國內不動產資訊雖因最近實價登錄制度而稍改善，然而實際交易案例與過往研究仍然顯示市場不動產資訊不甚流通，以致市場上出現資訊混亂，導致政府、投資商、銀行對不動產估價趨勢無所適從。本研究結合區域經濟與環境特徵變數並運用財務工程中Black and Scholes理論，建構不動產估價趨勢函數，並佐以實例應用之。首先，本研究文獻回顧歸納出影響房價之環境特徵因子，如建坪、屋齡、車位及巷弄等，之後藉此進行不動產交易資料蒐集，並對該資料分析，除可對因子定量與加權外，針對所建構不動產估價數學函數之參數，亦可修正調整之。所建構之不動產估價數學趨勢函數將以實際交易案例應用，而結果提出區域估價趨勢通式，將可作為投資商評估不動產之投資衡量與參考之用。;Information unbalance in real estate market is severe influencing how to reasonably price real estate for practitioners and buyers. The purpose of the study is to establish real estate pricing model using Black and Scholes theory and integration of the macroeconomics and environmental features concepts. A comprehensive literature review is required to identify the macroeconomics and environmental features, followed by data collection accordingly. The results from data analysis quantify the features and determine the inputs. The pricing model derived from Black Scholes theory is established using financial engineering philosophy. Extra real cases collected are used to demonstrate model implementation and evaluation. Anticipated findings would benefit both academia and industry in precisely pricing real estate and in modeling similar profitable financial instruments.
