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    Title: 影響得標價格、估價金額及標售底價間差異之因素探討-以台北市辦公室標售為例
    A Study on the Factors Affecting Differences Between Auction Price, Appraised Value, and Reserve Price-on the Evidence of Business Buildings Auction in Taipei City
    Authors: 柯鳳茹
    Ke, Feng Ru
    Contributors: 林左裕
    Lin, Tso Yu Calvin
    柯鳳茹
    Ke, Feng Ru
    Keywords: 辦公室
    拍賣
    不動產估價
    認知差異
    offices
    auction
    real estate appraisal
    cognitive differences
    Date: 2013
    Issue Date: 2014-08-06 11:50:46 (UTC+8)
    Abstract: 由於2004至2013年在不動產多頭走勢及賣方市場背景下,商用不動產採用拍賣方式銷售,得標價格屢創新高,使商用不動產採用拍賣銷售交易比例逐漸提高,然而得標者為何願以高於標售底價甚多的價格競標?以及,投標者多為專業法人機構,依法需委託不動產估價師估價,競標時估價金額與得標價格卻不一致,為何如此?而賣方訂定的標售底價,是委託不動產估價師評估之市場價值,或賣方評估拍賣標的物之市場價值,為何估價金額與標售底價有所差異?由於得標價格公開,常被視為不動產市場前景指標,故了解得標價格、估價金額與標售底價間關係,有其必要性。
    因此,本研究以台北市辦公室標售個案為研究對象,以拍賣理論、特徵價格理論為基礎,建構複迴歸分析模型,探討影響得標價格、估價金額及標售底價間差異之因素,以供投標者出價決策、賣方訂定底價與不動產估價師估價時之參酌。本研究實證結果顯示,得標價格、估價金額皆高於標售底價,但得標價格不一定高於估價金額。投標者、賣方、不動產估價師對價格認知存有差異,賣方、投標者及不動產估價師會依據其所蒐集的資訊、個人的知識與專業、自身經驗法則及決策參考因素,對價格形成因素存有不同詮釋。此外,不動產估價師僅是協助投標者評估可獲利的合理價格,但無法保證其獲利,致投標者認知之投資價值與不動產估價追求的真實價值相異。
    Reference: 一、中文文獻
    方劭元、梁仁旭、陳奉瑤,2013,「銷售模式對商用不動產價格之影響-以台北市辦公室為例」,『土地經濟年刊』,24:97-116。
    林左裕,2012,『不動產投資管理』,台北:智勝文化事業有限公司。
    林英彥,2006,『不動產估價』,十一版,台北:文笙書局股份有限公司。
    邱信智,2009,「不動產估價師與買賣雙方對住宅價格影響因素認知差異分析」,國立政治大學地政研究所碩士論文。
    邱皓政,2011,『量化研究與統計分析』,台北:五南圖書出版社股份有限公司。
    洪得洋、林祖嘉,1999,「台北市捷運系統與道路寬度對房屋價格影響之研究」。頁43-66,收錄於『中華民國住宅學會第八屆論文集』,台灣:中華民國住宅學會。
    張嘉宇,2008,「台北市辦公大樓租金影響因素分析-以物業管理觀點為出發」,政治大學地政學系碩士論文。
    曾翊瑋、黃名義、張金鶚,2010,「租戶結構對辦公大樓與空置率之影響」,『都市與計畫』,37(4):481-500。
    黃名義、張金鶚,1999,「台北市辦公室租金水準之研究」。頁77-93,收錄於『中華民國住宅學會年會論文集』,台灣: 中華民國住宅學會。
    黃名義、張金鶚,2005,「台北市都會區大型企業辦公室區位變遷之研究」,『管理評論』,24(4):83-102。
    蔡芬蓮,1997,「法拍屋價格影響因素之研究-以台北市為例」,政治大學地政學系碩士論文。


    二、外文文獻
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    Colwell, P. F., Munneke, H. J. and Trefzger, J.W., 1998, “Chicago’s office market: Price indices, location and time”, Real Estate Economics, 26(1):83-106.
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    Dotzour, M. G., Moorhead, E.and Winkler, D.T., 1998, “The Impact of Auctions on Residential Sales Prices in New Zealand”, Journal of Real Estate Research, 16(1):57-71.
    Downs, D. H. and Slade, B. A., 1999, “Characteristics of a Full-Disclosure, Transaction-Based Index of Commercial Real Estate”, Journal of Real Estate Portfolio Management, 5(1):95-104.
    Eklof, M. and Lunander, A., 2003, “Open outcry auctions with secret reserve prices: an empirical application to executive auctions of tenant owner`s apartments in Sweden”, Journal of Econometrics, 114(2):243–260.
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    Kagel, J. H., Levin, D., Battalio, R. C. and Meyer, D. J., 1989, “First-price Common Value Auctions: Bidder Behavior and the ‘Winner’s Course “, Economic Inquiry, 27(2):241-258.
    Klemperer, P., 2004, Auctions: Theory and Practice, USA: Princeton University Press.
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    Vickrey, W., 1961, “Counterspeculation, Auctions, and Competitive Sealed Tenders”, Journal of Finance, 16(1):8-37.
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    三、網頁資料
    高力國際物業,2011Q4,TAIPEI REAL ESTATE MARKET,http://www.colliers.com/-/media/Files/MarketResearch/APAC/Taiwan/Research-Reports/TP-2011Q4,取用日期:2013年11月15日。
    聯合報,2011.05.25,奢侈稅陰影淡商辦拍賣又發燒,http://money.udn.com/house/storypage.jsp?f_ART_ID=237578#ixzz31SuWSwMd,取用日期:2013年11月15日。
    Description: 碩士
    國立政治大學
    地政學系碩士在職專班
    100923015
    102
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0100923015
    Data Type: thesis
    Appears in Collections:[地政學系] 學位論文

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