權利變換價值分配與風險態度之探討

A Review of Value Allocation on Rights Transformation of Urban Renewal

政府、土地權利人及實施者是實施都市更新事業過程中三個主要參與者，本文以土地權利人委託都市更新事業機構為實施者，並授權實施者實施都市更新事業之面相探討權利價值分配之課題與對策。實施者基於機會主義，將以自身最大利益優先考量，而壓縮土地權利人的利益；因此，現行的權利變換運作中，發生最顯著的課題是實施者運用有關更新前後的不動產估價或權益分配，最大化其本身之利益。權利價值權益分配與參與更新者的風險態度有關，在不同機制設計與風險考量情況下，應採何種權利價值評估，影響著土地權利人與實施者更新後的利益。本文將透過土地權利人與實施者不同的風險態度考量，探討何種權益價值評估方式對雙方之影響，進而分析參與更新者應如何分配合理之更新後權益價值。 The three major participants of the implementation of urban renewal business process are: government, land owners, and the implementer. This paper employs the aspect of taking urban renewal business institutions appointed by land rights owners as the implementer, and then authorizing the implementer to implement urban renewal business to discuss the issues and strategic decisions of rights value allocation. Based on opportunism, the implementer will take the most self-interest into first consideration, and to squeeze the interest of land owners. Therefore, in the operation of the current rights transformation, the most obvious issue occurred is that the implementer applies the real estate appraisal or rights allocation before or after the related urban renewal to maximize his/her self-interest. Allocation of rights value interests is related to the risk attitude of participants of urban renewal. Under the various mechanism design and risk consideration, which rights value appraisal should be taken will affect the interests of both land owners and the implementer after urban renewal. Through considerations of various risk attitude between land owner and the implementer, this article reviews the impacts to both sides with different rights value appraisal method, and further analyzes how participants of urban renewal should reasonably allocate rights value after urban renewal.

The three major participants of the implementation of urban renewal business process are: government, land owners, and the implementer. This paper employs the aspect of taking urban renewal business institutions appointed by land rights owners as the implementer, and then authorizing the implementer to implement urban renewal business to discuss the issues and strategic decisions of rights value allocation. Based on opportunism, the implementer will take the most self-interest into first consideration, and to squeeze the interest of land owners. Therefore, in the operation of the current rights transformation, the most obvious issue occurred is that the implementer applies the real estate appraisal or rights allocation before or after the related urban renewal to maximize his/her self-interest. Allocation of rights value interests is related to the risk attitude of participants of urban renewal. Under the various mechanism design and risk consideration, which rights value appraisal should be taken will affect the interests of both land owners and the implementer after urban renewal. Through considerations of various risk attitude between land owner and the implementer, this article reviews the impacts to both sides with different rights value appraisal method, and further analyzes how participants of urban renewal should reasonably allocate rights value after urban renewal.