English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113648/144635 (79%)
Visitors : 51575027      Online Users : 920
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/100417


    Title: 資本化率屋齡效果之比較分析
    Other Titles: Impact of Age on Capitalization Rate
    Authors: 梁仁旭
    Laing, Jen-Hsu
    Keywords: 不動產估價;收益法;收益資本化率
    Appraisal;Income Approach;Cap Rate
    Date: 2015-05
    Issue Date: 2016-08-18 12:00:31 (UTC+8)
    Abstract: 收益法係將不動產未來所能產生之期待收益，以適當的資本化率折算為現在價值，以推得勘估標的價值的方法。依不動產估價技術規則的規定，收益資本化率的求取，得以市場萃取法加以比較、決定之；惟於實務作業中，如何比較、調整、決定之？由於缺乏相關研究，對此專業知識之瞭解有限，因此於不動產估價師的作業中，其決定之過程缺乏理論支持，較不具說服力。近年來，隨著都市更新的興起，不動產價格隨時間經過呈現先減後增的逆折舊現象；於租金收益隨時間經過而遞減折舊下，資本化率隨時間經過而改變之動態變動情形，更需加以深入探討。\\r本文於不動產價值包含使用價值與再開發價值之理論模型下，以台北市房地產交易價格與租賃租金資料進行複迴歸分析，分別建立不動產租金、價格實證模型，作為推估不動產租金、價值及計算收益資本化率之基礎。其後，以收益資本化率與屋齡建立迴歸關係，探討資本化率的動態變動情形。依實證結果顯示，收益資本化率隨屋齡遞移呈先增後減的武藏曲線路徑變動，且於不同地區、不同景氣階段有所差異。於低價地區、經濟發展相對較低時期，收益資本化率的數值水準較高、且屋齡效果變動相對明顯；另於景氣波動時期、在穩定度相對較低的地區，其變動情形與當時之時空環境變化相關，致使收益資本化率的變動情形更加複雜。此深入之分析，可矯正以往租價比固定的迷思。
    Market extraction method is the most important method to catch capitalization rate in income approach. In practice, how do we justly compare and adjust the capitalization rate? Due to the lack of relevant researches, the process of determining the capitalization rate could not be well supported. Recent rise of urban renewal cause real estate value to display inverse pattern of “increase after a decrease over time”. With the decrease in rent income and depreciation inversion, changes in capitalization rate needs to be further analyzed. This paper forms real estate rental and pricing model to estimate capitalization rate in Taipei City. Then we adopt the regression model with capitalization rate and age of property to compare and analyze the effect by different area and prosperity on the dynamic movement of capitalization rate. According to our result, capitalization rate would perform an inverted U-curve over time that varies with location and economic prosperity. In areas with lower price or at lower prosperity periods, age effect on capitalization rate is higher and the fluctuation is relatively apparent. During the undulated periods of economy, for areas with less price stability, age effect on capitalization rate and their fluctuation is more complicated and would depend on the environment of that specific space and time. Our analysis provides evidence of unstable capitalization rate over the useful life of property.
    Relation: 臺灣土地研究, 18(1), 83-113
    Journal of Taiwan land research
    Data Type: article
    Appears in Collections:[臺灣土地研究 TSSCI] 期刊論文

    Files in This Item:

    File Description SizeFormat
    18(1)-83-113.pdf994KbAdobe PDF2621View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback