黃金店面承租策略與合約設計 -以便利超商為例

Abstract

台灣便利超商的經營，黃金店面的獲利遠高於一般店面，如何能長期承租黃金店面，對於便利超商公司相當重要。有鑑於此，本論文提出一個新構想，以紅利分享方式來決定租金，以提高長期承租黃金店面的機會。此構想是將租金分成兩部分，一部分是固定租金，一部分是變動租金。固定租金訂得比市場行情低，按市場行情乘上某一折減率(0≤a≤1)，變動租金則根據承租者的營收，按約定分紅比率(0≤b≤1)決定之。此種合約的主要優點是當超商業者的營收高時，地主可以分享紅利，總租金將會高於市場行情，雙方因而樂意長期合作。但是當承租者的營收不如預期時，地主收到的總租金會低於市場行情，因此必須有解約機制，才能讓地主放心接受此種紅利分享方式租約。亦即，當地主實際租金收入低於預期租金收入的某比率(0≤γ≤1)時，地主可以解約，但必須繳給超商一筆解約罰金(P)。因此這種紅利分享式承租策略的一組執行方案可以(a,b,γ,P)表達。本研究根據資訊對稱和理性行為的假設，分析出租與承租的互動關係，建立一個數學模型，此模型可對每一個承租方案(a,b,γ,P)，計算出地主接受此方案的機率和超商的預期獲利。本研究繼而以此數學模型為基礎，用軟體工具Mathematica搜尋求解，藉此找出對超商和地主都是最有利的合約。

Convenience chain stores are a very successful industry in Taiwan. Our surveys indicate that convenience stores located in golden real-estates greatly outperforms typical stores in terms of revenues and profits. Therefore, how to keep a long-term leasing contract with real-estate owners of golden shops is very important to convenience chain stores. To achieve this aim, this research proposes a bonus-based leasing strategy and investigates how to identify the optimum alternative in implementing this strategy. The idea of bonus-based leasing decomposes the leasing payment into two parts. One part is a fixed amount, which is a determined by a percentage (0≤a≤1) of the market price. The other part is a variable amount, which is determined by a percentage (0≤b≤1) of the leasee’s revenue. Such a leasing strategy is intended to share the profit of leasee with the leaser in order to keep a long-term contract. This idea works well if the leasee’s revenue is good or better than expectation. However, while the leasee’s revenue is substantially lower than expectation, the leaser shall have an option to terminate the contract. That is, if the actual renting income is lower than a particular percentage (0≤γ≤1) of the expected renting income, the leaser could terminate the contract by paying a penalty fee (P). Therefore, a leasing alternative based on the bonus-based leasing strategy can be represented by a portfolio(a,b,γ,P). This research assumes that the lessers and the leasee are rational decision makers in an information symmetric scenario. We develop a mathematical model to compute the probability that a lesser accepts a leasing alternative(a,b,γ,P) and the leasee’s expected profit. Based on the model, we use a software tool Mathematica to search an optimum leasing alternative, which will appear to be optimum to both the leasee and the leasers. The proposed leasing strategy and optimized implementation model shall effectively help the convenience store chains become more competitive by keeping long-term leasing contract in golden shops.