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題名 房價與停車位價格之綜效分析 —以臺北市為例
Synergy Analysis of Housing Prices and Parking Spaces Prices in Taipei作者 林雋修
Lin, Chun-Hsiu貢獻者 陳奉瑤
Chen, Feng-Yao
林雋修
Lin, Chun-Hsiu關鍵詞 綜效
魏克森符號等級檢定
房價
停車位價格
特徵價格理論
Synergy
Wilcoxon signed-rank test
Housing prices
Parking spaces prices
Hedonic price theory日期 2021 上傳時間 2-九月-2021 17:33:08 (UTC+8) 摘要 房價量化研究領域中，常以特徵價格理論（Hedonic Price Theory）為基礎，建立價格函數之迴歸模型，探討各項不動產特徵對房價的影響。停車位作為不動產之附屬設施，多數研究亦將其納入影響房價的變數中，以觀察其邊際效果。然而實務上停車位大多係單獨計價後再與房地合併移轉 ，因此在其他不動產特徵相同的情況下，含有停車位之不動產其交易總價自會較無停車位者為高，導致停車位變數缺乏實際意義。本研究認為停車位對房價的影響效果不應僅透過迴歸模型之特徵變數加以衡量，而可結合綜效（synergy）的觀點，探討停車位與房地能否相輔相成，產生一加一大於二的價值。本研究以臺北市2013年至2019年，大樓或華廈之實價登錄交易資料為基礎。首先應用特徵價格理論，使用單獨交易之房地資料與停車位資料，分別建立房地與停車位價格之複迴歸模型。而後選取房地與停車位合併交易案例，將其中對應的變數代入前述房地模型與停車位模型，以估計兩者分別交易之總價。最後透過Wilcoxon signed-rank test，比較房地與停車位之總價，在合併交易或分別交易有無顯著差異。另外為增加研究之全面性，本研究探討各種不動產條件下，其綜效之存否與差異。實證結果顯示，房地與停車位可透過合併交易產生綜效，亦即房地與停車位合併交易之總價，顯著高於分別交易之總價。此種綜效顯著出現於高總價、小坪數、大坪數不動產產品，以及鄰近捷運站、位於新開發區、周圍停車格密度高之不動產。
In field of research on housing prices, Hedonic Price Theory is often used as a basis to establish a regression model of price to measure the impact of real estate characteristics on housing prices. Parking spaces are a facility of real estate, and most studies also include them in the variables that affect housing prices to observe their marginal effects. However, in practice, parking spaces are mostly priced separately and then transacted with the real estate. Therefore, if other real estate characteristics are the same, the total transaction price of real estate containing parking spaces will be higher than those without parking spaces.The parking spaces as variables will lack practical significance. This study believes that the impact of parking spaces on housing prices should not only be measured by the regression model, but can be combined with the perspective of synergy to explore whether parking spaces and real estate can complement each other, resulting in the value of “1＋1>2”.This study selects the price data of apartments in Taipei City from 2013 to 2019.First, base on Hedonic Price Theory, This study use separately traded real estate data and parking space data, respectively establish a regression model for the prices of real estate and parking spaces. Then select the real estate and parking space combined transaction data, and use the corresponding variables into the aforementioned real estate model and parking space model to estimate the total price of the two when they separate transactions. Finally, through the Wilcoxon signed-rank test, compare the total prices of the houses and parking spaces, and observe if there is a significant difference between combined transaction and the separate transaction. In addition, in order to increase the comprehensiveness of the research, this study also observed this synergy under different real estate