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題名 客戶影響不動產估值之研究—以台灣公開發行公司為例
Client influence on real estate valuation : an evidence of public companies in Taiwan作者 陳金田
Chen, Chin Tien貢獻者 陳奉瑤
陳金田
Chen, Chin Tien關鍵詞 客戶影響
不動產估值
不動產估價
Client influence
Real estate valuation
Real estate appraisal日期 2018 上傳時間 2-Mar-2018 11:53:24 (UTC+8) 摘要 不動產估價獨立客觀為金融體系穩定的關鍵因素，而客戶影響是探討估價獨立性的重要議題。過去多以問卷調查、實驗設計或深度訪談方式進行相關研究，卻難以證明不動產估值受到客戶影響之真實情形。本文蒐集公開資訊觀測站相同不動產其買賣雙方各自委託之估值及其成交價，在雙方均有影響估值之動機前提下，以獨立樣本t檢定及Wilcoxon-Mann-Whitney檢定驗證其估值溢價率以及估值差異比率在不同變數情況下之差異情形。實證結果顯示，不動產估值因客戶為買方或賣方不同而有顯著差異，另經驗老練客戶將使不動產估值差異更為擴大，而不動產採標售方式買賣者，其估值差異比率遠較採議價方式高。
The independent objective of real estate appraisal is the key factor of the stability of the financial system, while the client influence is an important issue of the independence of valuation. In the past, more of the relevant research by questionnaire, experiment or interview, but it is difficult to verify the real situation of the client influence. This paper collected the cases of same real estate that both the buyer and the seller commissioned the valuation and the transaction price from MOPS, under the premise that both parties have the motivation to influence the valuation, to examine the valuation premium ratio and valuation difference ratio with the independent sample t test and Wilcoxon-Mann-Whitney test. The results show that the real estate valuation is significantly different from clients, and experienced clients will make the real estate valuation differences more widened. However, the valuation difference ratio of the transactions by auction is much higher than the valuation difference ratio of the transactions by bargain.參考文獻 江穎慧，2009，「不動產自動估價與估價師個別估價之比較-以比較法之案例選取、權重調整與估值三階段差異分析」，『住宅學報』，18(1)：39~62。 林左裕，2008，「美國次級房貸風暴對台灣金融資產證券化及投資者之啟示」，『住宅學報』，17(1)：111~123。 林左裕，2009，「再論美國次級房貸風暴對我國金融資產證券化、估價制度及投資者之啟示」，『土地問題研究季刊』，8(3)：18~34。 洪鴻智、張能政，2006，「不動產估價人員之價值探索過程：估價程序與參考點的選擇」，『建築與規劃學報』，7(1)：71~90。 梁仁旭、陳奉瑤，2006，「不動產估『價』?~價值、價格或市場價值~」，『土地問題研究季刊』，5(3)：90~99。 陳奉瑤，2011a，『不動產估價行為研究』初版，臺北市：中國地政研究所。 陳奉瑤，2011b，「不動產估價師理性行為之探討」，『住宅學報』，20(2)：47~60。 陳奉瑤、楊依蓁，2007，「個別估價與大量估價之準確性分析」，『住宅學報』，16(2)：67~84。 陳奉瑤、賴靖雯、邱信智、王姿尹，2008，「台灣不動產估價師評鑑機制之建立」，『土地問題研究季刊』，7(3)：103~114。 張金鶚，2015，「不動產估價師估價技術與職業規範的期許」，『住宅學報』，24(2)：97~105。 陳淑美、黃麗燕、陳彥仲，2013，「不動產抵押貸款擔保品估價行為之研究」，『住宅學報』，22(2)：59~86。 鐘少佑，2015，「台灣不動產估價預估服務探討及估價師評鑑制度研擬方向」，『土地問題研究季刊』，14(4)：117~121。 Achu,K.,2013,”Client influence on property valuations:A literature review”,International Journal of Real Estate Studies,8(2):24~47. Adair,A.,Hutchison,N.,MacGregor,B.,McGreal,S.,Nanthakumaran,N.,1996,“An analysis of valuation variation in the UK commercial property market:Hager and Lord revisited”,Journal of Property Valuation and Investment,14(5):34~47. Amidu,A.,Aluko,B.T.,2007a,”Client influence in residential property valuations:An empirical study”,Property Management,25(5):447~461. Amidu,A.,Aluko,B.T.,2007b,”Client influence on valuation: Perceptual analysis of the driving factors”,International Journal of Strategic Property Management,11:77~89. Amidu,A.,Aluko,B.T.,Hansz,J.A.,2008,”Client feedback pressure and the role of real surveyors and valuers”,Journal of Property Research,25(2):89~106. Bellman,L.,Öhman,P.,2016,” Authorised property appraisers’ perceptions of commercial property valuation”,Journal of Property Investment & Finance,34(3):225-248. Brown,G.,Matysiak,G.A.,Shepherd,M.,1998,” Valuation uncertainty and the Mallinson Report”,Journal of Property Research,15:1-13. Chen,F.Y.,Yu,S.M.,2009,”Client