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| Title: | 法拍屋底價訂定偏誤對拍定價格的影響
The effect of the mispricing of foreclosure list price upon selling price |
| Authors: | 許舒婷
Hsu,su ting |
| Contributors: | 姜堯民
Chiang,yao min
許舒婷
Hsu,su ting |
| Keywords: | 底價訂定偏誤
特徵價格
the mispricing of foreclosure list price
hedonic model |
| Date: | 2009 |
| Issue Date: | 2010-12-08 01:54:22 (UTC+8) |
| Abstract: | 法拍屋市場已成為台灣重要的購屋管道之一，然而房地產為異質商品，其價格受到品質差異的影響很大。其中法拍屋底價的訂定方式和一般房屋不同：拍賣底價由公定房屋估價人員根據區域資料使用特徵價格理論方法先訂出初估價格，再與債權人、債務人三方協商討論而訂定。故本論文加入「定價偏誤」因子，以特徵價格模型探究民國八十九年至九十一年間影響台北縣市法拍屋拍定價格的各項因素及影響程度，並得出如下之結論:
1.影響台北縣市法拍屋拍定價格的顯著因子及影響幅度為:定價折價程度(影響幅度0.9798%)、總建物面積(影響幅度0.4709%)、土地持分價格(影響幅度0.4838%)、拍次(隱含價格-17.0308萬元)、競標人數(隱含價格7.611萬元)、房屋現況(非空屋)(隱含價格-18.950萬元)、房屋現況(出租)(隱含價格40.501萬元)、車位(隱含價格80.772萬元)、點交(隱含價格8.8073萬元)、建材(隱含價格69.748萬元)、建物型態(一樓) (隱含價格648.856萬元)、建物型態(大樓) (隱含價格674.94萬元)、建物型態(公寓) (隱含價格464.385萬元)、建物型態(透天) (隱含價格516.971萬元)、房價指數(隱含價格-8.888萬元)、區位變數(台北市) (隱含價格80.429萬元)。
2.分別比較台北縣市法拍屋資料，可以發現持分土地價格(+)、競標人數(+)、車位有無(+)、是否點交(+)對台北市法拍屋拍定價格影響較大;而總建物面積(+)、拍次(-)、建材(+)、建物型態、房價指數(-)對台北縣拍交價格影響則較大。
Real estate properties are real assets that can produce goods and service in the economy. Among them, the foreclosure market has become an imperative means to acquiring a house. The auction market in Taiwan is composed of non-performing assets. They’ll have a discount up to 20% in every action. Is this a really good target to invest? In fact, houses are heterogeneity assets; they can only be estimated correctly by controlling of variables such as location variables and the physical condition of the property. Moreover, the listing price of foreclosure is quite different from that of an ordinary house. It is first calculated by appraisers, and the final listing price is obtained by the negotiation of the court, creditor and debtor. Thus, there could be mispricing of list price, and this mispricing is expected to have an impact on the selling price.
This study applies Hedonic model and uses data from year 2000 to 2002 of Taipei City and Taipei County to examine the effect of these physical and foreclosure elements on the selling price of foreclosure and thus reach the following conclusions:
1.All the foreclosure and physical condition variables are remarkable in our sample, as well as the location variable. They are degree of underpricing, total building area, holding land price, the bid times, numbers of bidders, current status of this building, parking space, situation of handing over item by item, building material, object type, housing price index and location.
2.It shows that holding land price(+),numbers of bidders(+),parking space(+),situation of handing over item by item(+) have greater influence on the foreclosure selling price in Taipei city while total area(+),number of auctions(-), material used(+),object type, and housing price index(-) weight more on the selling price in Taipei county. |
| Reference: | 一、中文文獻
1.蔡芬蓮（1997），法拍屋價格影響因素之研究－以台北市為例，國立政治大學地政研究所碩士論文。
2.錢定家（2003），法拍屋底價訂定對拍定價格與拍賣結果影響之研究，朝陽科技大學財務金融研究所碩士論文。
3.王宋民（1999），都會地區房價之特徵價格分析- 以台北市信義區為例，國立臺灣大學農業經濟學研究所碩士論文。
4.吳富鶯（2007），影響法拍屋拍定價格之因素探討-以高雄市透天厝為例，高雄應用大學金融資訊所碩士論文。
5.張金鶚，范垂爐（1993），房地產真實交易價格之研究，住宅學報，1，75-97。
6.張金鶚，劉秀玲（1993），房地產品質、價格與消費者物價指數之探討，政大學報，67，369-400。
7.黃于祐（2007），台北市房價影響因素之空間分析-地理加權迴歸方法之應用，臺北大學都市計劃研究所碩士論文。
8.林致慶（2004），以住宅次市場觀點探討台南市法拍屋價格及影響因素之研究，長榮大學土地管理與開發研究所碩士論文。
9.林素菁（2002），台灣地區特徵性房價函數估計係數不一致性問題之探討中華民國住宅學會第十一屆年會論文集。
10.趙子鑫（2002），法拍屋價格決定因素之研究－以台北市之中小型住宅為例，國立台北大學企業管理學系碩士班論文。
二、英文文獻
1.Anglin,P.M.,Rutherford R.,Springer T.M. ,The trade-off beteen the selling price of residential properties and Time-on-the-market: the impact of Price setting, Journal of Real Estate Finance and Economics, 2003,26:1,95-111.
2.Bailey, M.J., R.F. Muth and H.O. Nourse,A Regression Method for Real Estate Price Index Construction, Journal of the American Statistical Association, 1963, 58, 933-942.
3.Carroll, T, T. Clauritie and H. Neill, Effect of Foreclosure Status on Residential Selling Price: Comment, Journal of Real Estate Research, 1997, 13:1, 95-102.
4.Forgey, F.A., R.C. Rutherford andM.L. VanBuskirk, Effect of Foreclosure Status on Residential Selling Price. Journal of Real Estate Research, 1994, 9:3, 313–318.
5.Frew, J. and G. Jud.,Estimating the Value of Apartment Buildings, The Journal of Real Estate Research , 1994,25:1,77-86.
6.Hardin,W.G. and M.L.Wolverton, The Relationship between Foreclosure Status and Apartment Price, Journal of Real Estate Research, 1996, 12:1, 101–109.
7.Pennington and Cross,A.,The Value of Foreclosed Property, Journal of Real Estate Research, 2006, 28:2,193-214.
8.Sherwin Rosen,Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition,The Journal of Political Economy, 1974,Vol. 82, No. 1, pp. 34-55.
9.Shilling, J.D., J.D. Benjamin and C.F. Sirmans, Estimating Net Realizable Value or Distressed Real Estate,Journal of Real Estate Research, 1990, 5:1, 129–139.
10.Sirmans, G.S., D.A. Macpherson and E.N. Zietz,The Composition of Hedonic Pricing Models, Journal of Real Estate Literature,2005,13:1, 3–43.
11.Wolverton, Marvin L, Senteza, and Jimmy, Hedonic estimates of regional constant quality house prices, Journal of Real Estate Research, 2000,19:3, 235-254. |
| Description: | 碩士
國立政治大學
財務管理研究所
97357013
98 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0097357013 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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