| Summary: | 碩士 === 中國文化大學 === 建築及都市計畫研究所 === 90 === A Study on Financial Analysis Evaluation for Zone Expropriation
Abstract
Zone Expropriation is one of the major land developments in Taiwan. It is implemented by the government to meet urban expansion. However, it has to fulfill the principle of self-liquidity financially. Otherwise, it will cause resources misallocation. This paper uses discounted cash flow technique to simulate the financial operation of seven zone appropriation projects. Furthermore, this paper adopts some indicators, such as net present value, internal rate of return, to test financial operation of those projects.
As a result, several conclusions have found: (1) All projects can meet the principle of self-liquidity financially if it has set up an appropriate plan at the beginning. (2) Cash ratio required by original land owners and land auctioned price are the most important factors that affect financial operation. (3) Any project can still meet the principle if the ratio required by original land owners increases above 10% and the land auctioned price decreases 5 to 15%. (4) Any project can meet the principle if the ratio required by land auctioned price decreases 5 to 15% and pay-for-land can still maintain in 40 to 50﹪.
Keywords：Zone Expropriation、Financial Analysis、Financial Evaluation、Risk Characteristic、Sensitivity Analysis
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