| Summary: | 碩士 === 國立臺灣大學 === 管理學院知識管理組 === 91 === Investing the real estate is a high-risk industry. Without the evaluation tool, the construction company always made the investment decision according to its intuition and experience in the past. Due to incomprehensive consideration, the investment was under risk and no return, which caused the company under dilemma. How to evaluate the real estate before the investment? We need a comprehensive and objective tool, which can be applied generally. The study is exploring the evaluation index on investing real estate in the economic downturn to reduce the risk. From the past study on real estate investment theorem and business model of the construction company, the study built up the evaluation index for real estate investment and explored the future direction for it. The study includes:
1. Explore the real estate investment theorem and environment:
Through the exploration of decision making on real estate investment, the environment, business model and government policy, we got the full picture of real estate market understanding which provided the evaluation index of real estate investment and founded the basic researching direction.
2. Build up the evaluation index of real estate investment:
Gathering the inputs of experts and the industry, we got the relative weight of the index in each hierarchy. The “investing economic environment” ranked as the no. 1 in first layer. The top 4 index in the lowest layer were “IRR”, “near-by utilities”, “pre-sales confidence”, and “information released by the government” which reminded the investors to watch out these criteria.
3. Utilize the investment evaluation index to explore future directions:
Three areas needs to be considered: (1) investment environment: watch out the inside and outside short-term economic issues, especially on American economic trend. (2) Location: watch out the near-by public utilities then select the location. (3) Political environment and direction: the stable the political environment, the better it is. Besides international political situation, the conflict between the new government and opposition party is the key influential factor.
In summary, the objective of building-up the evaluation index for real estate investment is to provide the tool for the construction company to be applied before they make the decision. It is expected that the tool can help the companies to increase their investment performance and competence. The economic environment is getting worse and the real estate investment is getting riskier. It’s advisable that the real estate investor to refer the evaluation index which was built by the study, which was supposed to lower investor’s risk and increase their profitability. By selecting the right evaluation index, the company will make the best investment decision and survive in the long run.
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