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| Title: | 公有標售土地之價格溢酬與土地開發決策─以臺北市地區為例
Price Premium and Development Decision of Public-auctioned Land─The Case of Taipei City |
| Authors: | 鄭韻廷
Cheng, Yun Ting |
| Contributors: | 林子欽
Lin, Tzu Chin
鄭韻廷
Cheng, Yun Ting |
| Keywords: | 價格溢酬
標售土地
開發決策
Price Premium
Auctioned Land
Development Deision |
| Date: | 2015 |
| Issue Date: | 2016-02-03 12:18:48 (UTC+8) |
| Abstract: | 過去探討標售土地價格溢酬，大多為探討得標價格與底標價格間溢價程度。本研究藉由衡量標售土地之市場價格，合理評估標售土地的價格溢酬。過去鮮少針對公有土地於標售後的開發決策進行分析。從資料以觀，市場上仍存有一定比例的標售土地尚未進行開發，本研究嘗試分析標售土地閒置或進行開發的因素。
本研究採取事後推估價格方式，以土地開發分析法所推估的土地開發分析價格作為市場價格。實證結果發現超過9成樣本呈現正值溢價，若缺乏評估標售土地市場價格，可能無法觀察標售土地的整體價格型態，進而無法合理評估標售土地價格溢酬。另一方面，透過都市土地最適開發時機模型分析開發決策。結果顯示不論已開發或尚未開發標售土地，持有土地的邊際收益幾乎皆大於邊際成本。實際上存有近7成土地尚未開發，若政府藉由調升地價稅促使土地開發，則需要調整204次，耗時612年。換言之，現行地價稅稅制無法有效促使土地開發。標售土地開發後平均可獲取利潤為原先取得成本的一倍之多。地主在不具有迫切的開發壓力下，於選擇上仍可透過開發實現利得。
Prior research studying price premium of auctioned land mainly focused on the difference between reserve price and bid price. By estimating market price of auctioned land, we can further evaluate the price premium of auctioned land. In addition, few studies discussed the development decision of auctioned land. However, market has seen a significant amount of undeveloped land. We attempt to analyze the factors which determine auctioned land to be developed or remain idle.
By means of retrospective appraisal, we regard the price evaluated by the approach of land development analysis as the market price of auctioned land. The empirical result reveals that over 90% of auction samples indicate price premium which suggests the estimated market price is higher than bid price. In light of this finding, the lack of estimated market price of auctioned land prevent us from assessing price premium of auctioned land accurately.
Through the optimal timing of urban land development, we also examine the decision of land development. The result shows that the vast majority of both developed and undeveloped land have gained growth in value if they remain idle for a period of time prior to development. In fact, nearly 70% of auctioned land are still undeveloped. If the government aims to promote idle land to be developed by raising land value tax, it will take 612 years for the tax to be effective. Namely, increasing current land holding cost does not push much pressure on land owner to develop his land. Moreover, we find that the profits the land owners gain through transactions of land is more than the price they paid for it. In conclusion, the land owners can realize a handsome profit through developing under no financial pressure. |
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| Description: | 碩士
國立政治大學
地政學系
102257017 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0102257017 |
| Data Type: | thesis |
| Appears in Collections: | [地政學系] 學位論文
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