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題名 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
The Feasibility Analysis of the Objective Standardized Real Estate Appraisal─The Market Comparative Approach Applies to Automated Valuation Methods
作者 龔永香
貢獻者 張金鶚
Chang, Chin-Oh
龔永香
關鍵詞 不動產估價
市場比較法
比較標的選取
大量估價
real estate appraisal
market comparative approach
selecting comparative subject
mass appraisal
日期 2006
上傳時間 19-Sep-2009 13:14:09 (UTC+8)
摘要 市場比較法估價過程需要經比較、分析及調整三階段,而估價師於個別估價應用中因缺乏標準化依據,造成估價過程常被質疑過於主觀且偏重經驗法則,導致估價結果產生因人而異現象。基於此本研究乃建立大量估價模型,運用估價師進行市場比較法行為邏輯,在選取比較案例階段採用明科斯基距離概念,並結合特徵價格理論,建立大量樣本的客觀標準化估價模型。藉由此模型分析,估價師不需要主觀預測,可改善過去估價結果不一致情形,並達到大量估價目的。
透過隨機抽樣的重覆實驗,實證結果發現,以模型的平均百分比預測誤差與命中率比較,整體而言未劃分次市場估價模型皆較劃分次市場準確,且其穩定度亦較高,而劃分次市場較不準確的原因,在於舊市區的表現不穩定,與市郊區的估值表現較差所致。經本研究結果,不論劃分次市場與否,標準化大量估價模型大致上均達到研究預設水準,然劃分次市場模型雖有時較準確但未優於未分區模型甚多,顯示適當劃分次市場可提高準確度,但資料太少時,劃分次市場可能產生統計偏誤問題。
The process of the market comparative approach includes three stages:comparing ,analyzing and adjusting. Real estate appraisers lack the standardized basis in the individual appraisal application, so they are often challenged by subjectivity and stressing experience, which leads to the phenomenon that appraisal results are always different from person to person. Based on this, our research establishes the automated valuation methods. By applying the appraisers’ behavior in market comparative approach, we use minkowski metric in selecting comparative subject, and associate with hedonic price theory to establish objective standardized real estate appraisal model. By using this model, the appraisers can avoid subjective forecasting, reduce inconsistency, and therefore achieve the goal of mass appraisal.
Through the repetition experiment of random sampling, we compare MAPE and Hit-rate between models. The result shows that non-delimited markets are more accurate and stable than delimited markets. The reason for this is the instability caused by older district of the city and bad performance in the suburban area. After these findings, no matter delimited market or not, the standardized mass appraisal model achieved the research standard we had set in advance. Sometimes the model of delimited market is more accurate, though not by a significant amount, it shows that higher accuracy can be expected through adequate market segmentation, but will lead to bias when lack of datum.
參考文獻 中文參考文獻
1. 台灣房地產景氣動向季報第七卷第四期,內政部建築研究所
2. 李月華, 1999,台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。
3. 林英彥,2003,不動產估價理論第九版,文笙書局
4. 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4期,pp1-30。
5. 林祖嘉,1992,台灣地區房租與房價關係之研究,台灣銀行季刊,43(1),pp279-312。
6. 黃淑惠,2000,改進地價稅稅基的評估以廣增都市建設的財源-逼近調整法之應用,都市與計劃,第27卷3期,297-317
7. 黃淑惠,2000,地價指數編制方法及應用結果之研究,台中技術學院學報,第1期,pp 261-280。
8. 張小燕,2005,從行為觀點檢視不動產估價中的市場比較法,國立台北大學不動產與城鄉環境學系碩士論文
9. 張金鶚、劉秀玲,1993,房地產品質、價格與消費者物價指數之探討,國立政治大學學報,第67期,pp369-400。
10. 張梅英、施昱年,2004,台灣大量估價問題分析及其改進方法之研究,土地問題研究季刊,第3卷3期,89-105
11. 廖咸興、張芳玲,1997,不動產評價模式特徵價格法與逼近調整法之比較,住宅學報,5:17-35
12. 廖英志,2005,最近鄰似法於不動產估價上之應用,國立台北大學不動產與城鄉環境學系碩士論文
英文參考文獻
1. Adelman, I. and Z. Griliches (1961), “On an Index of Quality Change,” Journal of the American Statistical Association, 56:535-546.
