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題名 大眾捷運系統對房地產價格的影響 : 以桃園機場捷運與林口地區為例
Impact of Mass Rapid Transit System on Property Values: Taoyuan Airport MRT and Linkou Area Case
作者 藍聖杰
Langarica Herrera, Sergio Francisco
貢獻者 吳文傑
Wu, Wen-Chieh
藍聖杰
Langarica Herrera, Sergio Francisco
關鍵詞 捷運
房地產
MRT
Value capture
Real estate
Land value
日期 2018
上傳時間 17-Jul-2018 11:34:46 (UTC+8)
摘要 none
The present research work uses both a hedonic pricing model regression and difference-in-differences model regression to empirically investigate the impacts that the construction of rapid transit system stations have on property values.
It uses real estate transactions data from the Linkou area in Northern Taiwan where two stations of the recently built Taoyuan Airport MRT are located.
The hedonic pricing approach finds several significant internal characteristics of the properties that contribute to the determination of real estate prices. It also finds that a measurement of distance to the closes MRT station, an exogenous characteristic to the property, has a significant impact. A price decrease of 1,536 New Taiwanese Dollars for every meter further away from the station was the result found.
The difference-in-differences model found that after year 2014 those properties located within 1000 meters of the stations saw an average price increase of 709,223 New Taiwanese Dollars. This is during the construction phase of the MRT and 3 years before it commenced operations.
These findings can back important public policy implications such as the potential taxation of the land-value increase to support the financing of large infrastructure projects, a value capture strategy.
參考文獻 Al-Mosaind, M. A., Dueker, K. J., & Strathman, J. G. (1993). Light-rail transit stations and property values: a hedonic price approach (No. 1400).
Andersson, D. E., Shyr, O. F., & Fu, J. (2010). Does high-speed rail accessibility influence residential property prices? Hedonic estimates from southern Taiwan. Journal of Transport Geography, 18(1), 166-174.
Armstrong Jr, R. J. (1994). Impacts of commuter rail service as reflected in single-family residential property values. Transportation Research Record, (1466).
Cervero, R., & Duncan, M. (2002). Benefits of proximity to rail on housing markets: Experiences in Santa Clara County. Journal of Public Transportation, 5(1).
Cervero, R., & Murakami, J. (2009). Rail and property development in Hong Kong: Experiences and extensions. Urban Studies, 46(10), 2019-2043.
Chen, H., Rufolo, A., & Dueker, K. (1998). Measuring the impact of light rail systems on single-family home values: a hedonic approach with geographic information system application. Transportation Research Record: Journal of the Transportation Research Board, (1617), 38-43.
Chow, J. (2017, August 08). Taipei airport rail line ready to roll. Retrieved from https://www.straitstimes.com/asia/east-asia/taipei-airport-rail-line-ready-to-roll
Diaz, R. B., & Mclean, V. A. (1999, May). Impacts of rail transit on property values. In American Public Transit Association Rapid Transit Conference Proceedings (pp. 1-8).
Goodman, A. C. (1978). Hedonic prices, price indices and housing markets. Journal of urban economics, 5(4), 471-484.
Gihring, T. A. (2001). Applying value capture in the Seattle region. Planning Practice and Research, 16(3-4), 307-320.
Lancaster, K. J. (1966). A new approach to consumer theory. Journal of political economy, 74(2), 132-157.
Malpezzi, S. (2003). Hedonic pricing models: a selective and applied review. Housing economics and public policy, 67-89.
Mathur, S., & Smith, A. (2013). Land value capture to fund public transportation infrastructure: Examination of joint development projects` revenue yield and stability. Transport Policy, 30, 327-335.
Medda, F. (2012). Land value capture finance for transport accessibility: a review. Journal of Transport Geography, 25, 154-161.
Olszewski, P., & Wibowo, S. (2005). Using equivalent walking distance to assess pedestrian accessibility to transit stations in Singapore. Transportation Research Record: Journal of the Transportation Research Board, (1927), 38-45.
O`Sullivan, S., & Morrall, J. (1996). Walking distances to and from light-rail transit stations. Transportation research record: journal of the transportation research board, (1538), 19-26.
Ottensmann, J. R., Payton, S., & Man, J. (2008). Urban location and housing prices within a hedonic model. Journal of Regional Analysis and Policy, 38(1), 19-35.
Rehdanz, K. (2006). Hedonic Pricing Of Climate Change Impacts To Households In Great Britain. Climatic Change, 74(4), 413–434.
Rybeck, R. (2004). Using value capture to finance infrastructure and encourage compact development. Public Works Management & Policy, 8(4), 249-260.
Salon, D., & Shewmake, S. (2011). Opportunities for value capture to fund public transport: A comprehensive review of the literature with a focus on East Asia.
Smith, J. J., & Gihring, T. A. (2006). Financing transit systems through value capture. American Journal of Economics and Sociology, 65(3), 751-786.
