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題名 房地價格分離與已開發土地價值分析之研究-以台北市為例
Analysis of developed land value in Taipei city with housing price decomposition method作者 朱家麒
Jhu, Jia Chi貢獻者 陳奉瑤
Chen, Fong Yao
朱家麒
Jhu, Jia Chi關鍵詞 房地價格分離
特徵價格模型
已開發土地價值
Decomposition housing price
Hedonic price model
Developed land value日期 2017 上傳時間 10-八月-2017 10:05:14 (UTC+8) 摘要 近年來，公部門或私部門多有土地價值評估之需要，現今土地交易課稅稅基與私部門投資抵押評估上，多未考量土地與建物個別因素應相互影響價值之因素，導致已開發土地價值評估產生偏誤，故如何合理自房地價格中分離已開發土地價值，是現行土地評價之重要課題。在房地價格分離之相關研究中，如何精準區分土地和建物價值影響因素為其關鍵的基石，而不同房地價格分離方法間差異，亦為本研究探討之議題。 本研究利用特徵價格模型分析方法，以臺北市區分所有建物之住宅交易案例為研究對象，建立複迴歸模型以分離房地價格。實證結果指出臺北市房地價格隨屋齡增加，呈現先遞減後遞增之變化，驗證高屋齡下土地再開發價值之存在，並發現各屋齡分層間土地移轉面積、管理維護對房地價格影響程度不同，藉以有效區分屋齡對土地與建物價值之影響；而現行實務上常見之土地抽取法，在分離房地價格上恐有高估已開發土地價值，以及放大價值漲幅與縮小價值跌幅之問題，顯示其建物成本價值評估過於僵固，將產生偏誤，使建物價值無法有效隨市場景氣變動。此外，透過分量迴歸模型檢驗，其結果顯示已開發土地價值與高屋齡效果間呈現正向關係，亦指價值愈高，其土地再開發價值影響愈顯著。最後，本研究統整相關實證結果，釐清現行房地價格分離上之問題，盼能改善與提升土地價值之評估能力與精準度。
In recent years, land value assessments have been needed for different purpose. The current assessing of land transaction taxable base and mortgage demands does not consider the individual factors of lands and structures should affect the value of each other, resulting in the developed land value assessment has generated errors. Therefore, how to decompose housing price reasonably and analyze the developed land value is important for land value assessments. This study establishes multiple regression model by selecting residential condominium sale data in Taipei City as sample, in order to decompose the housing price into developed land and structure value. The empirical results show that the reversion of housing price is due to the redevelopment value, and land area and level of maintenance have impact on housing price in different age variables. Besides, we also find that it has a positive relationship between developed land value and redevelopment value effect on price, and land extraction method probably has some problems in overestimation of developed land value, resulting in miscounting of land price fluctuation. According to the aforementioned, this study concludes with some issues of decomposition housing price for improving and enhancing the accuracy of land value assessments.參考文獻 一、中文參考文獻杜宇璇、宋豐荃、曾禹瑄、葛仲寧、陳奉瑤，2013，「台灣特徵價格模型之回顧分析」，『土地問題研究季刊』，12(2)：44-57。吳孟璇，2015，「臺北市高房價成因剖析─以租價關係、總體因素與預期因素探討」，『國立政治大學地政學系碩士論文』，臺北市。李泓見、張金鶚、花敬群，2006，「臺北都會區不同住宅類型價差之研究」，『台灣土地研究』，9(1)：63-87。林子欽、林汪穎、陳國華，2011，「公寓建物之折舊估算與房屋稅負」，『都市與計畫』，38(1)：31-46。林左裕、陳慧潔、蔡永利，2010，「影響住宅大樓價格因素之探討」，『評價學報』，3：13-23。林祖嘉、林素菁，1993，「台灣地區環境品質與公共設施對房價與房租影響之分析」，『住宅學報』，1：21-45。林素菁，2004，「臺北市國中小明星學區邊際願意支付之估計」，『住宅學報』，13(1)：15-34。