influence on valuation:Does language matter? A comparative analysis between Taiwan and Singapore”,Journal of Property Investment & Finance,27(1):25~41. Crosby,N.,Devaney,S.,Lizieri,C.,McAllister,P.,2015,”Can institutional investors bias real estate portfolio appraisals? Evidence from the market downturn”,Journal of Business Ethics,published online:26 November 2015:1~17. Crosby,N.,Lavers,A.,Murdoch,J.,1998,”Property valuation variation and the‘margin of error’in the UK”,Journal of Property Research,15(4):305~330. Crosby,N.,Lizieri,C.,McAllister,P.,2010,”Means, motive and opportunity: disentangling the effects of client influence of periodic performance measurement appraisals”,Journal of Property Research,27(2):181~201. Diaz Ⅲ,J.,Hansz,J.A.,1997,”How valuers use the value opinions of others”,Journal of Property Valuation and Investment,15(3):256~260. Gallimore,P.,Wolverton,M.,2000,”The objective in valuation: a study of the influence of client feedback”,Journal of Property Research,17(1):47~57. Hansz,J.A.,2004,”The use of a pending mortgage reference point in valuation judgement”, Journal of Property Investment & Finance,22(3):259~268. Hansz,J.A.,Diaz Ⅲ,J.,2001,”Valuation bias in commercial appraisal: A transaction price feedback experiment”,Real Estate Economics,29(4):553~565. Hisatsune,A.,2015,”A study of client pressure on real estate appraisal by J-REIT”, Rikkyo DBA Journal,5:21~40. Kinnard,W.N.,Lenk,M.M.,Worzala,E.M.,1997,”Client pressure in the commercial appraisal industry: how prevalent is it?”,Journal of Property Valuation and Investment,15(3):233~244. Levy,D.,Schuck,E.,1999,”The influence of clients on valuations”,Journal of Property Investment & Finance,17(4):380~400. Levy,D.,Schuck,E.,2005,”The influence of clients on valuations: the client’s perspective”,Journal of Property Investment & Finance,23(2):182~201. McAllister,P.,Baum,A.,Crosby,N.,Gallimore,P.,Gray,A.,2003,”Appraiser behaviour and appraisal smoothing: Some qualitative and quantitative evidence”,Journal of Property Research,20(3):261~280. Nwuba,C.C.,Egwuatu,U.S.,Salawu,B.M.,2015,”Client influence on valuation:Valuers’ motives to succumb”,Journal of Property Research,32(2):147~172. Quan,D.C.,Quigley,J.M.,1991,”Price formation and the appraisal function in real estate markets”,Journal of Real Estate Finance and Economics,4:127~146. Smith,S.,2002,”Predatory Lending,mortgage Fraud,and Client Pressures”,The Appraisal Journal,70(2):200~213. Smolen,G.E.,Hambleton,D.C.,1997,”Is the real estate appraiser’s role too much to expect?”,The Appraisal Journal,65:9~17. Wolverton,M.,Gallimore,P.,1999,”Client Feedback and the Role of the Appraiser”, Journal of Real Estate Research,18(3):415~431. Worzala,E.M.,Lenk,M.M.,Kinnard,W.N.,1998,”How client pressure affects the appraisal of residential property”,The Appraisal Journal,66(4):416~427. 描述 碩士
國立政治大學
地政學系碩士在職專班
103923002資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103923002 資料類型 thesis dc.contributor.advisor 陳奉瑤 zh_TW dc.contributor.author (Authors) 陳金田 zh_TW dc.contributor.author (Authors) Chen, Chin Tien en_US dc.creator (作者) 陳金田 zh_TW dc.creator (作者) Chen, Chin Tien en_US dc.date (日期) 2018 en_US dc.date.accessioned 2-Mar-2018 11:53:24 (UTC+8) - dc.date.available 2-Mar-2018 11:53:24 (UTC+8) - dc.date.issued (上傳時間) 2-Mar-2018 11:53:24 (UTC+8) - dc.identifier (Other Identifiers) G0103923002 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/116102 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 地政學系碩士在職專班 zh_TW dc.description (描述) 103923002 zh_TW dc.description.abstract (摘要) 不動產估價獨立客觀為金融體系穩定的關鍵因素，而客戶影響是探討估價獨立性的重要議題。