2. Bourassa, S. C., M. Hoesli and V. S. Peng (2003), “Do Housing Submarkets Really Matter?,” Journal of Housing Economics, 12(1):12-28.
3. Charles A. Calhoun(2001), “Property Valuation Methods and Data in The United States,” Housing Finance International
4. Detweler, John H; Radigan, Ronald E (1996), “Computer-Assisted Real Estate Appraisal: A tool for the Practicing Appraiser, ” The Appraisal Journal, 64(1):91-100.
5. Diaz, JulianⅢ. (1990b), “The Process of Selecting Comparable Sales,” The Appraisal Journal , 58(4):535-540.
6. DiPasquale, D. and Wheaton, W. C. (1996), “Urban Economics and Real Estate Markets”, Englewood Cliffs, NJ: Prentice Hall.
7. Frew, J. and G.D. Jud. (2003), “Estimating the Value of Apartment Building”, The Journal of Real Estate Research, 25(1):77-86.
8. Gau, G. W., T. Y. Lai and K. Wang (1992), “Optimal Comparable Selection and Weighting in Real Property,” Journal of the American Real Estate and Urban Economics Association, 20(1):107-123.
9. G Stacy Sirmans, David A Macpherson, Emily N Zietz(2005),“The Composition of Hedonic Pricing Models”,Journal of Real Estate Literature; pp 3-41
10. Isakson, H. R. (1986), “The Nearest Neighbor Appraisal Technique:An Alternative to the Adjustment Grid Methods,” AREUEA Journal, 14(2):274-286.
11. Isakson, H. R. (2002), “The Linear Agebra of the Sales Comparison Approach,” The Journal of Real Estate Research, 24(2):117-128.
12. Kang, Han-Bin, A. K. Reichert (1991), “An Empirical Analysis of Hedonic Regression and Grid-Adjustment Techniques in real estate appraisal,” AREUEA Journal, 19:70-91.
13. Kinnard, W. N. and B. N. Boyce (1978), “An Introduction to Appraisal Real Property,” Chicago: Society of Real Estate Appraisers.
14. kummerow, M. and Hanga Galfalvy. (2002), “Error Trade-off in Regression Appraisal Methods, ” in Wang, Ko and Marvin Wolverton, Eds. Real Estate Valuation Theory. Norwell, MA, Kluwer Academic Publisher: 105-132
15. Loans, D. /IPD (1990), “The Variance in Valuations,” Drives Jona/Investment Property databank, London.
16. Lusht, K.M. (1996), “A Comparison of Prices Brought by English Auction and Private Negotiations”, Journal of Real Estate Economics, 24(5):17-530.
17. Matysiak, G. and P. Wang (1995), “Commercial Property Market Prices and Valuation: Analyzing the Correspondence,” Journal of Property Research, 12:181-202.
18. McCain, R. A., P. Jensen,et al.(2003). “Research on Valuation of Land and Improvements in Philadelphia”, Department of Economics and International Business, LeBow College of Business Administration, Drexel University, Philadelphia: 1-24.
19. McCluskey, W., Deddis, et al. (1998), “The Application of Spatially Derived Location Factors within a GIS Environment”, RICS: 1-11.
20. Pagourtzi, E., V. Assimakopoulos, T. Hatzichristos and N. French (2003), “Real Estate Appraisal: A Review of Valuation Methods,” Journal of Property Investment & Finance, 21(4):383-401.
21. Peter F. Colwell, Roger E. Cannaday, Chunchi Wu (1983), “The Analytical Foundations of Adjustment Grid Methods,” Real Estate Economics, 11 (1):11–29.
22. Thomas Hatzichristos, Nick French (2003) , “Real estate appraisal: a review of valuation methods” , Journal of Property Investment & Finance ,Vol 21,pp383-401
23. Todora, J., D. Whiterell (2002), “Automating the Sales Comparison Approach,” Assessment Journal, 9(1):25-33.
24. Vandell, K. D. (1991), “Optimal Comparable Selection and Weighting in Real Property Valuation,” Journal of the American Real Estate and Urban Economics Association, 19(2):213-239.
