| Summary: | 碩士 === 逢甲大學 === 土地管理所 === 92 === After a comprehensive survey of Taiwan's urban renewal, we found why Taiwan's urban renewal have achieved little in these four decades, in some way, is a result of the government, with the pressure of financial and manpower shortage. Then, in order to raise urban renewal funds, some scholars propose the initial idea to raise funds by real estate securitization. In this paper, considers urban renewal’s managerial flexibility, and using real options to substitutes for static NPV. We wanted to find the option to defer of urban renewal project by a binomial tree. It is easy to use a binomial tree to formulate a complex problem. Real options are expected to calculate the correct value of the project.
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