我國不動產證券化市場未來發展優先順序評估決策研究──Fuzzy AHP之應用

A Study on Prioritizing Evaluation Decision for the Future Development of Real Estate Securitization Market–The Application of Fuzzy AHP

本研究應用模糊分析階層程序法(fuzzy analytic hierarchical theory, FAHP)來評估我國不動產證券化市場未來發展之優先順序，實證結果顯示國內不動產證券化市場未來發展優先順序之評估架構，分別為制度面之「納入開放型不動產投資信託基金、開發型不動產納入投資標的、稅賦優惠增加」、相關配套措施之「不動產估價制度、信用評等制度、會計處理制度」以及政府角色之「交易資訊揭露、教育宣導、專業人才培訓」。本研究發現有其韌性，因無論是以三角模糊數或常態模糊數，其結果皆以「交易資訊揭露」之排序最高。

This research evaluates the priority of future development in the real estate securitization market using the Fuzzy Analytic Hierarchical Process. Evidence from this study shows that such system as the open-end REITs, real estate development, and tax deduction increase as well as such concerning devices as system of the real estate appraisal, credit rating institution, and system of the accounting as well as such government role as the disclosure of trading information, education report, and training program. The finding is robust in the sense that the disclosure of trading information ranks in the first priority in spite that Gaussian Fuzzy Numbers or Triangular Fuzzy Numbers are utilized.