過去多以問卷調查、實驗設計或深度訪談方式進行相關研究，卻難以證明不動產估值受到客戶影響之真實情形。本文蒐集公開資訊觀測站相同不動產其買賣雙方各自委託之估值及其成交價，在雙方均有影響估值之動機前提下，以獨立樣本t檢定及Wilcoxon-Mann-Whitney檢定驗證其估值溢價率以及估值差異比率在不同變數情況下之差異情形。實證結果顯示，不動產估值因客戶為買方或賣方不同而有顯著差異，另經驗老練客戶將使不動產估值差異更為擴大，而不動產採標售方式買賣者，其估值差異比率遠較採議價方式高。 zh_TW dc.description.abstract (摘要) The independent objective of real estate appraisal is the key factor of the stability of the financial system, while the client influence is an important issue of the independence of valuation. In the past, more of the relevant research by questionnaire, experiment or interview, but it is difficult to verify the real situation of the client influence. This paper collected the cases of same real estate that both the buyer and the seller commissioned the valuation and the transaction price from MOPS, under the premise that both parties have the motivation to influence the valuation, to examine the valuation premium ratio and valuation difference ratio with the independent sample t test and Wilcoxon-Mann-Whitney test. The results show that the real estate valuation is significantly different from clients, and experienced clients will make the real estate valuation differences more widened. However, the valuation difference ratio of the transactions by auction is much higher than the valuation difference ratio of the transactions by bargain. 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、範圍與限制 4 第三節 研究架構與流程 7 第二章 文獻回顧 9 第一節 客戶影響成因及影響機制 9 第二節 客戶影響因素之分析 14 第三節 客戶影響之研究方法 22 第四節 小結 25 第三章 研究設計 27 第一節 研究假說 27 第二節 實證資料來源與說明 30 第三節 檢定方法 42 第四章 實證分析 47 第一節 估值溢價率之比較分析 47 第二節 相關變數估值溢價率之比較分析 52 第三節 估值差異比率之比較分析 57 第四節 小結 63 第五章 結論與建議 65 第一節 結論 65 第二節 建議 67 參考文獻 69 zh_TW dc.format.extent 1693811 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103923002 en_US dc.subject (關鍵詞) 客戶影響 zh_TW dc.subject (關鍵詞) 不動產估值 zh_TW dc.subject (關鍵詞) 不動產估價 zh_TW dc.subject (關鍵詞) Client influence en_US dc.subject (關鍵詞) Real estate valuation en_US dc.subject (關鍵詞) Real estate appraisal en_US dc.title (題名) 客戶影響不動產估值之研究—以台灣公開發行公司為例 zh_TW dc.title (題名) Client influence on real estate valuation : an evidence of public companies in Taiwan en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 江穎慧，2009，「不動產自動估價與估價師個別估價之比較-以比較法之案例選取、權重調整與估值三階段差異分析」，『住宅學報』，18(1)：39~62。 林左裕，2008，「美國次級房貸風暴對台灣金融資產證券化及投資者之啟示」，『住宅學報』，17(1)：111~123。 林左裕，2009，「再論美國次級房貸風暴對我國金融資產證券化、估價制度及投資者之啟示」，『土地問題研究季刊』，8(3)：18~34。 洪鴻智、張能政，2006，「不動產估價人員之價值探索過程：估價程序與參考點的選擇」，『建築與規劃學報』，7(1)：71~90。 梁仁旭、陳奉瑤，2006，「不動產估『價』?~價值、價格或市場價值~」，『土地問題研究季刊』，5(3)：90~99。 陳奉瑤，2011a，『不動產估價行為研究』初版，臺北市：中國地政研究所。 陳奉瑤，2011b，「不動產估價師理性行為之探討」，『住宅學報』，20(2)：47~60。 陳奉瑤、楊依蓁，2007，「個別估價與大量估價之準確性分析」，『住宅學報』，16(2)：67~84。 陳奉瑤、賴靖雯、邱信智、王姿尹，2008，「台灣不動產估價師評鑑機制之建立」，『土地問題研究季刊』，7(3)：103~114。 張金鶚，2015，「不動產估價師估價技術與職業規範的期許」，『住宅學報』，24(2)：97~105。 陳淑美、黃麗燕、陳彥仲，2013，「不動產抵押貸款擔保品估價行為之研究」，『住宅學報』，22(2)：59~86。 鐘少佑，2015，「台灣不動產估價預估服務探討及估價師評鑑制度研擬方向」，『土地問題研究季刊』，14(4)：117~121。 