學術產出-學位論文

題名 房地分離下建物折舊之研究
An Empirical study of building depreciation on land-price-extracted condition
作者 高毓穗
Kao, Yu Sui
貢獻者 陳奉瑤
Chen, Fong Yao
高毓穗
Kao, Yu Sui
關鍵詞 建物折舊
外部性退化
特徵價格法
building depreciation
external obsolescence
hedonic price model
日期 2007
上傳時間 19-九月-2009 13:15:11 (UTC+8)
摘要 成本法為估價三大方法之一,其中折舊率之掌握至今仍無定論,Malpezzi et al.(1987)、Smith(2004)指出,由於土地無實體損壞及功能性退化,故利用特徵價格法分析折舊時,分析主體包含土地,將造成折舊的低估,而國內先前研究亦指出,分析主體包含土地,可能是使其分析結果不合常理的原因。本研究採特徵價格法,以台南市透天建物為對象,實證結果與Malpezzi等之論點一致,即不包含土地之價格函數,確有較高的折舊率,且呈現凸向原點之折舊型態。不動產價格模型亦顯示,建物壽命前期價格逐年下跌,但至後期將反轉向上,反應出土地之再開發價值。
此外,依不動產估價技術規則之規定,求取建物價格時似乎未考慮外部性退化之價值減損,或將其視為與剩餘經濟耐用年數相關。然而Colwell and Trefzger(1994)指出負面外部性將同時影響土地與建物,本文實證結果發現,外部性退化除對土地價格造成影響外,事實上對建物價格亦產生價格減損效果。此外,外部性特徵對於建物價格之影響視兩者距離相鄰程度而定,故不應將外部性退化視為與屋齡相關,而於考量後推估建物剩餘經濟耐用年數。
In this paper, we verify that estimated depreciation rate is higher when the land price has been extracted from single-family house prices in Tainan, and the depreciation pattern of building is convex to the origin. We also find that property prices will decrease in the early years and then turn to increase; this phenomenon may testify the benefit in land redevelopment. Moreover, this study shows that external obsolescence would reduce not only the land price but also the building price when the surrounding is unattractive, and the decreasing figures caused by external obsolescence shouldn’t base on house age, but distance between house and unattractive objects.
參考文獻 一、中文部分
Neter, Kutner, Nachtshem, and Wasserman著、劉應興譯,1996,『應用線性迴歸模型』,台北:華泰書局。
中華民國不動產估價師公會全國聯合會,2007,中華民國不動產估價師公會全國聯合會第四號公報
http://www.rocreaa.org.tw/reaa/UploadFile/2008110111547429.doc
台北市政府,2005,臺北市未經劃定應實施更新之地區自行劃定更新單元建築物及地區環境,
http://www.uro.taipei.gov.tw/cgi-bin/Message/MM_msg_control?mode=viewnews&ts=45751a20:2dca&theme=3790000000/379560000G/379560100G/uro1-msg&layout=3790000000/379560000G/379560100G/uro1-message,檢索日期:20080701
台北縣政府,2007,臺北縣都市更新整建維護補助要點。http://www.planning.tpc.gov.tw/web66/_file/1691/upload/renew/renew0822a.pdf ,檢索日期:20080331。
台南市政府,2005,未經劃定都市更新地區自行劃定更新單元之建築物及地區環境評估標準,
http://bud.tncg.gov.tw/bud/pdf/ho/%BBO%ABn%A5%AB%B3%A3%A5%AB%A7%F3%B7s%B3%E6%A4%B8%B9%BA%A9w%BC%D0%B7%C7.pdf,檢索日期:20080701
台南市稅務局,http://www.tntb.gov.tw/index.htm,檢索日期:20080526。
台南市建物門牌查詢系統,http://address.tncg.gov.tw/,檢索日期:20080331。
林英彥,2007,『不動產估價』,台北:文笙書局。
林秋瑾,1996,「穩健性住宅租金模式之探討-異常點之分析」,『住宅學報』,4:51-72。
林峰田,1997,「公共設施檢討空間分析方法」,『都市與計劃』,24 (2):171-192。
張凱博,2004,「住宅不動產折舊之涵義與估算─以台北市為例」,國立台北大學地政學系碩士論文,台北市。
梁仁旭、陳奉瑤,2006,『不動產估價The Appraisal of Real Estate』,台北市:陳奉瑤。
陳韋智,2006,「台北市住宅不動產折舊的變化–以時間、空間及產品型態探討」,國立台北大學不動產與城鄉環境學系碩士論文,台北市。
曾明遜、謝潮儀,1995,「住戶逃避鄰避設施之自我防衛支出─以垃圾處理場為實証對象」,『都市與計劃』,22(2):217-233
黃名義、張金鶚,2001,「辦公室、住宅與住辦混合租金之比較分析一面積、區位與產品異質性之影響」,『都市與計劃』,28(3):303-321
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』,8 (2):73-106。
詹旻華,2006,「自房地價格分離土地價值之方法」,國立台北大學不動產與城鄉環境學系碩士論文,台北市。
解鴻年、胡太山、邵澤恩,2000,「鄰里公園對鄰近不動產影響之研究:以新竹市為例」,『建築與規劃學報』,1 (3):258-271。
廖文正,2005,「灰色系統理論於不動產價格影響因素與個案優選評估之應用」,『計量管理期刊』,2 (1):29-88。
譚鴻仁、王俊隆,2005,「鄰避與風險社會: 新店安坑掩埋場設置的個案分析」,『地理研究』,105-125。

二、英文部分
A.I., 2002, The Dictionary of Real Estate Appraisal, Chicago: Appraisal Institute.
