學術產出-Theses

題名 中古屋及預售屋房價指數之建立、評估與整合─台北都會區之實證分析
The Establishment, Evaluation and Integration of Existing and Pre-sales Housing Price Index in the Taipei Metropolitan Area
作者 洪御仁
貢獻者 張金鶚
洪御仁
關鍵詞 房價指數
特徵價格
領先落後
因果關係
Housing Price Index
Hedonic Price
Lead-Lag
Granger Causality
日期 2006
上傳時間 19-Sep-2009 13:13:38 (UTC+8)
摘要 國內有許多以不同資料、次市場劃分以及控制品質的方法編製房地產相關價格指數,提供不同的價格資訊,然而編製的過程可能產生偏誤,影響價格指數之準確性,導致房價指數變動與市場訊息不符,因此各種相關房價指數之市場代表性仍有待釐清。
本文首先觀察目前市場較常使用之信義房價指數(中古屋)及國泰房地產指數(預售屋及新成屋),發現近年來信義房價指數無法適當反應房地產市場景氣繁榮的情形。此二房價指數領先落後的關係亦不符合相關理論及過去實證,因此認為此二房價指數長期趨勢受到編製資料及估計方法上的偏誤所影響。接著利用政府(房地產交易價格簡訊)及業者(台灣不動產成交行情公報)資料以特徵價格法重新建立台北市及台北縣中古屋房價指數,並與信義房價指數作比較,結果顯示本文建立之中古屋房價指數相對於信義房價指數較符合市場變動與相關訊息。最後,為求未來房地產資訊之應用,將過去相關房價指數研究成果與本文建立之房價指數整合,並驗證台北市國泰房地產指數領先整合中古屋房價指數一季,台北縣國泰房地產指數領先整合中古屋房價指數二季,顯示此台北都會區的中古屋及預售屋房價指數相互間的關係符合相關理論推導與過去實證結果。
There are many real-estate related price indices established in various formation of datum, submarkets and modeling, providing different kinds of price information. But the process itself may be a victim of error, hence affecting the precision of price indices and cause discrepancy between price indices’ variation and correlative market information, therefore the representativeness of real-estate related price indices must be clarified.
In this study, we observe the commonly used Sinyi Housing Price Index (existing housing) and Cathay Real-Estate Price Index(pre-sales and new housing), and discovered that Sinyi Housing Price Index is incapable of reflecting the recent boom in the real-estate market. The Granger Causality test result of these two housing price indices(HPI) is inconsequent to relevant theory and empirical studies, therefore attribute this to the error within the establishment of HPI. Then, we reestablish existing housing HPI of Taipei city and Taipei county by using government and enterprise organized data. In comparison to Sinyi Housing Price Index, our newly established HPI cohere with correlative market information. And last, for future application of real-estate market information, we integrate empirical studies in the past with ours and examine its lead-lag relation with Cathay Real-Estate Price Index. The Granger Causality test result corresponds to relevant theory and empirical studies, furthermore, we found that the time-gap between Cathay Real-Estate Price Index and the Integrated existing housing HPI in Taipei city is 1-season, and 2-season in Taipei county.