林肇炫，2007，「公寓大廈管理維護成效之研究-以台南市東區為例」，『長榮大學土地管理與開發研究所碩士論文』，臺南市。洪得洋、林祖嘉，1999，「臺北市捷運系統與道路寬度對房屋價格影響之研究」，『住宅學報』，8：47-67。陳心怡、陳彥仲，2002，「台北都會區住宅次市場之界定及其價格變動之觀察」，論文發表於〈中華民國住宅學會第十一屆年會論文集〉，民國91年2月。陳淑美、陳怡瑞、林佩萱，2010，「公寓大廈住宅社區管理維護服務, 管理費及不動產價格折舊率之關係」，行政院國家科學委員會專題研究計畫成果報告。殷章甫，2012，「土地經濟學」二版，臺北：五南圖書出版股份有限公司。高毓穗，2007，「房地分離下建物折舊之研究」，『國立政治大學地政學系碩士論文』，臺北市。唐惠慈，2014，「不動產逆折舊效果研究：以台灣中南部直轄市為主」，『國立高雄第一科技大學金融系碩士學位論文』，高雄市。莊家彰、管中閔，2005，「台灣與美國股市價量關係的分量迴歸分析」，經濟論文，33(4)：379-404。曾菁敏，2008，「空間外部性, 交易成本與市地重劃對住宅土地價格影響之研究-台南市的實證分析」，『住宅學報』，17(1)：23-50。黃美娟，2007，「土地面積與價格關係之研究」，『國立政治大學地政學系碩士學位論文』，臺北市。張金鶚、楊宗憲、洪御仁，2008，「中古屋及預售屋房價指數之建立、評估與整合－台北市之實證分析」，『住宅學報』，17(2)：13-34。張金鶚、黃佳鈴，2006，「從房地價格分離探討地價指數之建立」，『台灣土地研究』，8(2)：73-206。梁仁旭，2012a，「建物價值減損之屋齡效果」，『土地經濟年刊』，23：94-112。梁仁旭，2012b，「不動產價值逆折舊之探討」，『住宅學報』，21(2)：71-89。梁仁旭，2015，「房价, 地价与建物价值之折旧效果分析」，『华中科技大学学报』，29(1)：118-125。梁仁旭、陳奉瑤，2014，「不動產估價」三版，臺北：財團法人中國地政研究所。梁仁旭、廖彬傑、陳奉瑤、葉惠中，2015，「應用克利金法輔助地價區段劃設之研究」，『台灣土地研究』，18(2)：1-20。葉士郁，2015，「土地槓桿比率與房價變動關聯性之研究」，『國立政治大學地政學系碩士學位論文』，臺北市。楊宗憲、蘇倖慧，2011，「迎毗設施與鄰避設施對住宅價格影響之研究」，『住宅學報』，20(2)：61-80。楊松齡、游適銘，2010，「房地價格分離之剩餘歸屬探討-由產權結構之觀點」，『台灣土地研究』，13(1)：1-23。謝炘宏，2013，「房地分離下建物折舊路徑之探討」，『國立臺北大學不動產與城鄉學系碩士學位論文』，新北市。謝博明，2015，住宅次市場界定及住宅價格空間分析: 以新升格之台南市為例，住宅學報，24(1)：29-54。二、外文參考文獻Allison, P. 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E., 2007, “The Value of Land in the United States: 1975-2005＂, Land Policies & Their Outcomes: 127-147.Clapp, J. M., and K. Salavei, 2010, “Hedonic Pricing with Redevelopment Options: A New Approach to Estimating Depreciation Effects＂, Journal of Urban Economics, 67(3): 362-377.Colwell, P. F., and H. F. Munneke, 1978, “Area, Time, Centrality and the Value of Urban Land＂, Land Economics, 54(4): 514-519.Colwell, P. F., and H. J. Munneke, 1997, “The Structure of Urban Land Price ＂, Journal of Urban Economics, 41(3): 321-336.Colwell, P. F., and H. J. Munneke, 1999, “Land Price and Land Assembly in the CBD＂, The Journal of Real Estate Finance and Economics, 18(2): 163-180.Costello, G., 2014, “Land Price Dynamics in a Large Australian Urban Housing Markets＂, International Journal of Housing Market and Analysis,7(1): 42-60.Coulson, N. E., and D. McMillen, 2008, “Estimating Time, Age and Vintage Effects in Housing Prices.＂, Journal of Housing Economics, 17(2): 138-151.Davis, M. A., and J. Heathcote, 2007, “The Price & Quantity of Residential Land in the United States＂, Journal of Monetary Economics, 54(8): 2595-2620.Davis, M. A., and M. G. Palumbo., 2008, “The Price of Residential Land in Large US Cities＂, Journal of Urban Economics, 63(1): 352-384.Diewert, W. E., and R. Hendriks, 2011, “The decomposition of a house price index into land and structures components: