| Summary: | 碩士 === 靜宜大學 === 財務金融研究所 === 95 === Real estate securitization is based on the stable income or the already-stable income related right of the real estate. For each commercial real estate proprietor in asset pool, determining when is the proper time to transfer real estate to the trust organization for securitization is the best decision in the uncertain business cycle for pursuing the goal of managing profits and company''s value maximization. This research uses real options analysis to study the optimal time. Under uncertainty, irreversibility and delay of decision, the result of the case study showed that real estate proprietor will choose to defer transferring real estate and waiting for the arrival of more information. Moreover, sensitivity analysis showed that project volatility, WACC and change in the range of land tax will influence the real estate securitization plan.
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