conditions. The empirical results show that the combined transaction of real estate and parking spaces can produce synergy, that is, the total price of the combined transaction of real estate and parking spaces is significantly higher than the total price of separate transactions. This kind of synergy is evident in real estate that is high total prices, small area, large area, near MRT stations, in new development areas, and in high density area of parking spaces.參考文獻 （一） 中文文獻1. 毛麗琴，2009，「影響房價變動因素之探討—以高雄市區為例」，『商業現代化學刊』，5（2）：141-156。2. 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。3. 呂嘉弘、藍天雄、羅智耀與藍健豪，2007，「企業併購之風險管理探討—以臺灣電信業為例」，『2007第二屆管理與決策學術研討會特刊』。4. 李月華，1999，『臺北市住宅價格模型之研究』，淡江大學管理科學學系博士論文。5. 沈育生與林秋瑾，（2012），「不同人工神經網路架構在不動產大量估價之應用與比較」，『臺灣土地研究』，15（1）：1-29。6. 林左裕、陳慧潔與蔡永利，2010，「影響住宅大樓價格因素之探討」，『評價學報』，（3）：13-23。7. 林秋瑾、楊宗憲與張金鶚，1996，「住宅價格指數之研究－以臺北市為例」，『住宅學報』，4：1-30。8. 林祖嘉與林素菁，1993，「臺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。9. 林祖嘉與林素菁，1994，「臺灣地區住宅需求價格彈性與所得彈性之估計」，『住宅學報』，（2）：25-48。10. 林祖嘉與馬毓駿，2007，「特徵方程式大量估價法在臺灣不動產市場之應用」，『住宅學報』，16（2）：1-22。11. 林惠玲與陳正倉，2013，『應用統計學』，修訂第四版，臺北市：雙葉書局。12. 洪得洋與林祖嘉，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。13. 翁瑞麟，2004，「公寓大廈地下停車位轉讓之效力」，『土地問題研究季刊』，3（2）：101-109。14. 國泰建設，2011，『110年第一季國泰房地產指數季報』，https://www.cathay-red.com.tw/tw/About/NewsDetail/21042815391072。15. 張怡文、江穎慧與張金鶚.，2009，「分量迴歸在大量估價模型之應用—非典型住宅估價之改進」，『都市與計劃』，36（3）：281-304。16. 張金鶚，1995，『臺灣地區住宅價格指數之研究』，行政院經建會委託研究計畫。17. 張金鶚與范垂爐，1993，「房地產真實交易價格之研究」，『住宅學報』，（1）：75-97。18. 張修慈，2004，『公寓大廈法定停車空間法律問題之探討』，國立政治大學地政研究所碩士論文。19. 梁仁旭，2012a，「不動產價值逆折舊之探討」，『住宅學報』，21（2）：71-89.。20. 梁仁旭，2012b，「建物價值減損之屋齡效果」，『土地經濟年刊』，（23），94-112。21. 梁仁旭與陳奉瑤，2018，『不動產估價』，第四版，臺北市：財團法人中國地政研究所。22. 陳奉瑤與楊依蓁，2007，「個別估價與大量估價之準確性分析」，『住宅學報』，16（2）：67-84。23. 陳樹衡、郭子文與棗厥庸，2007，「以決策樹之迴歸樹建構住宅價格模型—臺灣地區之實證分析」，『住宅學報』，16（1）：1-20。24. 馮正民、曾平毅與王冠斐，1994，「捷運系統對車站地區房價之影響」，『都市與計劃』，21（1）：25-45。25. 臺北市不動產估價師公會，2019，『第三號估價作業通則：停車位估價課題與建議』，http://www.reaa.org.tw/rule.php?level_id=QD48PyomJTJAKCsjJV4r。26. 臺北市政府，2019，『臺北市108年不動產市場動態年報統計』，https://land.gov.taipei/cp.aspx?n=DFF26E775C8679C3&s=E9F8E40219D43244。27. 賴臻琪，2017，『公寓大廈停車位法律問題之研究—以實務相關爭議問題為中心』，東海大學法律學系研究所碩士論文。28. 龔永香，2007，『客觀標準化不動產估價之可行性分析—市場比較法應用於大量估價』，國立政治大學地政學系碩士論文。（二） 英文文獻1. 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R., 2005, “The Evolution of shopping center research: A 12-year retrospective”, Journal of Shopping Center Research, 12(2): 1-83.9. Fisher, J. D., Smith, B. C., Stern, J., and Webb, R. B. ,2006, “Analysis of economic depreciation for multi-family propty”, Journal of Real Estate Research, 27(4): 1-2410. Follain, J. R., and Malpezzi, S., 1980, Dissecting housing value and rent: Estimates of hedonic indexes for thirty-nine large SMSAs, Washington, D.C: Urban Land Institute.11. Frew, J. and G.D. Jud., 2003, “Estimating the Value of Apartment Building”, The Journal of Real Estate Research, 25(1): 