中文摘要 近年來政府積極促進民間參與公共建設，一方面可減輕政府財政負擔，又可為民間業者帶來商機，以設定地上權方式釋出土地，政府可保有土地所有權，且能引進企業經營理念，提昇公共服務品質。公有土地不僅具有財產收益性質，更具有發揮推動政策效益之功能，如何有效利用與管理公有非公用土地設定地上權及其價值評估，實為當前各公地管理機關之重要課題。 合理的地上權不動產價值評估，可使所有權人及地上權人都能夠較精確地估算投資開發之損益情況；不當的權利價值估計，會影響整個投資案的財務狀況，嚴重者甚至會使投資開發案停擺，造成投資人重大損失。 本研究回顧了深具理論基礎之收益資本化法的發展歷史，探討直接資本化法、折現現金流量法之間的差異，合理分析營運性不動產淨收益、總費用，及如何選取適當的收益資本化率等。利用長期趨勢法迴歸分析來推估標的未來淨收益，針對長期經營有穩定收益的國際觀光旅館個案進行實證分析，以確定本研究所建構之地上權不動產整體權利價值評估模式之適用性，再運用直接資本化法對標的不動產價值進行評估與檢討。 本研究結論就投資者而言，以設定地上權方式進行土地開發使資金運用更有效率，且由於獲利能力提高，籌資容易更能促進不動產證券化的進行。而在投資地上權不動產時應特別注意不同的產業其收益特性具有相當大的差異，投資人須謹慎評估標的收益才能適時降低投資風險。 ABSTRACT The government actively helps people to participate in public construction in recent years, and bring business opportunities for the civil operator, on the other hand can lighten the government public finance burden. With set up superficies to release the land, the government can preserve land, and can introduce an enterprise principle of management and promote a public service quality. To estimate reasonable valuation of the real estate possessed superficies, make ownership and superficies person accurately evaluate the profit and loss condition of investment. The right value of the inadequacy estimate, will influence the whole financial condition that invest a case,the serious even will make the investment developed case failure and investor major lose. We get the study conclusion that did not need to pay a big fee for buying land ownership in regard to conduct an enterprise,the real estate income value to set up a long period of time superficies rather approach the ownership value. The investor should be careful to reduce risk and particularly note that different industry its income characteristic to have rather big discrepancy.