Barras, R., and P. Clark, 1996, "Obsolescence and Performance in the Central London Office Market", Journal of Property Valuation and Investment, 14 (4):63-78.
Barrett, G. V., and J. P. Blair, 1988, How to Conduct and Analyze Real Estate Market and Feasibility Studies, New York: Van Nostrand Reinhold.
Baum, A., 1991, Property Investment Depreciation and Obsolescence, London, England: Routledge
Benson, E. D., J. L. Hansen, A. L. Schwartz Jr, and G. T. Smersh, 1997, "The Influence of Canadian Investment on US Residential Property Values", Journal of Real Estate Research, 13 (3):231-249.
Bond, M. T., V. L. Seiler, and M. J. Seiler, 2002, "Residential Real Estate Prices: A Room With a View", Journal of Real Estate Research, 23 (1/2):129-137.
Bourassa, S. C., Moesli, and J. Sun, 2004, "What’s in a View", Environment and Planning A, 36:1427-1450
Cannaday, R. E., and M. A. Sunderman, 1986, "Estimation of Depreciation for Single-Family Appraisals", Real Estate Economics, 14 (2):255-273.
Chen, H., A. Rufolo, K. J., Dueker, 1997, “Measuring the Impact of Light Rail Systems on Single Family Home Values: A Hedonic Approach with GIS Application”, Discussion paper 97-3.
Clapp, J. M., and C. Giaccotto, 1998, "Residential Hedonic Models: A Rational Expectations Approach to Age Effects", Journal of Urban Economics, 44 (3):415-437.
Colwell, P. F., and G. Dilmore, 1999, "Who was First? An Examination of an Early Hedonic Study", Land Economics, 75 (4):620-626.
Colwell, P. F., and J. W. Trefzger, 1994, "Allocation, Externalities, and Building Value ", The Journal of Real Estate Finance and Economics, 8 (1):53-69.
Corgel, J. B., 2007, "Technological Change as Reflected in Hotel Property Prices", The Journal of Real Estate Finance and Economics, 34:257-279.
Dotzour, M. G., 1990, "An Empirical Analysis of the Reliability and Precision of the Cost Approach in Residential Appraisal", Journal of Real Estate Research, 5 (1):67-74.
Dunse, N., and C. Jones, 2005, "Rental Depreciation, Obsolescence and Location: The Case of Industrial Properties", Journal of Property Research, 22 (2-3):205-223.
Fisher, J. D., B. C. Smith, and R. B. Webb, 2005, "Analysis of Economic Depreciation for Multi-family Property", Journal of Real Estate Research, 27 (4):355-369
Goodman, A. C., and T. G. Thibodeau, 1995, "Age-Related Heteroskedasticity in Hedonic House Price Equations", Journal of Housing Research, 6 (1):25-42.
──, 1997, "Dwelling-Age-Related Heteroskedasticity in Hedonic House Price Equations: An Extension", Journal of Housing Research, 8 (2):299-317.
──, 2007, "The Spatial Proximity of Metropolitan Area Housing Submarkets", Real Estate Economics, 35 (2):209-232.
Halverson, R., and R. Palmquist, 1980, "The Interpretation of Dummy Variables in Semilogarithmic Regressions", American Economic Review, 70:474-475.
IVSC, 2007, International Valuation Standards 2007, London: International Valuation Standards Committee.
Knight, J. R., and C. F. Sirmans, 1996, "Depreciation, Maintenance, and Housing Prices", Journal of Housing Economics, 5 (4):369-389.
Lee, B. S., E. C. Chung, and Y. H. Kim, 2005, "Dwelling Age, Redevelopment, and Housing Prices: The Case of Apartment Complexes in Seoul ", The Journal of Real Estate Finance and Economics, 30 (1):55-80.
Li, M. M., and H. J. Brown, 1980, "Micro-Neighborhood Externalities and Hedonic Housing Prices", Land Economics, 56 (2):125-141.
