Ⅲ
目 錄 Ⅳ
表 次 Ⅵ
圖 次 Ⅶ

第一章 緒論……………………………………………………………..1
第一節 研究背景與動機……………………………………………1
第二節 研究目的……………………………………………………3
第三節 研究範圍與對象……………………………………………3
第四節 研究內容與流程……………………………………………4

第二章 文獻探討………………………………………………………6
第一節 不動產投資…………………………………………………6
第二節 區位選擇……………………………………………………14
第三節 資本結構理論………………………………………………18
第四節 資本結構各影響因素………………………………………24

第三章 研究設計………………………………………………………28
第一節 不動產區位選擇之影響要因………………………………28
第二節 不動產投資決策要因之結構關係…………………………29
第三節 不動產區位選擇之多評準決策……………………………30
第四節 問卷設計與發放對象…………………………………43

第四章 實證結果分析…………………………………………………48
第一節 問題描述……………………………………………………48
第一節 結果分析……………………………………………………56
第二節 結果討論……………………………………………………60

第五章 結論與建議……………………………………………………62
第一節 研究結論……………………………………………………62
第二節 研究建議……………………………………………………63
第三節 研究限制……………………………………………………64

參考文獻………………………………………………………………65
參考文獻

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