77-86.12. Geltner, D. M., Mille, N. G., Clayton, J. and Eichholtz, P. ,2007, Commercial Real Estate Analysis and Investments, Mason: Thompson South-Western.13. Halpern, P. , 1983, “Corporate acquisitions: A theory of special cases? A review of event studies applied to acquisitions”, The Journal of Finance, 38(2): 297-317.14. Hoshino, T., and Kuriyama, K., 2010, “Measuring the benefits of neighbourhood park amenities: application and comparison of spatial hedonic approaches”, Environmental and Resource Economics, 45(3): 429-444.15. Junge, L. M., 2014, Operating Synergy; Types and their Impact on post-merger Performance ,Unpublished Thesis, Master Thesis Department Finance Faculty of Economics and Business Administration, Tilburg University.16. Lancaster, K. J., 1966, “A new approach to consumer theory”, Journal of political economy, 74(2): 132-157.17. Lusht, K.M. ,1996, “A Comparison of Prices Brought by English Auction and Private Negotiations”, Journal of Real Estate Economics, 24(5): 17-530.18. Ordway, N., and Friedman, J. P., 2010, “Five levels of synergy potential to create real estate value”, Real Estate Issues, 35(1): 25.19. Rosen, S., 1974, “Hedonic prices and implicit markets: product differentiation in pure competition”, Journal of political economy, 82(1): 34-55.20. Roulac, S., 1999, “Real estate value chain connections: tangible and transparent”, Journal of Real Estate Research, 17(3): 387-404.21. Schwanke, D., and Flynn, T, .2003, Mixed-use development handbook , Washington, D.C: Urban Land Institute.22. Seth, A., 1990, “Value creation in acquisitions: A re‐examination of performance issues”, Strategic management journal, 11(2): 99-115.23. Sirmans, S., Macpherson, D., and Zietz, E., 2005, “The composition of hedonic pricing models”, Journal of real estate literature, 13(1): 1-44.24. Söderberg, B., 2002, “A note on the hedonic model specification for income properties”, Real Estate Valuation Theory, 157-180.25. Stephanie, V., Yoko, M., and Anne, S., 2005, “A hedonic price comparison of manufactured and site-built homes in the non-MSA US”, Journal of Real Estate Research, 27(1): 83-104.26. Van Ommeren, J., Wentink, D., and Dekkers, J., 2011, “The real price of parking policy”, Journal of Urban Economics, 70(1): 25-31. 描述 碩士
國立政治大學
地政學系
108257018資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108257018 資料類型 thesis dc.contributor.advisor 陳奉瑤 zh_TW dc.contributor.advisor Chen, Feng-Yao en_US dc.contributor.author (作者) 林雋修 zh_TW dc.contributor.author (作者) Lin, Chun-Hsiu en_US dc.creator (作者) 林雋修 zh_TW dc.creator (作者) Lin, Chun-Hsiu en_US dc.date (日期) 2021 en_US dc.date.accessioned 2-九月-2021 17:33:08 (UTC+8) - dc.date.available 2-九月-2021 17:33:08 (UTC+8) - dc.date.issued (上傳時間) 2-九月-2021 17:33:08 (UTC+8) - dc.identifier (其他 識別碼) G0108257018 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/137040 - 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) 108257018 zh_TW dc.description.abstract (摘要) 房價量化研究領域中，常以特徵價格理論（Hedonic Price Theory）為基礎，建立價格函數之迴歸模型，探討各項不動產特徵對房價的影響。