Malpezzi, S., 2003, "Hedonic Pricing Models: A Selective and Applied Review", page 67-89 in Housing Economics and Public Policy, edited by T. O`Sullivan and K. Gibb, UK: Blackwell Science.
Malpezzi, S., L. Ozanne, and T. G. Thibodeau, 1987, "Microeconomic Estimates of Housing Depreciation ", Land Economics, 63 (4):372-385.
Mills, E. S., and R. Simenauer, 1996, "New Hedonic Estimates of Regional Constant Quality House Prices", Journal of Urban Economics, 39 (2):209-215.
Murdoch, J. C., H. Singh, and M. Thayer, 1993, "The Impact of Natural Hazards on Housing Values: The Loma Prieta Earthquake", Real Estate Economics, 21 (2):167-184.
Pinder, J., and S. J. Wilkinson. 2000. A Behavioural Approach to the Obsolescence of Office Property: RICS.
Rosen, S., 1974, "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition", The Journal of Political Economy, 82 (1):34-55.
Sirmans, G. S., D. A. Macpherson, and E. N. Zietz, 2005, "The Composition of Hedonic Pricing Models", Journal of Real Estate Literature, 13 (1):3-43.
Smith, B. C., 2004, "Economic Depreciation of Residential Real Estate: Microlevel Space and Time Analysis", Real Estate Economics, 32 (1):161-180.
Thibodeau, T. G., 2003, "Marking Single-Family Property Values to Market", Real Estate Economics, 31 (1):1-22.
Wilhelmsson, M., 2004, "House Price Depreciation Rates and Level of Maintenance", working paper.
Yau, Y., S. K. Wong, A. K. C. Cheung, K.W. Chau, and D. C. W. Ho. 2006. An Empirical Study on the Neighbourhood Effect of Refurbishment. In The 12th Annual Conference of the Pacific Rim Real Estate Society. New Zealand: Pacific Rim Real Estate Society.
描述 碩士
國立政治大學
地政研究所
95257023
96
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0095257023
資料類型 thesis
dc.contributor.advisor 陳奉瑤zh_TW
dc.contributor.advisor Chen, Fong Yaoen_US
dc.contributor.author (作者) 高毓穗zh_TW
dc.contributor.author (作者) Kao, Yu Suien_US
dc.creator (作者) 高毓穗zh_TW
dc.creator (作者) Kao, Yu Suien_US
dc.date (日期) 2007en_US
dc.date.accessioned 19-九月-2009 13:15:11 (UTC+8)-
dc.date.available 19-九月-2009 13:15:11 (UTC+8)-
dc.date.issued (上傳時間) 19-九月-2009 13:15:11 (UTC+8)-
dc.identifier (其他 識別碼) G0095257023en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/37354-
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) 95257023zh_TW
dc.description (描述) 96zh_TW
dc.description.abstract (摘要) 成本法為估價三大方法之一,其中折舊率之掌握至今仍無定論,Malpezzi et al.(1987)、Smith(2004)指出,由於土地無實體損壞及功能性退化,故利用特徵價格法分析折舊時,分析主體包含土地,將造成折舊的低估,而國內先前研究亦指出,分析主體包含土地,可能是使其分析結果不合常理的原因。本研究採特徵價格法,以台南市透天建物為對象,實證結果與Malpezzi等之論點一致,即不包含土地之價格函數,確有較高的折舊率,且呈現凸向原點之折舊型態。不動產價格模型亦顯示,建物壽命前期價格逐年下跌,但至後期將反轉向上,反應出土地之再開發價值。
此外,依不動產估價技術規則之規定,求取建物價格時似乎未考慮外部性退化之價值減損,或將其視為與剩餘經濟耐用年數相關。然而Colwell and Trefzger(1994)指出負面外部性將同時影響土地與建物,本文實證結果發現,外部性退化除對土地價格造成影響外,事實上對建物價格亦產生價格減損效果。此外,外部性特徵對於建物價格之影響視兩者距離相鄰程度而定,故不應將外部性退化視為與屋齡相關,而於考量後推估建物剩餘經濟耐用年數。
zh_TW