參考文獻 中文文獻
內政部建築研究所,(2006),〈台灣房地產景氣動向季報〉,第八卷,第二期。
白金安、張金鶚,(1996),〈預期景氣變動對預售屋與成屋價格差異影響之研究〉,中國財務學刊,第三卷,第二期,99-114頁。
行政院經濟建設委員會,(2006),〈台灣住宅需求動向季報〉,第四卷,第二期。
林元興、顏愛靜,(1980),〈台灣省都市計畫區地價指數查邊之研究〉,政大地系。
林秋瑾,(1994),〈穩健性特徵房屋價格模式之探討---異常點分析〉,政大學報。
林秋瑾、楊宗憲、張金鶚,(1996),〈住宅價格指數之研究-以台北市為例〉,住宅學報,第四期,1-30頁。
花敬群、張金鶚,(1999),〈成屋市場與預售屋市場價格與數量之關係〉,國科會人文及社會科學研究彙刊,第九卷,第三期,494-504頁。
張金鶚、范垂爐,(1991),〈房地產真實交易價格之研究〉,住宅學報,第一期,75-97頁。
張金鶚,(1995),〈台灣地區住宅價格指數之研究〉,行政院經建會委託研究。
張金鶚,(1999),〈住宅資訊系統之整合與規劃研究〉,內政部營建署委託研究。
黃佳鈴、張金鶚,(2005),〈從房地價格分離探討地價指數之建立〉,台灣土地研究,11月,8:2,73-106頁。
國泰建設公司,(2006),〈國泰房地產指數季報〉,第四卷,第二期。
辜炳珍,(1989),〈房地產價格指數查編之研究〉,行政院主計處。
楊宗憲,(2003),〈不動產價格指數解讀〉,財團法人台灣不動產資訊中心第7期電子報,2003年11月3日。
劉秀玲、張金鶚,(1993),〈房地產品質、價格及消費者物價指數之探討〉,中華經濟研究院及行政院主計處合辦之物價研討會。
西文文獻
Bourassa, S.C., Hoesli, M. and Peng, V.S, (2003),“Do housing submarket really matter?”, Journal of Housing Economics, Vol.12, pp.12-28.
Case, K.E. and Shiller, R.J, (1990), “Forecasting Prices and Excess Returns in
the Housing Market”, AREUEA Journal 18, 253-273.
Chang, Chin-Oh and Ward, Charles W. R., (1993), “Forward pricing and the housing market: the pre-sales housing system in Taiwan”, Journal of Housing Research, Vol. 10. No.3, pp.217-227.
Clapp, J.M., Dolde, W. and Tirtiroglu, D., (1995),“Imperfect Information and Investor Inferences from Housing Price Dynamics”, Real Estate Economics, Fall .
Clapp, J.M., Giaccotto, C. and Tirtiroglu, (1991), “Housing Price Indicies: Based on All Transactions compared to Repeat Subsamples”, AREUEA Journal, Vol 19, No.3.
Fama, E.F., (1970), “Efficient Capital Markets: A Review of Theory and Empirical Work”, Journal of Finance 25, 383-420.
Gatzlaff, Dean H., and Tirtiroglu, Dogan., (1995), “Real Estate Market Efficiency: Issues and Evidence”, Journal of Real Estate Literature, 3:157-189.
Follain, J.R. and S.Malpezzi, (1980), “Dissecting Housing Value and Rent”, Washington, DC: The Urban Institute.
Goodman, Allen C. and Thomas G. Thibodeau, (1998), “Housing Market Segmentation”, Journal of Housing Economics, 7, 121-143.
Goodman, Allen C. and Thomas G. Thibodeau, (2003), “Housing market segmentation and hedonic prediction accuracy”, Journal of Housing Economics, 12(3), 181-201.
Harrison, D.J and Rubinfeld, D.L, (1978), “Hedonic Housing Price and the Demand for Clean Air”, Journal of Environmental Economics and Management, 5, pp.81-102.
Housing Studies of Harvard University and Macroeconomic Advisers, LCC (2004), “Housing Wealth Has Greater Effect Than Stocks, New Study Shows”, NATIONAL ASSOCIATION OF REALTORS; November 30.
Malpezzi, S., L. Ozanne and T. Thibodeau, (1980), “Characteristic Prices of Housing in Fifty-Nine Metropolitan Areas”, Research Report, Washington, DC: The Urban Institute.
Mills, E.S., (1996), “New Hedonic Estimates of Regional Constant Quality House Prices”, Journal of Urban Economics 39, 1996.
Singell, L.D. and Lillydahl, J.H, (1990), “An Empirical Examination of the Effect of Impact Fees on the Housing Market”, Land Economics, 66, pp.88-92.
Sirmans, G. Stacy., Macpherson, David A., and Zietz, Emily N., (2005), “The Composition of Hedonic Pricing Models”, Journal of Real Estate Literature; 13, 1, pg. 3.
