政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/30964

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/30964

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政大典藏 > College of Commerce > Department of Finance > Theses > Item 140.119/30964

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/30964

Title:	收入不均對資產定價之影響--以房地產價格為例
Authors:	簡伯容
Contributors:	姜堯民簡伯容
Keywords:	收入不均資產定價
Date:	2002
Issue Date:	2009-09-14
Abstract:	摘要自從1989年到1991年台灣房屋價格大幅攀升之後，台灣的房地產價格就一直維持在較高的水準；以往的研究當中，大多從泡沫現象、收入成長率以及貨幣供給的角度來探討與解釋台灣房價過高的現象。本文的觀點乃參考Gollier(2001)對於資產定價研究所提出的看法與結論，利用台灣與美國的家戶收入與房地產價格的實際資料作實證分析，希望能對此問題提出另一個解釋。從實證結果中發現台灣家庭對於房地產投資的金額是隨財富增加而增加，但是其增加的速度是遞減的，且台灣家戶房屋支出與收入不均有很高的相關性；表示家戶收入不均確實是台灣房價過高的原因之一。這個結果相當符合Gollier研究中的結論：當絕對風險忍受是凹向原點時，財富不均會增加資產風險溢酬。而美國的實證結果則不符合此項結論。另外，Gollier也證實了收入不確定性會使財富不均對資產溢酬的影響更大，實證也發現台灣收入不確定性的情況比美國嚴重，此結果也進一步支持之前的結論，證實台灣收入不均對於房價的影響確實比美國顯著。
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Description:	碩士國立政治大學財務管理研究所 90357008 91
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0090357008
Data Type:	thesis
Appears in Collections:	[Department of Finance] Theses

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