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    題名: 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
    作者: 柯鳳茹
    Ke, Feng Ru
    貢獻者: 林左裕
    Lin, Tso Yu Calvin
    柯鳳茹
    Ke, Feng Ru
    關鍵詞: 辦公室
    拍賣
    不動產估價
    認知差異
    offices
    auction
    real estate appraisal
    cognitive differences
    日期: 2013
    上傳時間: 2014-08-06 11:50:46 (UTC+8)
    摘要: 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。
    參考文獻: 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
    Adair, A., Berry, J. and McGreal, S., 1996, “Valuation of Residential Property: Analysis of Participant Behavior”, Journal of Property Valuation and Investment, 14(1):20-35.
    Allen, M. T. and Swisher J., 2000, “An Analysis of the Price Formation Process at a HUD Auction”, Journal of Real Estate Research, 20:279-298.
    Alonso W., 1964, Location and Land Use, Cambridge：Harvard University Press.
    Amidu, A. R., Aluko, B. T. and Oyedele, J. B., 2008, “Price formation in residential property market: evidence from FGLP auction in Nigeria”, Property Management, 26(4): 228-240.
    Bello, M. O. and Bello, V. A., 2007, “The Influence of Consumers Behavior on the Variables Determining Residential Property Values in Lagos, Nigeria”, American Journal of Applied Sciences, 4(10): 774-778.
    Cannaday, R. E. and Sunerman, M. A., 1986, “Estimation of Depreciation for Single-Family Appraisals”,Journal of the American Real Estate and Urban Economics Association, 14(2):255-273.
    Capen, E. C., Clapp, R. V. and Campbell, W. M., 1971, “Competitive bidding in high risk situations”, Journal of Petroleum Technology, 23:641–53.
    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.
    Daly, J., Gronow, S., Jenkins, D., and Plimmer, F., 2003, “Consumer behavior in the valuation of residential property: A comparative study in the United Kingdom, Ireland and Australia”, Property Management, 21(5):295-314.
    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.
    Feldman, R. A. and Mehra, R., 1993, “Auctions Theory and Applications”, IMF Staff Papers, 40(3):485-511.
    Frew, J. and Jud, D. G., 1998, “The Vacancy Rate and Rent Levels in the Commercial Office Market”, Journal of Real Estate Research, 3(1):1-8.
    Frino, A., Lepone, A., Mollica, V. and Vassallo, A., 2010,”The Impact of Auctions on Residential Sale Prices: Australian Evidence”, Australian Accounting, Business and Finance Journal, 4(3):3-22.
    Gat, D., 1998, “Urban Focal Points and Design Quality Influence Rents: The Case of the Tel Aviv Office Market”, Journal of Real Estate Research, 16(2):229-247.
    Giliberto, S. M. and Varaiya, N. P., 1989, “The Winner’s Curse and Bidder Competition in Acquisitions: Evidence from Failed Bank Auctions”, The Journal of Finance, 44(1):59-75.
    Glascock, J. L., Jahanian, S. and Sirmas, C. F., 1990, “An Analysis of Office Market Rents: Some Empirical Evidence”, Real Estate Economics, 18(1):105-119.
    Hekman, J. S., 1985, “Rental Price Adjustment and Investment in Office Market”, AREUEA Journal, 13(1):32-47.
    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.
    Krishna. V., 2002, Auction Theory, USA: Elsevier Science.
    Lancaster, K. J., 1966, “A New Approach to Consumer Theory”, The Journal of Political Economy, 74(2):132-157.
    McAfee, R. P. and McMillan, J., 1987, “Auctions and Bidding”, Journal of Economic Literature, 25(2):699-738.
    Milgrom, P. R., 1979,” A Convergence Theorem for Competitive Bidding with Differential Information”, Econometrica, 47(3):679- 688.
    Milgrom, P.R. and Weber, R.J., 1982, “A Theory of Auctions and Competitive Bidding”, Econometrica, 50(5):1089-1122.
    Nappi-Choulet, I., Maleyre, I. and Maury, T. P., 2007, “A Hedonic Model of Office Prices in Paris and Its Immediate Suburbs”, Journal of Property Research, 24(3):241-263.
    Ong, S. E., Lusht, K., Mak, C. Y., 2005, “Factors influencing Auction Outcomes: Bidder Turnout, Auction Houses and Market Conditions”, Journal of Real Estate Research, 27(2):177-191.
    Ong, S.E., 2006, “Price Discovery in Real Estate Auctions: The Story of Unsuccessful Attempts”, Journal of Real Estate Research, 28(1):39–59.
    Quan, D. C., 1994,”Real Estate Auction: A Survey of Theory and Practice”, The Journal of Real Estate Finance and Economics, 9(1):23-49.
    Rosen S., 1974, “Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition”, The Journal of Political Economy, 82(1):34-55.
    Stevenson, S. and Young, J., 2004, “Valuation accuracy: A comparison of residential guide prices and auction results”, Property Management, 22(1):45-54.
    Stevenson, S., Young, J., and Gurdgiev, C., 2010, “A Comparison of the Appraisal Process for Auction and Private Treaty Residential Sales”, Journal of Housing Economics,19(2):145-154.
    Thiel, S. E., 1988, “Some Evidence on the Winner’s Curse”,The American Economic Review, 78(5):884-895.
    Tse, M. K. S., Pretorius, F. I. H. and Chau, K. W., 2011, “Market sentiments, winner`s curse and bidding outcome in land auctions”, Journal of Real Estate Finance and Economics, 42(3):247-274.
    Tu, Y., Yu,S.M. and Sun,H., 2004, “Transaction-Based Office Price Indexes: A Spatiotemporal Modeling Approach”, Real Estate Economics, 32(2):297-328.
    Vickrey, W., 1961, “Counterspeculation, Auctions, and Competitive Sealed Tenders”, Journal of Finance, 16(1):8-37.
    Warehrer, K., Harstad, R. M. and Rothkopf, M. H., 1998, “Auction form preferences of risk-averse bid takers”, The RAND Journal of Economics, 29(1):179-192.
    Wheaton, W. C. and Torto, R.G., 1988, “Vacancy Rates and the Future of Office Rents”, Real Estate Economics, 16(4):430-436.
    Wilson, R, 1977, “A Bidding Model of Perfect Competition”, Review of Economic Studies, 44(3):511-518.
    Yiu, C. Y., Tang, B.S.,Chiang, Y. H. and Choy, L. H. T., 2006, “Alternative Theories of Appraisal Bias”, Journal of Real Estate Literature, 14(3):321-344.

    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。
    描述: 碩士
    國立政治大學
    地政學系碩士在職專班
    100923015
    102
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0100923015
    資料類型: thesis
    顯示於類別:[地政學系] 學位論文

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