企業商用不動產遷址標的租賃購買方案財務評估決策之研究

A Study on Corporations' Financial Assessment and Decision-Making Processes of Real-Estate Leasing and Purchasing Options for Relocations

本研究旨在針對企業商用不動產之物業資產需要遷址決策流程進行研究，主要是將企 業在內部及外部經濟條件考量下，必須進行針對物業設施項目、財務條件、區位選址、租賃及購買方案之各項影響特性，進行方案研擬及投資財務評估，以進行篩選出企業遷址最適方案。研究以國內知名企業公司總部遷址為案例，針對企業內部與外部的經濟環境條件及物業設施項目，以企業對商業不動產投資價值之需求擬定遷址方案，包括：標的物建物以「整棟承租」或「部分承租」、「直接購買」或「先租賃後購買」、「購買時機」等影響投資決策方式。運用現金流量分析以資產管理及最高最有效利用（highest-and-best-use）原則篩選物業設施租賃條件較經濟的租賃方案，以「財務分析」與「不動產估價方法」推估商業不動產之合理價格，以決定投資標的物。經本研究一連串篩選流程後，得知企業篩選遷址投資商用不動產時，「經濟環境」、「物業設施」、「財務績效評估」皆會影響投資決策，且優先考量選取最具建物所有權及資產管理價值之「整棟承租」方案。

The purpose of this study is to identify the ways enterprise use their commercial real-estate property for their decision-making processes regarding relocation, and how, under internal and external economic conditions, relevant factors such property attributes, financial terms, location, leasing and purchasing options are taken into consideration to formulate and assess different investment proposals to filter out the optimal relocation solution for the business. The study targeted cases of headquarter relocations involving some of the most famous companies, and investigated how factors including economic viability (internal and external) property attributes, and return expectations are taken into consideration when choosing between such decision-impacting factors as: "Whole building lease" or "Partial lease," "Outright purchase" or "Lease before purchase," and "Timing of purchase." The study adopted cash-flow analysis coupled with the asset management and the highest-and-best-use (HABU) principle to choose between leasing solutions that offer better economic viability, and "financial analysis" coupled with "real estate valuation" to determine the reasonable price of commercial real estate. After a series of analyses, the study discovered that "Attributes of the economic environment," "Attributes of property," and "Investment performance" are all possible factors influencing company's decision when relocating or investing in commercial real estates. Also, "the entire lease" program that offer the best "Ownership title" and "Asset management value" were selected with priority.