Wolverton, Marvin L., and Senteza, Jimmy., (2000), “Hedonic Estimates of Regional Constant Quality House Prices”, The Journal of Real Estate Research, 19; 3.
Zabel, J.E, (1999), “Controlling for Quality in Housing Price Indices”, Journal of Real Estate Finance and Economics, 19:3, 223-241.
描述 碩士
國立政治大學
地政研究所
94257015
95
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0094257015
資料類型 thesis
dc.contributor.advisor 張金鶚zh_TW
dc.contributor.author (Authors) 洪御仁zh_TW
dc.creator (作者) 洪御仁zh_TW
dc.date (日期) 2006en_US
dc.date.accessioned 19-Sep-2009 13:13:38 (UTC+8)-
dc.date.available 19-Sep-2009 13:13:38 (UTC+8)-
dc.date.issued (上傳時間) 19-Sep-2009 13:13:38 (UTC+8)-
dc.identifier (Other Identifiers) G0094257015en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/37343-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 地政研究所zh_TW
dc.description (描述) 94257015zh_TW
dc.description (描述) 95zh_TW
dc.description.abstract (摘要) 國內有許多以不同資料、次市場劃分以及控制品質的方法編製房地產相關價格指數,提供不同的價格資訊,然而編製的過程可能產生偏誤,影響價格指數之準確性,導致房價指數變動與市場訊息不符,因此各種相關房價指數之市場代表性仍有待釐清。
本文首先觀察目前市場較常使用之信義房價指數(中古屋)及國泰房地產指數(預售屋及新成屋),發現近年來信義房價指數無法適當反應房地產市場景氣繁榮的情形。此二房價指數領先落後的關係亦不符合相關理論及過去實證,因此認為此二房價指數長期趨勢受到編製資料及估計方法上的偏誤所影響。接著利用政府(房地產交易價格簡訊)及業者(台灣不動產成交行情公報)資料以特徵價格法重新建立台北市及台北縣中古屋房價指數,並與信義房價指數作比較,結果顯示本文建立之中古屋房價指數相對於信義房價指數較符合市場變動與相關訊息。最後,為求未來房地產資訊之應用,將過去相關房價指數研究成果與本文建立之房價指數整合,並驗證台北市國泰房地產指數領先整合中古屋房價指數一季,台北縣國泰房地產指數領先整合中古屋房價指數二季,顯示此台北都會區的中古屋及預售屋房價指數相互間的關係符合相關理論推導與過去實證結果。
zh_TW
dc.description.abstract (摘要) There are many real-estate related price indices established in various formation of datum, submarkets and modeling, providing different kinds of price information. But the process itself may be a victim of error, hence affecting the precision of price indices and cause discrepancy between price indices’ variation and correlative market information, therefore the representativeness of real-estate related price indices must be clarified.
In this study, we observe the commonly used Sinyi Housing Price Index (existing housing) and Cathay Real-Estate Price Index(pre-sales and new housing), and discovered that Sinyi Housing Price Index is incapable of reflecting the recent boom in the real-estate market. The Granger Causality test result of these two housing price indices(HPI) is inconsequent to relevant theory and empirical studies, therefore attribute this to the error within the establishment of HPI. Then, we reestablish existing housing HPI of Taipei city and Taipei county by using government and enterprise organized data. In comparison to Sinyi Housing Price Index, our newly established HPI cohere with correlative market information. And last, for future application of real-estate market information, we integrate empirical studies in the past with ours and examine its lead-lag relation with Cathay Real-Estate Price Index. The Granger Causality test result corresponds to relevant theory and empirical studies, furthermore, we found that the time-gap between Cathay Real-Estate Price Index and the Integrated existing housing HPI in Taipei city is 1-season, and 2-season in Taipei county.