A hedonic regression approach＂, The Valuation Journal, 6(1): 58-105.Diewert, W. E., J. D. Haan and R. Hendriks, 2015, “Hedonic Regressions and the Decomposition of a House Price Index into Land and Structure Components＂, Econometric Reviews, 34(1-2): 106-126.Diewert, E., and C. Shimizu, 2016, “Hedonic Regression Models for Tokyo Condominium Sales＂, Regional Science and Urban Economics, 60: 300-315.Dunse, N., and C. Jones, 2005, “Rental Depreciation, Obsolescence and Location: the Case of Industrial Properties ＂, Journal of Property Research, 22(2-3): 205-223.Francke, M. K., and A. M. 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Neter, 2004, “Applied Linear Regression Models＂, McGraw-Hill/Irwin.Larson, W., 2015, “New Estimates of Value of Land of the United States＂, BEA Working Papers.Lee, P. S., E. C. Chung and Y. H. Kim, 2005, “Dwelling Age, Redevelopment, and Housing Prices: The Case of Apartment Complexes in Seoul＂, The Journal of Real Estate Finance and Economics, 30(1): 55-80.Lin, T. C., and A. W. Evans, 2009, “The Relationship between the Price of Land and Size of Plot When Plots Are Small＂, Land Economics: 386-394.Lin, T. C., and M. H. Jhen, 2009, “Inequity of Land Valuation in the Highly Developed City of Taipei, Taiwan＂, Land Use Policy, 26(3): 662-668.Malpezzi, S., L. Ozanne and T. G. Thibodeau, 1987, “Microeconomic Estimates of Housing Depreciation＂, Land Economics, 63(4): 372-385.McKenzie, D. J., 2006, “Disentangling Age, Cohort and Time Effects in the Additive Model＂, Oxford Bulletin of Economics and Statistics, 68(4): 473-495.Oikarinen, E., and J. 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Fletcher, 2015, “Decoupling Land Values in Residential Property Prices: Smoothing Methods for Hedonic Imputed Price Indices＂, School of Economics, University of Queensland, Australia Discussion Papers Series(549).Randolph, W. C., 1988, “Estimation of Housing Depreciation: Short-term Quality Change and Long-term Vintage Effects＂, Journal of Urban Economics, 23(2): 162-178.Rosen, S., 1974, “Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition＂, Journal of political economy, 82(1): 34-55.Rossini, P., and P. Kershaw, 2006, “Can a Hybrid Automated Valuation Model Outperform Individually Assessed Capital and Site Values＂, Twelfth Annual Pacific-Rim Real Estate Society Conference Auckland, New Zealand: 1-18.Sirmans, S., S. Macpherson. and E. Zietz, 2005, “The Composition of Hedonic Pricing Models＂, Journal of Real Estate Literature, 13(1): 1-44.Smith, B. C., 2004, “Economic Depreciation of Residential Real Estate: Microlevel Space and Time Analysis＂, Real Estate Economics, 32(1): 161-180.Sunderman, M. A., and J. W. Birch, 2002, “Valuation of Land Using Regression Analysis＂, Real Estate Valuation Theory : 325-339. 描述 碩士