描述 碩士
國立政治大學
地政研究所
94257026
95
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0094257026
資料類型 thesis
dc.contributor.advisor 張金鶚zh_TW
dc.contributor.advisor Chang, Chin-Ohen_US
dc.contributor.author (Authors) 龔永香zh_TW
dc.creator (作者) 龔永香zh_TW
dc.date (日期) 2006en_US
dc.date.accessioned 19-Sep-2009 13:14:09 (UTC+8)-
dc.date.available 19-Sep-2009 13:14:09 (UTC+8)-
dc.date.issued (上傳時間) 19-Sep-2009 13:14:09 (UTC+8)-
dc.identifier (Other Identifiers) G0094257026en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/37347-
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) 94257026zh_TW
dc.description (描述) 95zh_TW
dc.description.abstract (摘要) 市場比較法估價過程需要經比較、分析及調整三階段,而估價師於個別估價應用中因缺乏標準化依據,造成估價過程常被質疑過於主觀且偏重經驗法則,導致估價結果產生因人而異現象。基於此本研究乃建立大量估價模型,運用估價師進行市場比較法行為邏輯,在選取比較案例階段採用明科斯基距離概念,並結合特徵價格理論,建立大量樣本的客觀標準化估價模型。藉由此模型分析,估價師不需要主觀預測,可改善過去估價結果不一致情形,並達到大量估價目的。
透過隨機抽樣的重覆實驗,實證結果發現,以模型的平均百分比預測誤差與命中率比較,整體而言未劃分次市場估價模型皆較劃分次市場準確,且其穩定度亦較高,而劃分次市場較不準確的原因,在於舊市區的表現不穩定,與市郊區的估值表現較差所致。經本研究結果,不論劃分次市場與否,標準化大量估價模型大致上均達到研究預設水準,然劃分次市場模型雖有時較準確但未優於未分區模型甚多,顯示適當劃分次市場可提高準確度,但資料太少時,劃分次市場可能產生統計偏誤問題。
zh_TW
dc.description.abstract (摘要) The process of the market comparative approach includes three stages:comparing ,analyzing and adjusting. Real estate appraisers lack the standardized basis in the individual appraisal application, so they are often challenged by subjectivity and stressing experience, which leads to the phenomenon that appraisal results are always different from person to person. Based on this, our research establishes the automated valuation methods. By applying the appraisers’ behavior in market comparative approach, we use minkowski metric in selecting comparative subject, and associate with hedonic price theory to establish objective standardized real estate appraisal model. By using this model, the appraisers can avoid subjective forecasting, reduce inconsistency, and therefore achieve the goal of mass appraisal.
Through the repetition experiment of random sampling, we compare MAPE and Hit-rate between models. The result shows that non-delimited markets are more accurate and stable than delimited markets. The reason for this is the instability caused by older district of the city and bad performance in the suburban area. After these findings, no matter delimited market or not, the standardized mass appraisal model achieved the research standard we had set in advance. Sometimes the model of delimited market is more accurate, though not by a significant amount, it shows that higher accuracy can be expected through adequate market segmentation, but will lead to bias when lack of datum.