en_US
dc.description.tableofcontents 第一章 緒論
第一節 研究動機與目的……………………………………………....1
第二節 研究方法與範圍………………………………………………….4
第三節 研究架構與流程………………………………………………….5
第二章 國內房地產相關價格指數之現況與文獻回顧
第一節 中古屋價格指數………………………………………………….6
第二節 預售屋價格指數………………………………………………….9
第三節 土地價格指數…………………………………………………..10
第三章 資料分析
第一節 資料概況與處理……………………………………………..…11
第二節 樣本資料分析…………………………………………..………12
第四章 中古屋及預售屋價格指數關係
第一節 過去中古屋及預售屋價格指數之關係………………..………15
第二節 國泰房地產指數與信義房價指數之關係……………..………17
第五章 房價指數的建立與分析
第一節 中古屋價格指數建立………………………………..…………20
第二節 價格指數結果分析………………………………..……………24
第三節 價格指數整合………………………………………..…………26
第四章 中古屋價格指數代表性……………………………..…………30
第六章 結論與建議
第一節 結論…………………………………………………..…………33
第二節 建議與後續研究………………………………………………..35
參考文獻………………………………………………….………………37
附錄
附錄一 台北市房屋類型及區位價格指數……………………………..40
附錄二 預售屋年價格指數……………………………………………..42
附錄三 中古屋及預售屋價格指數模型估計結果………………..……43
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dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0094257015en_US
dc.subject (關鍵詞) 房價指數zh_TW
dc.subject (關鍵詞) 特徵價格zh_TW
dc.subject (關鍵詞) 領先落後zh_TW
dc.subject (關鍵詞) 因果關係zh_TW
dc.subject (關鍵詞) Housing Price Indexen_US
dc.subject (關鍵詞) Hedonic Priceen_US
dc.subject (關鍵詞) Lead-Lagen_US
dc.subject (關鍵詞) Granger Causalityen_US
dc.title (題名) 中古屋及預售屋房價指數之建立、評估與整合─台北都會區之實證分析zh_TW
dc.title (題名) The Establishment, Evaluation and Integration of Existing and Pre-sales Housing Price Index in the Taipei Metropolitan Areaen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 中文文獻zh_TW
dc.relation.reference (參考文獻) 內政部建築研究所,(2006),〈台灣房地產景氣動向季報〉,第八卷,第二期。zh_TW
dc.relation.reference (參考文獻) 白金安、張金鶚,(1996),〈預期景氣變動對預售屋與成屋價格差異影響之研究〉,中國財務學刊,第三卷,第二期,99-114頁。zh_TW
dc.relation.reference (參考文獻) 行政院經濟建設委員會,(2006),〈台灣住宅需求動向季報〉,第四卷,第二期。zh_TW
dc.relation.reference (參考文獻) 林元興、顏愛靜,(1980),〈台灣省都市計畫區地價指數查邊之研究〉,政大地系。zh_TW
dc.relation.reference (參考文獻) 林秋瑾,(1994),〈穩健性特徵房屋價格模式之探討---異常點分析〉,政大學報。zh_TW
dc.relation.reference (參考文獻) 林秋瑾、楊宗憲、張金鶚,(1996),〈住宅價格指數之研究-以台北市為例〉,住宅學報,第四期,1-30頁。zh_TW
dc.relation.reference (參考文獻) 花敬群、張金鶚,(1999),〈成屋市場與預售屋市場價格與數量之關係〉,國科會人文及社會科學研究彙刊,第九卷,第三期,494-504頁。zh_TW
dc.relation.reference (參考文獻) 張金鶚、范垂爐,(1991),〈房地產真實交易價格之研究〉,住宅學報,第一期,75-97頁。zh_TW
dc.relation.reference (參考文獻) 張金鶚,(1995),〈台灣地區住宅價格指數之研究〉,行政院經建會委託研究。zh_TW
dc.relation.reference (參考文獻) 張金鶚,(1999),〈住宅資訊系統之整合與規劃研究〉,內政部營建署委託研究。zh_TW
dc.relation.reference (參考文獻) 黃佳鈴、張金鶚,(2005),〈從房地價格分離探討地價指數之建立〉,台灣土地研究,11月,8:2,73-106頁。zh_TW
dc.relation.reference (參考文獻) 國泰建設公司,(2006),〈國泰房地產指數季報〉,第四卷,第二期。zh_TW
dc.relation.reference (參考文獻) 辜炳珍,(1989),〈房地產價格指數查編之研究〉,行政院主計處。zh_TW
dc.relation.reference (參考文獻) 楊宗憲,(2003),〈不動產價格指數解讀〉,財團法人台灣不動產資訊中心第7期電子報,2003年11月3日。zh_TW
dc.relation.reference (參考文獻) 劉秀玲、張金鶚,(1993),〈房地產品質、價格及消費者物價指數之探討〉,中華經濟研究院及行政院主計處合辦之物價研討會。zh_TW
