2014年各國貨幣兌新台幣幾乎都升值，讓投資海外房產的民眾感覺到房價和匯率兩頭賺。近幾年政府積極平抑房價，將原本想投入國內房地產的資金導引至股市，但國內股市房市不振，使得海外投資房地產熱升溫。全球經濟重心從歐美東移至亞洲，其中以東協表現尤其亮眼，因此，本研究運用MCDM法對印尼、泰國、馬來西亞做投資因素考量與決策的探討。本研究採用的MCDM法能找出各項因素的相對關係，並計算出各項因子權重，找出最為關鍵的評選準則，並根據各項因子權重排列出投資方案的優劣順序，並做出最佳的決策，適用於需要考量各項因素的國外房地產投資評選決策，期望能透過此次研究，提升國外房地產投資的準確性。
	首先，由DEMATEL分析結果可知，「土地增值稅」具最大影響力，表示如需改善其他準則，可由此準則作為改善的主要考量，而「房地產市場風險」具最大關聯性，表示此項準則為專家學者認為較重要的評選準則；其次，運用DANP法進行權重分析，七項評選準則的權重依序為房地產市場風險、資本利得、國家安全程度、資本利得稅、政治風險、租金收入、土地增值稅；最後，運用VIKOR法進行投資評估，由分析結果可知，馬來西亞的總績效值6.618為三者中最高，同時也擁有最低的平均差距，專家學者認為馬來西亞相較於印尼及泰國更值得投資，為本研究得出之最佳選擇。

In 2014, almost all currencies against NT dollar appreciated, people who invest overseas real estate may have profit in both prices and exchange rates. In recent years, the Government actively stabilize housing prices, but the domestic stock market and real estate market are now in the doldrums, making investment in overseas real estate prosperity. The global center of economic gravity from Europe and America into Asia, particularly Association of Southeast Asian Nations (ASEAN). This study is based on using MCDM method to explore the considerations and decisions of selecting real estate in Indonesia, Thailand and Malaysia.
	MCDM method used in this study can find the relative relationship between the factors and calculate the weight of each factor, identify the key selection criteria, and arranged the investment advantages and disadvantages of the order which according to the weight of each factor, and make the best decision. This method applies to the considered foreign real estate investment selection decisions which need various factors. Through this study, we look forward to improve the accuracy of foreign real estate investment.
	First of all, " Land Value Increment Tax" is the most influential factor, the result was got by the DEMATEL analysis. If you need to improve other criteria, this criterion can be a major consideration. And "Real Estate Market Risk" has maximum relevance, which means experts and scholars consider the criterion is the most important selection criteria .Secondly, do weight analysis by DANP method, the seven criteria from high to low are Real Estate Market Risk, Capital Gains, National Security, Capital Gains Tax, Political Risk, Rental Income and Land Value Increment Tax. By using VIKOR method for investment evaluation, the results of this study shows the total performance values of Malaysia 6.618 is the highest value in this three country, which also has the lowest average gap. Scholars and experts believe that Malaysia is more worthy country to invest than Indonesia or Thailand, is the best choice for this study.

目錄
目錄	I
表目錄	III
圖目錄	V

第一章 緒論	1
第一節 研究背景與動機	1
第二節 研究目的	4
第三節 研究流程	5
第四節 研究範圍與限制	7

第二章 文獻探討	8
第一節 房地產投資	8
第二節 選擇投資房地產主因子	10
第三節 選擇投資房地產次因子	13
第四節 印尼、泰國、馬來西亞投資背景	17

第三章 研究方法	22
第一節 研究架構與操作型定義	23
第二節 研究方法	26
第三節 問卷設計與資料來源	33

第四章 實證分析	34
第一節 一致性檢定	34
第二節 DEMATEL-評估各準則間關係	36
第三節 DANP-評估各準則權重	44
第四節 VIKOR-評選最佳決策	48
第五節 學術界及業界之評估準則排序	51

第五章 結論與建議	53
第一節 研究結論	53
第二節 未來研究建議	55
參考文獻	56
附錄	64

表目錄
表1-1 2014年交通部觀光局國人旅遊狀況調查	2
表2-1學者提出之考量因素次數整理表	11
表2-2學者提出之風險次因子	14
表2-3學者提出之報酬與稅收次因子	16
表2-4泰國房地產稅務表	20
表2-5馬來西亞房地產稅務表(幣別:馬來幣)	21
表4-1一致性分析結果	35
表4-2 A矩陣 直接影響關係矩陣	36
表4-3 D矩陣 正規化影響關係矩陣	37
表4-4 T矩陣 總影響關係矩陣	37
表4-5 T構面矩陣 構面關係矩陣	37
表4-6 各準則之影響度及被影響度	38
表4-7 各構面之影響度及被影響度	38
表4-8 風險構面評估準則數據	40
表4-9 報酬構面評估準則數據	41
表4-10 稅構面評估準則數據	42
表4-11 Unweighted矩陣 未加權超級矩陣	44
表4-12 Weighted矩陣 加權超級矩陣	44
表4-13 Limit矩陣 加權超級矩陣	45
表4-14 七項準則權重排序	45
表4-15 風險構面準則權重排序	46
表4-16 報酬構面準則權重排序	46
表4-17 稅構面準則權重排序	46
表4-18 構面間準則權重排序	47
表4-19 評選投資印尼、泰國、馬來西亞房地產各準則評分總和平均表	48
表4-20 總績效評估表	49
表4-21 學者與業者評選準則比較表	51

圖目錄
圖1-1研究流程圖	6
圖2-1國家統計比較圖	21
圖3-1研究架構	23
圖4-1構面因果邏輯關係圖	39
圖4-2風險構面下評估準則因果邏輯關係圖	40
圖4-3報酬構面下評估準則因果邏輯關係圖	41
圖4-4稅構面下評估準則因果邏輯關係圖	42
圖4-5所有評估準則因果邏輯關係圖	43

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6.Cătălina Cozmei, Muler Onofrei(2012)” Impact of Property Taxes on Commercial Real Estate Competition in Romania” Procedia Economics and Finance Volume 3, Pages 604–610
7.Chin, W , Dent, Peter, Roberts, C (2006)” An Exploratory Analysis of Barriers to Investment and Market Maturity in Southeast Asian Cities” Journal of Real Estate Portfolio Management12.1, Pages 49-57.
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二、中文部分
1.殷志勤(2014)”台北市房地產投資之商業模式與成長策略探析”台灣大學EMBA境外專班碩士論文
2.溫忠譽(2011)”高雄開發商對土地競標價格綜合考量因素之研究” 國立高雄大學都市發展與建築研究所碩士論文
3.Global Property Guide 世界房地產指南
4.前進東協拓展新興市場：台灣金融業新商機
5.Million Investmet Club 百萬投資俱樂部
6.行政院財政部網站
7.行政院交通部觀光局 2014國人旅遊狀態調查報告書
8.泰國央行(BOT)
9.Linux 技術資源站