en_US
dc.description.tableofcontents 第一章 緒論…………………………………………………………………1
第一節 研究動機與問題……………………………………………………2
第二節 研究方法與範圍……………………………………………………4
第三節 論文架構與流程……………………………………………………5
第二章 理論與文獻回顧……………………………………………………6
第一節 市場比較法之內涵…………………………………………………6
第二節 市場比較法相關研究方法…………………………………………10
第三節 大量估價與個別估價之連結………………………………………16
第四節 小結…………………………………………………………………17
第三章 實證方法與研究設計………………………………………………18
第一節 實證方法……………………………………………………………18
第二節 資料與研究設計……………………………………………………21
第四章 實證分析……………………………………………………………25
第一節 實證模型設定………………………………………………………25
第二節 變數選取說明………………………………………………………26
第三節 特徵價格分析………………………………………………………29
第四節 可比較標的選取階段………………………………………………34
第五節 價格調整階段之各屬性調整情況…………………………………36
第六節 標準化市場比較法的估值表現─隨機抽樣一次…………………38
第七節 標準化市場比較法的隨機抽樣重覆實驗估值表現………………40
第五章 結論與建議…………………………………………………………45
第一節 結論…………………………………………………………………45
第二節 後續建議……………………………………………………………47
參考文獻…………………………………………………………………….48
附錄………………………………………………………………………….51
zh_TW
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dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0094257026en_US
dc.subject (關鍵詞) 不動產估價zh_TW
dc.subject (關鍵詞) 市場比較法zh_TW
dc.subject (關鍵詞) 比較標的選取zh_TW
dc.subject (關鍵詞) 大量估價zh_TW
dc.subject (關鍵詞) real estate appraisalen_US
dc.subject (關鍵詞) market comparative approachen_US
dc.subject (關鍵詞) selecting comparative subjecten_US
dc.subject (關鍵詞) mass appraisalen_US
dc.title (題名) 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zh_TW
dc.title (題名) The Feasibility Analysis of the Objective Standardized Real Estate Appraisal─The Market Comparative Approach Applies to Automated Valuation Methodsen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 中文參考文獻zh_TW
dc.relation.reference (參考文獻) 1. 台灣房地產景氣動向季報第七卷第四期,內政部建築研究所zh_TW
dc.relation.reference (參考文獻) 2. 李月華, 1999,台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。zh_TW
dc.relation.reference (參考文獻) 3. 林英彥,2003,不動產估價理論第九版,文笙書局zh_TW
dc.relation.reference (參考文獻) 4. 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4期,pp1-30。zh_TW
dc.relation.reference (參考文獻) 5. 林祖嘉,1992,台灣地區房租與房價關係之研究,台灣銀行季刊,43(1),pp279-312。zh_TW
dc.relation.reference (參考文獻) 6. 黃淑惠,2000,改進地價稅稅基的評估以廣增都市建設的財源-逼近調整法之應用,都市與計劃,第27卷3期,297-317zh_TW
dc.relation.reference (參考文獻) 7. 黃淑惠,2000,地價指數編制方法及應用結果之研究,台中技術學院學報,第1期,pp 261-280。zh_TW
dc.relation.reference (參考文獻) 8. 張小燕,2005,從行為觀點檢視不動產估價中的市場比較法,國立台北大學不動產與城鄉環境學系碩士論文zh_TW
dc.relation.reference (參考文獻) 9. 張金鶚、劉秀玲,1993,房地產品質、價格與消費者物價指數之探討,國立政治大學學報,第67期,pp369-400。zh_TW
dc.relation.reference (參考文獻) 10. 張梅英、施昱年,2004,台灣大量估價問題分析及其改進方法之研究,土地問題研究季刊,第3卷3期,89-105zh_TW
dc.relation.reference (參考文獻) 11. 廖咸興、張芳玲,1997,不動產評價模式特徵價格法與逼近調整法之比較,住宅學報,5:17-35zh_TW
dc.relation.reference (參考文獻) 12. 廖英志,2005,最近鄰似法於不動產估價上之應用,國立台北大學不動產與城鄉環境學系碩士論文zh_TW
dc.relation.reference (參考文獻) 英文參考文獻zh_TW
dc.relation.reference (參考文獻) 1. Adelman, I. and Z. Griliches (1961), “On an Index of Quality Change,” Journal of the American Statistical Association, 56:535-546.zh_TW
dc.relation.reference (參考文獻) 2. Bourassa, S. C., M. Hoesli and V. S. Peng (2003), “Do Housing Submarkets Really Matter?,” Journal of Housing Economics, 12(1):12-28.zh_TW
dc.relation.reference (參考文獻) 3. Charles A. Calhoun(2001), “Property Valuation Methods and Data in The United States,” Housing Finance Internationalzh_TW
dc.relation.reference (參考文獻) 4. Detweler, John H; Radigan, Ronald E (1996), “Computer-Assisted Real Estate Appraisal: A tool for the Practicing Appraiser, ” The Appraisal Journal, 64(1):91-100.zh_TW
