| dc.contributor.advisor | 陳奉瑤 | zh_TW |
| dc.contributor.advisor | Chen, Fong Yao | en_US |
| dc.contributor.author (Authors) | 賴靖雯 | zh_TW |
| dc.creator (作者) | 賴靖雯 | zh_TW |
| dc.date (日期) | 2008 | en_US |
| dc.date.accessioned | 19-Sep-2009 13:15:44 (UTC+8) | - |
| dc.date.available | 19-Sep-2009 13:15:44 (UTC+8) | - |
| dc.date.issued (上傳時間) | 19-Sep-2009 13:15:44 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0096257003 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/37358 | - |
| 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) | 96257003 | zh_TW |
| dc.description (描述) | 97 | zh_TW |
| dc.description.abstract (摘要) | 估價平滑相關研究大多採取Quan and Quigley（1991）提出的理性行為解釋估價師的部分調整行為。然而財務行為學認為行為人通常具有非理性的行為，因此本研究以保守性心理偏誤解釋部分調整行為，探討非理性心理對於估價師之影響。為了捕捉估價師個體的行為資訊，本研究以台灣不動產投資信託的重估價結果作為研究資料，檢視估價師對市場新資訊和過去估值的處理行為。本研究首先應用部分調整模型進行實證分析，結果發現台灣估價師確實具有部分調整行為，相對較低估市場價值資訊的權重，而此類保守性偏誤即為總體估價平滑效果的展現。此外進一步以Tobit Model進行市場價值資訊權重的影響因素分析，結果發現市場資訊的權重會受到心理效果而改變，當估價方法價值差異率越大時，估價師會降低市場資訊的權重，展現了對模糊事件的趨避傾向。捷思法可以幫助估價師提升效率，但過度依賴捷思法亦有可能引發錯誤和偏差；本研究發現模糊趨避效果顯示估價師更重視市場資訊的可信度，似較符合估價證據之要求，故非理性心理偏誤對估價師言非全為負面影響。 | zh_TW |
| dc.description.abstract (摘要) | Previous appraisal smoothing studies were based on the appraiser rational behavior assumptions which developed by Quan and Quigley (1991) and found that appraisers do insufficiently react to market fluctuate. However, this paper starts with behavioral finance theory to investigate the partial adjustment behavior of Taiwan appraisers, using the reappraisals of Taiwan Real Estate Investment Trust (T-REITs) to show each appraiser’s behavioral intention at disaggregate level which could be diversified away at aggregate level. This study tests the partial adjustment model to observe the weights of new market information and previous estimates of the same property reappraisal. The results show that Taiwan appraisers more rely on the previous estimates, namely the conservatism bias, which will induce the appraisal smoothing at aggregate level. Further, the Tobit Model is employed to test the influence factors of appraisers’ weight on new market information, and the results show weights on new market information will be affected by appraisers’ heuristics. There is a negative effect to weights on new market information which stands for the ambiguity aversion of appraisers. It shows appraiser do concern about the reliability of market evidence which is much accord with the appraisal normative model. | 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 研究方法與名詞定義 4第三節 研究範圍與限制 6第四節 研究內容與流程 8第二章 文獻回顧 11第一節 估價行為學與估價平滑 11第二節 部分調整模型 14第三節 部分調整影響因素 17第三章 研究設計 21第一節 研究假說之建立 21第二節 研究範圍之界定 24第三節 市場價值資訊之推估 30第四章 實證分析 35第一節 部分調整模型之實證分析 35第二節 市場資訊權重影響因素之實證分析 39第五章 結論與建議 47第一節 結論 47第二節 政策運用與後續研究建議 50參考文獻 52 | zh_TW |
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| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0096257003 | en_US |
| dc.subject (關鍵詞) | 部分調整 | zh_TW |
| dc.subject (關鍵詞) | 行為財務學 | zh_TW |
| dc.subject (關鍵詞) | 模糊趨避 | zh_TW |
| dc.subject (關鍵詞) | 台灣不動產投資信託 | zh_TW |
| dc.subject (關鍵詞) | appraiser partial adjustment | en_US |
| dc.subject (關鍵詞) | behavioral finance | en_US |
| dc.subject (關鍵詞) | ambiguity aversion | en_US |
| dc.subject (關鍵詞) | T-REITs | en_US |
| dc.title (題名) | 估價師部分調整行為之研究－以不動產證券化重估價為例 | zh_TW |
| dc.title (題名) | Appraiser partial adjustment behavior: evidence from T-REITs reappraisals | en_US |
| dc.type (資料類型) | thesis | en |
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