國立政治大學
地政學系
104257018資料來源 http://thesis.lib.nccu.edu.tw/record/#G0104257018 資料類型 thesis dc.contributor.advisor 陳奉瑤 zh_TW dc.contributor.advisor Chen, Fong Yao en_US dc.contributor.author (作者) 朱家麒 zh_TW dc.contributor.author (作者) Jhu, Jia Chi en_US dc.creator (作者) 朱家麒 zh_TW dc.creator (作者) Jhu, Jia Chi en_US dc.date (日期) 2017 en_US dc.date.accessioned 10-八月-2017 10:05:14 (UTC+8) - dc.date.available 10-八月-2017 10:05:14 (UTC+8) - dc.date.issued (上傳時間) 10-八月-2017 10:05:14 (UTC+8) - dc.identifier (其他 識別碼) G0104257018 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/111812 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 地政學系 zh_TW dc.description (描述) 104257018 zh_TW dc.description.abstract (摘要) 近年來，公部門或私部門多有土地價值評估之需要，現今土地交易課稅稅基與私部門投資抵押評估上，多未考量土地與建物個別因素應相互影響價值之因素，導致已開發土地價值評估產生偏誤，故如何合理自房地價格中分離已開發土地價值，是現行土地評價之重要課題。在房地價格分離之相關研究中，如何精準區分土地和建物價值影響因素為其關鍵的基石，而不同房地價格分離方法間差異，亦為本研究探討之議題。 本研究利用特徵價格模型分析方法，以臺北市區分所有建物之住宅交易案例為研究對象，建立複迴歸模型以分離房地價格。實證結果指出臺北市房地價格隨屋齡增加，呈現先遞減後遞增之變化，驗證高屋齡下土地再開發價值之存在，並發現各屋齡分層間土地移轉面積、管理維護對房地價格影響程度不同，藉以有效區分屋齡對土地與建物價值之影響；而現行實務上常見之土地抽取法，在分離房地價格上恐有高估已開發土地價值，以及放大價值漲幅與縮小價值跌幅之問題，顯示其建物成本價值評估過於僵固，將產生偏誤，使建物價值無法有效隨市場景氣變動。此外，透過分量迴歸模型檢驗，其結果顯示已開發土地價值與高屋齡效果間呈現正向關係，亦指價值愈高，其土地再開發價值影響愈顯著。最後，本研究統整相關實證結果，釐清現行房地價格分離上之問題，盼能改善與提升土地價值之評估能力與精準度。 zh_TW dc.description.abstract (摘要) In recent years, land value assessments have been needed for different purpose. The current assessing of land transaction taxable base and mortgage demands does not consider the individual factors of lands and structures should affect the value of each other, resulting in the developed land value assessment has generated errors. Therefore, how to decompose housing price reasonably and analyze the developed land value is important for land value assessments. This study establishes multiple regression model by selecting residential condominium sale data in Taipei City as sample, in order to decompose the housing price into developed land and structure value. The empirical results show that the reversion of housing price is due to the redevelopment value, and land area and level of maintenance have impact on housing price in different age variables. Besides, we also find that it has a positive relationship between developed land value and redevelopment value effect on price, and land extraction method probably has some problems in overestimation of developed land value, resulting in miscounting of land price fluctuation. According to the aforementioned, this study concludes with some issues of decomposition housing price for improving and enhancing the accuracy of land value assessments. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究動機與目的 1第二節 研究方法與範圍 5第三節 研究架構與流程 7第二章 文獻回顧 9第一節 房地價格分離之相關研究 9第二節 影響房地價格之相關研究 22第三節 小結 28第三章 研究設計 31第一節 實證模型之建構 31第二節 資料來源與說明 40第四章 實證分析 49第一節 房地價格影響之模型分析 49第二節 房地價格分離與結果分析 58第三節 已開發土地價值與高屋齡分層之關聯性分析 76第四節 現行土地評價與房地價格分離方法之分析 80第五章 結論與建議 83第一節 結論 83第二節 建議 85參考文獻 89 zh_TW dc.format.extent 2254012 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0104257018 en_US dc.subject (關鍵詞) 房地價格分離 zh_TW dc.subject (關鍵詞) 特徵價格模型 zh_TW dc.subject (關鍵詞) 已開發土地價值 zh_TW dc.subject (關鍵詞) Decomposition housing price en_US dc.subject (關鍵詞) Hedonic price model en_US dc.subject (關鍵詞) Developed land value en_US dc.title (題名) 房地價格分離與已開發土地價值分析之研究-以台北市為例 zh_TW dc.title (題名) Analysis of developed land value in Taipei city with housing price decomposition method en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、中文參考文獻杜宇璇、宋豐荃、曾禹瑄、葛仲寧、陳奉瑤，2013，「台灣特徵價格模型之回顧分析」，『土地問題研究季刊』，12(2)：44-57。吳孟璇，2015，「臺北市高房價成因剖析─以租價關係、總體因素與預期因素探討」，『國立政治大學地政學系碩士論文』，臺北市。李泓見、張金鶚、花敬群，2006，「臺北都會區不同住宅類型價差之研究」，『台灣土地研究』，9(1)：63-87。林子欽、林汪穎、陳國華，2011，「公寓建物之折舊估算與房屋稅負」，『都市與計畫』，38(1)：31-46。林左裕、陳慧潔、蔡永利，2010，「影響住宅大樓價格因素之探討」，『評價學報』，3：13-23。林祖嘉、林素菁，1993，「台灣地區環境品質與公共設施對房價與房租影響之分析」，『住宅學報』，1：21-45。林素菁，2004，「臺北市國中小明星學區邊際願意支付之估計」，『住宅學報』，13(1)：15-34。林肇炫，2007，「公寓大廈管理維護成效之研究-以台南市東區為例」，『長榮大學土地管理與開發研究所碩士論文』，臺南市。洪得洋、林祖嘉，1999，「臺北市捷運系統與道路寬度對房屋價格影響之研究」，『住宅學報』，8：47-67。陳心怡、陳彥仲，2002，「台北都會區住宅次市場之界定及其價格變動之觀察」，論文發表於〈中華民國住宅學會第十一屆年會論文集〉，民國91年2月。陳淑美、陳怡瑞、林佩萱，2010，「公寓大廈住宅社區管理維護服務, 管理費及不動產價格折舊率之關係」，行政院國家科學委員會專題研究計畫成果報告。殷章甫，2012，「土地經濟學」二版，臺北：五南圖書出版股份有限公司。高毓穗，2007，「房地分離下建物折舊之研究」，『國立政治大學地政學系碩士論文』，臺北市。唐惠慈，2014，「不動產逆折舊效果研究：以台灣中南部直轄市為主」，『國立高雄第一科技大學金融系碩士學位論文』，高雄市。莊家彰、管中閔，2005，「台灣與美國股市價量關係的分量迴歸分析」，經濟論文，33(4)：379-404。曾菁敏，2008，「空間外部性, 交易成本與市地重劃對住宅土地價格影響之研究-台南市的實證分析」，『住宅學報』，17(1)：23-50。黃美娟，2007，「土地面積與價格關係之研究」，『國立政治大學地政學系碩士學位論文』，臺北市。張金鶚、楊宗憲、洪御仁，2008，「中古屋及預售屋房價指數之建立、評估與整合－台北市之實證分析」，『住宅學報』，17(2)：13-34。張金鶚、黃佳鈴，2006，「從房地價格分離探討地價指數之建立」，『台灣土地研究』，8(2)：73-206。梁仁旭，2012a，「建物價值減損之屋齡效果」，『土地經濟年刊』，23：94-112。梁仁旭，2012b，「不動產價值逆折舊之探討」，『住宅學報』，21(2)：71-89。梁仁旭，2015，「房价, 地价与建物价值之折旧效果分析」，『华中科技大学学报』，29(1)：118-125。梁仁旭、陳奉瑤，2014，「不動產估價」三版，臺北：財團法人中國地政研究所。梁仁旭、廖彬傑、陳奉瑤、葉惠中，2015，「應用克利金法輔助地價區段劃設之研究」，『台灣土地研究』，18(2)：1-20。葉士郁，2015，「土地槓桿比率與房價變動關聯性之研究」，『國立政治大學地政學系碩士學位論文』，臺北市。楊宗憲、蘇倖慧，2011，「迎毗設施與鄰避設施對住宅價格影響之研究」，『住宅學報』，20(2)：61-80。楊松齡、游適銘，2010，「房地價格分離之剩餘歸屬探討-由產權結構之觀點」，『台灣土地研究』，13(1)：1-23。謝炘宏，2013，「房地分離下建物折舊路徑之探討」，『國立臺北大學不動產與城鄉學系碩士學位論文』，新北市。謝博明，2015，住宅次市場界定及住宅價格空間分析: 以新升格之台南市為例，住宅學報，24(1)：29-54。二、外文參考文獻Allison, P. 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