停車位作為不動產之附屬設施，多數研究亦將其納入影響房價的變數中，以觀察其邊際效果。然而實務上停車位大多係單獨計價後再與房地合併移轉 ，因此在其他不動產特徵相同的情況下，含有停車位之不動產其交易總價自會較無停車位者為高，導致停車位變數缺乏實際意義。本研究認為停車位對房價的影響效果不應僅透過迴歸模型之特徵變數加以衡量，而可結合綜效（synergy）的觀點，探討停車位與房地能否相輔相成，產生一加一大於二的價值。本研究以臺北市2013年至2019年，大樓或華廈之實價登錄交易資料為基礎。首先應用特徵價格理論，使用單獨交易之房地資料與停車位資料，分別建立房地與停車位價格之複迴歸模型。而後選取房地與停車位合併交易案例，將其中對應的變數代入前述房地模型與停車位模型，以估計兩者分別交易之總價。最後透過Wilcoxon signed-rank test，比較房地與停車位之總價，在合併交易或分別交易有無顯著差異。另外為增加研究之全面性，本研究探討各種不動產條件下，其綜效之存否與差異。實證結果顯示，房地與停車位可透過合併交易產生綜效，亦即房地與停車位合併交易之總價，顯著高於分別交易之總價。此種綜效顯著出現於高總價、小坪數、大坪數不動產產品，以及鄰近捷運站、位於新開發區、周圍停車格密度高之不動產。 zh_TW dc.description.abstract (摘要) In field of research on housing prices, Hedonic Price Theory is often used as a basis to establish a regression model of price to measure the impact of real estate characteristics on housing prices. Parking spaces are a facility of real estate, and most studies also include them in the variables that affect housing prices to observe their marginal effects. However, in practice, parking spaces are mostly priced separately and then transacted with the real estate. Therefore, if other real estate characteristics are the same, the total transaction price of real estate containing parking spaces will be higher than those without parking spaces.The parking spaces as variables will lack practical significance. This study believes that the impact of parking spaces on housing prices should not only be measured by the regression model, but can be combined with the perspective of synergy to explore whether parking spaces and real estate can complement each other, resulting in the value of “1＋1>2”.This study selects the price data of apartments in Taipei City from 2013 to 2019.First, base on Hedonic Price Theory, This study use separately traded real estate data and parking space data, respectively establish a regression model for the prices of real estate and parking spaces. Then select the real estate and parking space combined transaction data, and use the corresponding variables into the aforementioned real estate model and parking space model to estimate the total price of the two when they separate transactions. Finally, through the Wilcoxon signed-rank test, compare the total prices of the houses and parking spaces, and observe if there is a significant difference between combined transaction and the separate transaction. In addition, in order to increase the comprehensiveness of the research, this study also observed this synergy under different real estate conditions. The empirical results show that the combined transaction of real estate and parking spaces can produce synergy, that is, the total price of the combined transaction of real estate and parking spaces is significantly higher than the total price of separate transactions. This kind of synergy is evident in real estate that is high total prices, small area, large area, near MRT stations, in new development areas, and in high density area of parking spaces. 