Squires, G., & Lord, A. D. (2012). The transfer of Tax Increment Financing (TIF) as an urban policy for spatially targeted economic development. Land Use Policy, 29(4), 817-826.
Tang, S. B., & Lo, H. K. (2010). On the financial viability of mass transit development: the case of Hong Kong. Transportation, 37(2), 299-316.
Tyrväinen, L. (1997). The amenity value of the urban forest: an application of the hedonic pricing method. Landscape and Urban Planning, 37, 211–222.
Ubbels, B., Nijkamp, P., Verhoef, E., Potter, S., & Enoch, M. P. (2001). Alternative ways of funding public transport. dspace.lboro.ac.uk
Vickrey, W. (1977). The city as a firm. In the Economics of Public Services (pp. 334-343). Palgrave Macmillan UK.
Xiao, Y. (2017). Urban Configuration and House Price. In Urban Morphology and Housing Market (pp. 11-40 ). Springer, Singapore.
Yang, T. (2018). Difference-in-Differences: Part 1, week 5 notes [Lecture slides]. Retrieved from: https://causaldatalab.wordpress.com/2018/03/06/causal-data-2018.
描述 碩士
國立政治大學
應用經濟與社會發展英語碩士學位學程(IMES)
1052660071
資料來源 http://thesis.lib.nccu.edu.tw/record/#G1052660071
資料類型 thesis
dc.contributor.advisor 吳文傑zh_TW
dc.contributor.advisor Wu, Wen-Chiehen_US
dc.contributor.author (Authors) 藍聖杰zh_TW
dc.contributor.author (Authors) Langarica Herrera, Sergio Franciscoen_US
dc.creator (作者) 藍聖杰zh_TW
dc.creator (作者) Langarica Herrera, Sergio Franciscoen_US
dc.date (日期) 2018en_US
dc.date.accessioned 17-Jul-2018 11:34:46 (UTC+8)-
dc.date.available 17-Jul-2018 11:34:46 (UTC+8)-
dc.date.issued (上傳時間) 17-Jul-2018 11:34:46 (UTC+8)-
dc.identifier (Other Identifiers) G1052660071en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/118717-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 應用經濟與社會發展英語碩士學位學程(IMES)zh_TW
dc.description (描述) 1052660071zh_TW
dc.description.abstract (摘要) nonezh_TW
dc.description.abstract (摘要) The present research work uses both a hedonic pricing model regression and difference-in-differences model regression to empirically investigate the impacts that the construction of rapid transit system stations have on property values.
It uses real estate transactions data from the Linkou area in Northern Taiwan where two stations of the recently built Taoyuan Airport MRT are located.
The hedonic pricing approach finds several significant internal characteristics of the properties that contribute to the determination of real estate prices. It also finds that a measurement of distance to the closes MRT station, an exogenous characteristic to the property, has a significant impact. A price decrease of 1,536 New Taiwanese Dollars for every meter further away from the station was the result found.
The difference-in-differences model found that after year 2014 those properties located within 1000 meters of the stations saw an average price increase of 709,223 New Taiwanese Dollars. This is during the construction phase of the MRT and 3 years before it commenced operations.
These findings can back important public policy implications such as the potential taxation of the land-value increase to support the financing of large infrastructure projects, a value capture strategy.		en_US
dc.description.tableofcontents 1. Introduction 1
1.1 Background 1
1.2 Statement of the problem 2
1.3 Research goal 3
1.4 Research approach 4
1.5 Research limitations 4
1.6 Framework 5
2. Literature Review 7
2.1 Public transportation and land value 7
2.2 Financing public transportation through value capture 8
2.3 Hedonic pricing model in real estate valuation 10
3. Methodology 11
3.1 Existing models 11
3.1.1 Hedonic pricing model 12
3.1.2 Difference-in-differences model 13
3.2 Hedonic pricing econometric specification 14
3.3 Difference-in-differences econometric specification 14
3.3.1 Treatment group 15
3.3.2 Treatment period 16
3.4 Variables and expected signs 16
4. Data collection and scope 18
4.1 Real estate transactions 18
4.2 Taoyuan Airport MRT data 19
4.3 Merged data 20
4.4 Descriptive statistics 21
5. Empirical Results 22
5.1 Variable correlation 22
5.2 Hedonic pricing regression results 22
5.3 Difference-in-differences regression results 24
6. Conclusion 27
6.1 Summary of findings 27
6.2 Policy implications 27
6.3 Future research 29
7. References 30		zh_TW
dc.format.extent 980913 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1052660071en_US
dc.subject (關鍵詞) 捷運zh_TW
dc.subject (關鍵詞) 房地產zh_TW
dc.subject (關鍵詞) MRTen_US
dc.subject (關鍵詞) Value captureen_US
dc.subject (關鍵詞) Real estateen_US
dc.subject (關鍵詞) Land valueen_US
dc.title (題名) 大眾捷運系統對房地產價格的影響 : 以桃園機場捷運與林口地區為例zh_TW
dc.title (題名) Impact of Mass Rapid Transit System on Property Values: Taoyuan Airport MRT and Linkou Area Caseen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Al-Mosaind, M. A., Dueker, K. J., & Strathman, J. G. (1993). Light-rail transit stations and property values: a hedonic price approach (No. 1400).