Achu,K.,2013,”Client influence on property valuations:A literature review”,International Journal of Real Estate Studies,8(2):24~47. Adair,A.,Hutchison,N.,MacGregor,B.,McGreal,S.,Nanthakumaran,N.,1996,“An analysis of valuation variation in the UK commercial property market:Hager and Lord revisited”,Journal of Property Valuation and Investment,14(5):34~47. Amidu,A.,Aluko,B.T.,2007a,”Client influence in residential property valuations:An empirical study”,Property Management,25(5):447~461. Amidu,A.,Aluko,B.T.,2007b,”Client influence on valuation: Perceptual analysis of the driving factors”,International Journal of Strategic Property Management,11:77~89. Amidu,A.,Aluko,B.T.,Hansz,J.A.,2008,”Client feedback pressure and the role of real surveyors and valuers”,Journal of Property Research,25(2):89~106. Bellman,L.,Öhman,P.,2016,” Authorised property appraisers’ perceptions of commercial property valuation”,Journal of Property Investment & Finance,34(3):225-248. Brown,G.,Matysiak,G.A.,Shepherd,M.,1998,” Valuation uncertainty and the Mallinson Report”,Journal of Property Research,15:1-13. Chen,F.Y.,Yu,S.M.,2009,”Client influence on valuation:Does language matter? A comparative analysis between Taiwan and Singapore”,Journal of Property Investment & Finance,27(1):25~41. Crosby,N.,Devaney,S.,Lizieri,C.,McAllister,P.,2015,”Can institutional investors bias real estate portfolio appraisals? Evidence from the market downturn”,Journal of Business Ethics,published online:26 November 2015:1~17. Crosby,N.,Lavers,A.,Murdoch,J.,1998,”Property valuation variation and the‘margin of error’in the UK”,Journal of Property Research,15(4):305~330. Crosby,N.,Lizieri,C.,McAllister,P.,2010,”Means, motive and opportunity: disentangling the effects of client influence of periodic performance measurement appraisals”,Journal of Property Research,27(2):181~201. Diaz Ⅲ,J.,Hansz,J.A.,1997,”How valuers use the value opinions of others”,Journal of Property Valuation and Investment,15(3):256~260. Gallimore,P.,Wolverton,M.,2000,”The objective in valuation: a study of the influence of client feedback”,Journal of Property Research,17(1):47~57. Hansz,J.A.,2004,”The use of a pending mortgage reference point in valuation judgement”, Journal of Property Investment & Finance,22(3):259~268. Hansz,J.A.,Diaz Ⅲ,J.,2001,”Valuation bias in commercial appraisal: A transaction price feedback experiment”,Real Estate Economics,29(4):553~565. Hisatsune,A.,2015,”A study of client pressure on real estate appraisal by J-REIT”, Rikkyo DBA Journal,5:21~40. Kinnard,W.N.,Lenk,M.M.,Worzala,E.M.,1997,”Client pressure in the commercial appraisal industry: how prevalent is it?”,Journal of Property Valuation and Investment,15(3):233~244. Levy,D.,Schuck,E.,1999,”The influence of clients on valuations”,Journal of Property Investment & Finance,17(4):380~400. Levy,D.,Schuck,E.,2005,”The influence of clients on valuations: the client’s perspective”,Journal of Property Investment & Finance,23(2):182~201. McAllister,P.,Baum,A.,Crosby,N.,Gallimore,P.,Gray,A.,2003,”Appraiser behaviour and appraisal smoothing: Some qualitative and quantitative evidence”,Journal of Property Research,20(3):261~280. Nwuba,C.C.,Egwuatu,U.S.,Salawu,B.M.,2015,”Client influence on valuation:Valuers’ motives to succumb”,Journal of Property Research,32(2):147~172. Quan,D.C.,Quigley,J.M.,1991,”Price formation and the appraisal function in real estate markets”,Journal of Real Estate Finance and Economics,4:127~146. Smith,S.,2002,”Predatory Lending,mortgage Fraud,and Client Pressures”,The Appraisal Journal,70(2):200~213. Smolen,G.E.,Hambleton,D.C.,1997,”Is the real estate appraiser’s role too much to expect?”,The Appraisal Journal,65:9~17. Wolverton,M.,Gallimore,P.,1999,”Client Feedback and the Role of the Appraiser”, Journal of Real Estate Research,18(3):415~431. Worzala,E.M.,Lenk,M.M.,Kinnard,W.N.,1998,”How client pressure affects the appraisal of residential property”,The Appraisal Journal,66(4):416~427. zh_TW