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 研究方法及範圍 5第三節 研究架構與流程 9第二章 文獻回顧 11第一節 綜效概念 11第二節 停車位對房價之影響 15第三章 研究設計 21第一節 實證模型建構 21第二節 資料處理與變數說明 31第四章 實證分析 45第一節 房地與停車位價格模型 45第二節 房地與停車位之綜效分析—價格型態與建物格局之影響 50第三節 房地與停車位之綜效分析—區位條件之影響 56第五章 結論與建議 61第一節 結論 61第二節 建議 64參考文獻 67 zh_TW dc.format.extent 2754648 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108257018 en_US dc.subject (關鍵詞) 綜效 zh_TW dc.subject (關鍵詞) 魏克森符號等級檢定 zh_TW dc.subject (關鍵詞) 房價 zh_TW dc.subject (關鍵詞) 停車位價格 zh_TW dc.subject (關鍵詞) 特徵價格理論 zh_TW dc.subject (關鍵詞) Synergy en_US dc.subject (關鍵詞) Wilcoxon signed-rank test en_US dc.subject (關鍵詞) Housing prices en_US dc.subject (關鍵詞) Parking spaces prices en_US dc.subject (關鍵詞) Hedonic price theory en_US dc.title (題名) 房價與停車位價格之綜效分析 —以臺北市為例 zh_TW dc.title (題名) Synergy Analysis of Housing Prices and Parking Spaces Prices in Taipei en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) （一） 中文文獻1. 毛麗琴，2009，「影響房價變動因素之探討—以高雄市區為例」，『商業現代化學刊』，5（2）：141-156。2. 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。3. 呂嘉弘、藍天雄、羅智耀與藍健豪，2007，「企業併購之風險管理探討—以臺灣電信業為例」，『2007第二屆管理與決策學術研討會特刊』。4. 李月華，1999，『臺北市住宅價格模型之研究』，淡江大學管理科學學系博士論文。5. 沈育生與林秋瑾，（2012），「不同人工神經網路架構在不動產大量估價之應用與比較」，『臺灣土地研究』，15（1）：1-29。6. 林左裕、陳慧潔與蔡永利，2010，「影響住宅大樓價格因素之探討」，『評價學報』，（3）：13-23。7. 林秋瑾、楊宗憲與張金鶚，1996，「住宅價格指數之研究－以臺北市為例」，『住宅學報』，4：1-30。8. 林祖嘉與林素菁，1993，「臺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。9. 林祖嘉與林素菁，1994，「臺灣地區住宅需求價格彈性與所得彈性之估計」，『住宅學報』，（2）：25-48。10. 林祖嘉與馬毓駿，2007，「特徵方程式大量估價法在臺灣不動產市場之應用」，『住宅學報』，16（2）：1-22。11. 林惠玲與陳正倉，2013，『應用統計學』，修訂第四版，臺北市：雙葉書局。12. 洪得洋與林祖嘉，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。13. 翁瑞麟，2004，「公寓大廈地下停車位轉讓之效力」，『土地問題研究季刊』，3（2）：101-109。14. 國泰建設，2011，『110年第一季國泰房地產指數季報』，https://www.cathay-red.com.tw/tw/About/NewsDetail/21042815391072。15. 張怡文、江穎慧與張金鶚.，2009，「分量迴歸在大量估價模型之應用—非典型住宅估價之改進」，『都市與計劃』，36（3）：281-304。16. 張金鶚，1995，『臺灣地區住宅價格指數之研究』，行政院經建會委託研究計畫。17. 張金鶚與范垂爐，1993，「房地產真實交易價格之研究」，『住宅學報』，（1）：75-97。18. 張修慈，2004，『公寓大廈法定停車空間法律問題之探討』，國立政治大學地政研究所碩士論文。19. 梁仁旭，2012a，「不動產價值逆折舊之探討」，『住宅學報』，21（2）：71-89.。20. 梁仁旭，2012b，「建物價值減損之屋齡效果」，『土地經濟年刊』，（23），94-112。21. 梁仁旭與陳奉瑤，2018，『不動產估價』，第四版，臺北市：財團法人中國地政研究所。22. 陳奉瑤與楊依蓁，2007，「個別估價與大量估價之準確性分析」，『住宅學報』，16（2）：67-84。23. 陳樹衡、郭子文與棗厥庸，2007，「以決策樹之迴歸樹建構住宅價格模型—臺灣地區之實證分析」，『住宅學報』，16（1）：1-20。24. 馮正民、曾平毅與王冠斐，1994，「捷運系統對車站地區房價之影響」，『都市與計劃』，21（1）：25-45。25. 臺北市不動產估價師公會，2019，『第三號估價作業通則：停車位估價課題與建議』，http://www.reaa.org.tw/rule.php?level_id=QD48PyomJTJAKCsjJV4r。26. 臺北市政府，2019，『臺北市108年不動產市場動態年報統計』，https://land.gov.taipei/cp.aspx?n=DFF26E775C8679C3&s=E9F8E40219D43244。27. 賴臻琪，2017，『公寓大廈停車位法律問題之研究—以實務相關爭議問題為中心』，東海大學法律學系研究所碩士論文。28. 龔永香，2007，『客觀標準化不動產估價之可行性分析—市場比較法應用於大量估價』，國立政治大學地政學系碩士論文。（二） 英文文獻1. 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