dc.relation.reference (參考文獻) 5. Diaz, JulianⅢ. (1990b), “The Process of Selecting Comparable Sales,” The Appraisal Journal , 58(4):535-540.zh_TW
dc.relation.reference (參考文獻) 6. DiPasquale, D. and Wheaton, W. C. (1996), “Urban Economics and Real Estate Markets”, Englewood Cliffs, NJ: Prentice Hall.zh_TW
dc.relation.reference (參考文獻) 7. Frew, J. and G.D. Jud. (2003), “Estimating the Value of Apartment Building”, The Journal of Real Estate Research, 25(1):77-86.zh_TW
dc.relation.reference (參考文獻) 8. Gau, G. W., T. Y. Lai and K. Wang (1992), “Optimal Comparable Selection and Weighting in Real Property,” Journal of the American Real Estate and Urban Economics Association, 20(1):107-123.zh_TW
dc.relation.reference (參考文獻) 9. G Stacy Sirmans, David A Macpherson, Emily N Zietz(2005),“The Composition of Hedonic Pricing Models”,Journal of Real Estate Literature; pp 3-41zh_TW
dc.relation.reference (參考文獻) 10. Isakson, H. R. (1986), “The Nearest Neighbor Appraisal Technique:An Alternative to the Adjustment Grid Methods,” AREUEA Journal, 14(2):274-286.zh_TW
dc.relation.reference (參考文獻) 11. Isakson, H. R. (2002), “The Linear Agebra of the Sales Comparison Approach,” The Journal of Real Estate Research, 24(2):117-128.zh_TW
dc.relation.reference (參考文獻) 12. Kang, Han-Bin, A. K. Reichert (1991), “An Empirical Analysis of Hedonic Regression and Grid-Adjustment Techniques in real estate appraisal,” AREUEA Journal, 19:70-91.zh_TW
dc.relation.reference (參考文獻) 13. Kinnard, W. N. and B. N. Boyce (1978), “An Introduction to Appraisal Real Property,” Chicago: Society of Real Estate Appraisers.zh_TW
dc.relation.reference (參考文獻) 14. kummerow, M. and Hanga Galfalvy. (2002), “Error Trade-off in Regression Appraisal Methods, ” in Wang, Ko and Marvin Wolverton, Eds. Real Estate Valuation Theory. Norwell, MA, Kluwer Academic Publisher: 105-132zh_TW
dc.relation.reference (參考文獻) 15. Loans, D. /IPD (1990), “The Variance in Valuations,” Drives Jona/Investment Property databank, London.zh_TW
dc.relation.reference (參考文獻) 16. Lusht, K.M. (1996), “A Comparison of Prices Brought by English Auction and Private Negotiations”, Journal of Real Estate Economics, 24(5):17-530.zh_TW
dc.relation.reference (參考文獻) 17. Matysiak, G. and P. Wang (1995), “Commercial Property Market Prices and Valuation: Analyzing the Correspondence,” Journal of Property Research, 12:181-202.zh_TW
dc.relation.reference (參考文獻) 18. McCain, R. A., P. Jensen,et al.(2003). “Research on Valuation of Land and Improvements in Philadelphia”, Department of Economics and International Business, LeBow College of Business Administration, Drexel University, Philadelphia: 1-24.zh_TW
dc.relation.reference (參考文獻) 19. McCluskey, W., Deddis, et al. (1998), “The Application of Spatially Derived Location Factors within a GIS Environment”, RICS: 1-11.zh_TW
dc.relation.reference (參考文獻) 20. Pagourtzi, E., V. Assimakopoulos, T. Hatzichristos and N. French (2003), “Real Estate Appraisal: A Review of Valuation Methods,” Journal of Property Investment & Finance, 21(4):383-401.zh_TW
dc.relation.reference (參考文獻) 21. Peter F. Colwell, Roger E. Cannaday, Chunchi Wu (1983), “The Analytical Foundations of Adjustment Grid Methods,” Real Estate Economics, 11 (1):11–29.zh_TW
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