Andersson, D. E., Shyr, O. F., & Fu, J. (2010). Does high-speed rail accessibility influence residential property prices? Hedonic estimates from southern Taiwan. Journal of Transport Geography, 18(1), 166-174.
Armstrong Jr, R. J. (1994). Impacts of commuter rail service as reflected in single-family residential property values. Transportation Research Record, (1466).
Cervero, R., & Duncan, M. (2002). Benefits of proximity to rail on housing markets: Experiences in Santa Clara County. Journal of Public Transportation, 5(1).
Cervero, R., & Murakami, J. (2009). Rail and property development in Hong Kong: Experiences and extensions. Urban Studies, 46(10), 2019-2043.
Chen, H., Rufolo, A., & Dueker, K. (1998). Measuring the impact of light rail systems on single-family home values: a hedonic approach with geographic information system application. Transportation Research Record: Journal of the Transportation Research Board, (1617), 38-43.
Chow, J. (2017, August 08). Taipei airport rail line ready to roll. Retrieved from https://www.straitstimes.com/asia/east-asia/taipei-airport-rail-line-ready-to-roll
Diaz, R. B., & Mclean, V. A. (1999, May). Impacts of rail transit on property values. In American Public Transit Association Rapid Transit Conference Proceedings (pp. 1-8).
Goodman, A. C. (1978). Hedonic prices, price indices and housing markets. Journal of urban economics, 5(4), 471-484.
Gihring, T. A. (2001). Applying value capture in the Seattle region. Planning Practice and Research, 16(3-4), 307-320.
Lancaster, K. J. (1966). A new approach to consumer theory. Journal of political economy, 74(2), 132-157.
Malpezzi, S. (2003). Hedonic pricing models: a selective and applied review. Housing economics and public policy, 67-89.
Mathur, S., & Smith, A. (2013). Land value capture to fund public transportation infrastructure: Examination of joint development projects` revenue yield and stability. Transport Policy, 30, 327-335.
Medda, F. (2012). Land value capture finance for transport accessibility: a review. Journal of Transport Geography, 25, 154-161.
Olszewski, P., & Wibowo, S. (2005). Using equivalent walking distance to assess pedestrian accessibility to transit stations in Singapore. Transportation Research Record: Journal of the Transportation Research Board, (1927), 38-45.
O`Sullivan, S., & Morrall, J. (1996). Walking distances to and from light-rail transit stations. Transportation research record: journal of the transportation research board, (1538), 19-26.
Ottensmann, J. R., Payton, S., & Man, J. (2008). Urban location and housing prices within a hedonic model. Journal of Regional Analysis and Policy, 38(1), 19-35.
Rehdanz, K. (2006). Hedonic Pricing Of Climate Change Impacts To Households In Great Britain. Climatic Change, 74(4), 413–434.
Rybeck, R. (2004). Using value capture to finance infrastructure and encourage compact development. Public Works Management & Policy, 8(4), 249-260.
Salon, D., & Shewmake, S. (2011). Opportunities for value capture to fund public transport: A comprehensive review of the literature with a focus on East Asia.
Smith, J. J., & Gihring, T. A. (2006). Financing transit systems through value capture. American Journal of Economics and Sociology, 65(3), 751-786.
Squires, G., & Lord, A. D. (2012). The transfer of Tax Increment Financing (TIF) as an urban policy for spatially targeted economic development. Land Use Policy, 29(4), 817-826.
Tang, S. B., & Lo, H. K. (2010). On the financial viability of mass transit development: the case of Hong Kong. Transportation, 37(2), 299-316.
Tyrväinen, L. (1997). The amenity value of the urban forest: an application of the hedonic pricing method. Landscape and Urban Planning, 37, 211–222.
Ubbels, B., Nijkamp, P., Verhoef, E., Potter, S., & Enoch, M. P. (2001). Alternative ways of funding public transport. dspace.lboro.ac.uk
Vickrey, W. (1977). The city as a firm. In the Economics of Public Services (pp. 334-343). Palgrave Macmillan UK.
Xiao, Y. (2017). Urban Configuration and House Price. In Urban Morphology and Housing Market (pp. 11-40 ). Springer, Singapore.
Yang, T. (2018). Difference-in-Differences: Part 1, week 5 notes [Lecture slides]. Retrieved from: https://causaldatalab.wordpress.com/2018/03/06/causal-data-2018.		zh_TW
dc.identifier.doi (DOI) 10.6814/THE.NCCU.IMES.002.2018.F06-