利潤分享式店面承租合約設計

Abstract

臺灣零售產業相當成功，根據訪查，零售店面在黃金地段的獲利，遠高於其它位於一般地段之店面，如何與黃金地段的地主簽訂長期承租合約，對於零售商相當重要。傳統租約採用固定租金制度，但會衍生地主在租約到期後若想調漲租金，則雙方容易解約的問題。針對此問題，過去文獻提出以紅利分享方式來決定租金，紅利租金是以承租者的營收為基礎計算租金，由於未來營收的高低具有不確定性，因此地主實際收到的租金也有不確定性，地主對簽定長期合約不免會有疑慮。為了讓地主放心參加此種合約，章啟榕 (2014)在紅利租約中加入解約機制，期能提升地主參加租約意願，進而提高零售商長期期望收益，然而數值實驗顯示，其結果與現實狀況並不相符。探究其原因，章氏所構建的數學模型並未考慮解約機制對地主參加合約意願的影響；除此之外，在實際訪談中，本研究發現零售商與地主間資訊認知有所不同。有鑑於此，本研究修改章氏的數學模型及假設，使其更符合真實情況。並利用新建構之數學模型，分析在市場預測不同的情況下，零售商該對地主提出何種合約組合，才能得到最大長期期望獲利。

According to practitioners, retail stores located in “golden” real-estates (i.e., in good locations) greatly outperform other stores in terms of profits. Therefore, how to keep a long-term leasing contract with golden real-estate owners is very important to retail stores. To achieve this goal, this research proposes a leasing contract which is bonus-based with contract-termination option. The bonus-based idea denotes that the tenant shares the profit with the landlord in order to keep a long-term contract. That is, the landlord shall receive y=a∙m+b∙P, where m is the current market price of rent fee, 0≤a≤1 is a decision variable, P is the yearly profit of tenant, and 0≤b≤1 is also a decision variable. The idea of contract-termination option denotes that the landlord can yearly determine whether to terminate the contract or not while the contract has proceeded over Ts years. While decreasing a and b, the renting expense of the tenant becomes lower yet counterbalanced by a lower probability of signing contracts. The longer is Ts, the more is the benefit to the tenant yet counterbalanced by inducing a lower probability of signing the contract. As a result, (a, b, Ts) are decision variables in terms of maximizing the total profit of the tenant. This research assumes a one-to-many scenario; that is, there is only one tenant which is a large-scale chain retailer and there are many landlords of golden real-estates; and the tenant intends to design a contract that shall maximize its total expected profit. Making assumptions on the decision-making behaviors of the tenant and the landlords, this research develop a mathematical model maximize the expected profit of the tenant by finding an optimum leasing alternative (a, b, Ts).