| Summary: | 碩士 === 國立高雄第一科技大學 === 財務管理所 === 97 === Income rule approach based on the future income is the main valuation for land development. Either direct capitalization or dynamic cash flow is applied the method of using net present value rule (NPV) . Due to the hypothesis of NPV rule-deferability and reversibility ,both out of accord with the actual statement .Recently a lot of savants are focused on the study of real options in order to redeem the problems of the managing elasticity and timing delay which caused by omission of NPV rule. The valuation model of land readjustment establishes the paper from the view point of land readjustment must consider the value of real options , also obtain the value of real options by research the model which will be compared with original NPV rule . After carefully studying the result, the value of land which calculated by the model of Capozza and Li (2002) is lower than the value which calculated by the original NPV rule. Hence, we estimate that the development of land readjustment of Fengshan, Kaohsiung County might not have the value of real options and it is the time to develop this case land without any delay. Since the development of land readjustment is playing the important role to leading the city ahead to prosperity, it should be expanded immediately if it will take long period to open up the land readjustment and the time was ripe for land development, waiting for the best timing of the architecture development.
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