投資不動產之行為探討—以財務槓桿程度分析An Analysis of the Behavior of Investment in Real Estate- To the Degree of Financial Leverage

本研究主要是在探討投資人槓桿租金純益率，如何受到毛租金收益與投資人財務槓桿結構的影響，並且進一步探討投資人的行為。根據模型可以得知，雖然增加毛租金收益會使投資人槓桿租金純益率上升，但是投資人透過調整財務槓桿程度，也會影響投資人租金純益率，所以調整財務槓桿程度與毛租金收益皆會影響槓桿租金純益率。從數值可以發現，在借貸利率比較低的市場，投資人透過調整財務槓桿比率，會使槓桿租金純益率上升，所以投資人可以忍受較低的毛租金收益或較高的不動產價格；但是在借貸利率較高時，投資人會要求較高的毛租金收益或較低的不動產價格。根據本研究模型，在不一樣的毛租金收益變動，則可以提供如何調整財務槓桿比率，進一步提高其槓桿租金純益率。或是在不一樣的財務槓桿比率變動，可以提供如何調整毛租金收益，進一步提高其槓桿租金純益率。

關鍵詞：財務槓桿、租金收益、投資行為、不動產價格

The paper tries to explore the degree to which the realized rate of return from rentals is affected by the gross rental income and financial leverage of investors. The paper finds that the realized rate of return from rentals will not just increase due to higher gross rental income,but will be affected by the level of the financial leverage of investors. The model presented in the paper can explain why the investors are willing to accept lower rental income or higher
property prices. The paper further shows that when the mortgage rate is high, investors tend to demand higher gross rental income or lower property prices. In addition, under different levels of gross rental income and financial leverage, investors can increase their expected leveraged rate of return from rentals.

Key words: financial leverage, rental income, investment behaviors, property prices