租賃契約條件對商用不動產租金影響之研究

The Effect of Contract Terms on the Rent Level of Commercial Properties

影響商用不動產租金之因素眾多，除了總體經濟、區域及個別因素外，尚包括契約因素。我國公部門出租不動產時，其租賃契約中常包含出租方得逕為終止契約之權利，與私部門間之契約常有落差。本研究探討租賃契約中特殊條件對租金之影響，先建構複迴歸模型探討影響租金之因素，發現賦予出租方可逕為終止契約之權利，對商用不動產之租金具顯著影響；再進一步以二項式評價模式分析其隱含實質選擇權價值變化。結果指出公部門資產租賃契約宜考量具特殊條件時租金之公平性，亦提供爾後租約中含特殊條件時之租金定價調整之參考。

The rents of commercial properties are affected by various factors, including macroeconomic, regional, individual and other factors such as termination options. The lease contracts of commercial properties in the public sector in Taiwan usually include the terms of termination option for the lessors. This study explores the terms used to terminate the contract for the lessors, which is considered to impose an operating risk on the tenants. This study first employs a multiple regression model to examine the factors affecting the rent level. The results show that the rent is significantly affected by the termination terms for the lessors besides other individual, regional and macro-economic variables. We then apply the ＂Binomial Option Pricing Model＂ to simulate how the value of the lease contract is affected by the termination options. The results of this study indicate that contracts in the public sector should consider the issue of equity for lessors and lessees, and provide important implications for rent pricing when the termination option is included in the contract.