dc.relation.reference (參考文獻) 西文文獻zh_TW
dc.relation.reference (參考文獻) Bourassa, S.C., Hoesli, M. and Peng, V.S, (2003),“Do housing submarket really matter?”, Journal of Housing Economics, Vol.12, pp.12-28.zh_TW
dc.relation.reference (參考文獻) Case, K.E. and Shiller, R.J, (1990), “Forecasting Prices and Excess Returns inzh_TW
dc.relation.reference (參考文獻) the Housing Market”, AREUEA Journal 18, 253-273.zh_TW
dc.relation.reference (參考文獻) Chang, Chin-Oh and Ward, Charles W. R., (1993), “Forward pricing and the housing market: the pre-sales housing system in Taiwan”, Journal of Housing Research, Vol. 10. No.3, pp.217-227.zh_TW
dc.relation.reference (參考文獻) Clapp, J.M., Dolde, W. and Tirtiroglu, D., (1995),“Imperfect Information and Investor Inferences from Housing Price Dynamics”, Real Estate Economics, Fall .zh_TW
dc.relation.reference (參考文獻) Clapp, J.M., Giaccotto, C. and Tirtiroglu, (1991), “Housing Price Indicies: Based on All Transactions compared to Repeat Subsamples”, AREUEA Journal, Vol 19, No.3.zh_TW
dc.relation.reference (參考文獻) Fama, E.F., (1970), “Efficient Capital Markets: A Review of Theory and Empirical Work”, Journal of Finance 25, 383-420.zh_TW
dc.relation.reference (參考文獻) Gatzlaff, Dean H., and Tirtiroglu, Dogan., (1995), “Real Estate Market Efficiency: Issues and Evidence”, Journal of Real Estate Literature, 3:157-189.zh_TW
dc.relation.reference (參考文獻) Follain, J.R. and S.Malpezzi, (1980), “Dissecting Housing Value and Rent”, Washington, DC: The Urban Institute.zh_TW
dc.relation.reference (參考文獻) Goodman, Allen C. and Thomas G. Thibodeau, (1998), “Housing Market Segmentation”, Journal of Housing Economics, 7, 121-143.zh_TW
dc.relation.reference (參考文獻) Goodman, Allen C. and Thomas G. Thibodeau, (2003), “Housing market segmentation and hedonic prediction accuracy”, Journal of Housing Economics, 12(3), 181-201.zh_TW
dc.relation.reference (參考文獻) Harrison, D.J and Rubinfeld, D.L, (1978), “Hedonic Housing Price and the Demand for Clean Air”, Journal of Environmental Economics and Management, 5, pp.81-102.zh_TW
dc.relation.reference (參考文獻) Housing Studies of Harvard University and Macroeconomic Advisers, LCC (2004), “Housing Wealth Has Greater Effect Than Stocks, New Study Shows”, NATIONAL ASSOCIATION OF REALTORS; November 30.zh_TW
dc.relation.reference (參考文獻) Malpezzi, S., L. Ozanne and T. Thibodeau, (1980), “Characteristic Prices of Housing in Fifty-Nine Metropolitan Areas”, Research Report, Washington, DC: The Urban Institute.zh_TW
dc.relation.reference (參考文獻) Mills, E.S., (1996), “New Hedonic Estimates of Regional Constant Quality House Prices”, Journal of Urban Economics 39, 1996.zh_TW
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