dc.description.abstract (摘要) In this paper, we verify that estimated depreciation rate is higher when the land price has been extracted from single-family house prices in Tainan, and the depreciation pattern of building is convex to the origin. We also find that property prices will decrease in the early years and then turn to increase; this phenomenon may testify the benefit in land redevelopment. Moreover, this study shows that external obsolescence would reduce not only the land price but also the building price when the surrounding is unattractive, and the decreasing figures caused by external obsolescence shouldn’t base on house age, but distance between house and unattractive objects.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、名詞定義 4
第三節 研究限制與範圍 6
第四節 研究架構與流程 8
第二章 文獻回顧與理論基礎 10
第一節 折舊之性質 10
第二節 房地價格分離 15
第三節 小結 17
第三章 研究設計 21
第一節 模型設定 21
第二節 變數選取 23
第四章 實證分析 29
第一節 實證資料 29
第二節 實證結果分析 37
第三節 小結 57
第五章 結論與建議 59
第一節 結論 59
第二節 後續研究建議 60
參考文獻 參-1
zh_TW
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dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0095257023en_US
dc.subject (關鍵詞) 建物折舊zh_TW
dc.subject (關鍵詞) 外部性退化zh_TW
dc.subject (關鍵詞) 特徵價格法zh_TW
dc.subject (關鍵詞) building depreciationen_US
dc.subject (關鍵詞) external obsolescenceen_US
dc.subject (關鍵詞) hedonic price modelen_US
dc.title (題名) 房地分離下建物折舊之研究zh_TW
dc.title (題名) An Empirical study of building depreciation on land-price-extracted conditionen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 一、中文部分zh_TW
dc.relation.reference (參考文獻) Neter, Kutner, Nachtshem, and Wasserman著、劉應興譯,1996,『應用線性迴歸模型』,台北:華泰書局。zh_TW
dc.relation.reference (參考文獻) 中華民國不動產估價師公會全國聯合會,2007,中華民國不動產估價師公會全國聯合會第四號公報zh_TW
dc.relation.reference (參考文獻) http://www.rocreaa.org.tw/reaa/UploadFile/2008110111547429.doczh_TW
dc.relation.reference (參考文獻) 台北市政府,2005,臺北市未經劃定應實施更新之地區自行劃定更新單元建築物及地區環境,zh_TW
dc.relation.reference (參考文獻) http://www.uro.taipei.gov.tw/cgi-bin/Message/MM_msg_control?mode=viewnews&ts=45751a20:2dca&theme=3790000000/379560000G/379560100G/uro1-msg&layout=3790000000/379560000G/379560100G/uro1-message,檢索日期:20080701zh_TW
dc.relation.reference (參考文獻) 台北縣政府,2007,臺北縣都市更新整建維護補助要點。http://www.planning.tpc.gov.tw/web66/_file/1691/upload/renew/renew0822a.pdf ,檢索日期:20080331。zh_TW
dc.relation.reference (參考文獻) 台南市政府,2005,未經劃定都市更新地區自行劃定更新單元之建築物及地區環境評估標準,zh_TW
dc.relation.reference (參考文獻) http://bud.tncg.gov.tw/bud/pdf/ho/%BBO%ABn%A5%AB%B3%A3%A5%AB%A7%F3%B7s%B3%E6%A4%B8%B9%BA%A9w%BC%D0%B7%C7.pdf,檢索日期:20080701zh_TW
dc.relation.reference (參考文獻) 台南市稅務局,http://www.tntb.gov.tw/index.htm,檢索日期:20080526。zh_TW
dc.relation.reference (參考文獻) 台南市建物門牌查詢系統,http://address.tncg.gov.tw/,檢索日期:20080331。zh_TW
dc.relation.reference (參考文獻) 林英彥,2007,『不動產估價』,台北:文笙書局。zh_TW
dc.relation.reference (參考文獻) 林秋瑾,1996,「穩健性住宅租金模式之探討-異常點之分析」,『住宅學報』,4:51-72。zh_TW
dc.relation.reference (參考文獻) 林峰田,1997,「公共設施檢討空間分析方法」,『都市與計劃』,24 (2):171-192。zh_TW
dc.relation.reference (參考文獻) 張凱博,2004,「住宅不動產折舊之涵義與估算─以台北市為例」,國立台北大學地政學系碩士論文,台北市。zh_TW
dc.relation.reference (參考文獻) 梁仁旭、陳奉瑤,2006,『不動產估價The Appraisal of Real Estate』,台北市:陳奉瑤。zh_TW
dc.relation.reference (參考文獻) 陳韋智,2006,「台北市住宅不動產折舊的變化–以時間、空間及產品型態探討」,國立台北大學不動產與城鄉環境學系碩士論文,台北市。zh_TW
dc.relation.reference (參考文獻) 曾明遜、謝潮儀,1995,「住戶逃避鄰避設施之自我防衛支出─以垃圾處理場為實証對象」,『都市與計劃』,22(2):217-233zh_TW
dc.relation.reference (參考文獻) 黃名義、張金鶚,2001,「辦公室、住宅與住辦混合租金之比較分析一面積、區位與產品異質性之影響」,『都市與計劃』,28(3):303-321zh_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』,8 (2):73-106。zh_TW
dc.relation.reference (參考文獻) 詹旻華,2006,「自房地價格分離土地價值之方法」,國立台北大學不動產與城鄉環境學系碩士論文,台北市。zh_TW
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