政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/54807
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 109951/140887 (78%)
造访人次 : 46265767      在线人数 : 946
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧：
  • 您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果
  • 若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据
    •  进阶搜寻


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/54807


    题名: 部分調整行為之探討-以地價基準地為例
    Partial adjustment behavior: evidence from revaluation of land value benchmark
    作者: 陳威霖
    Chen, Wei Lin
    贡献者: 陳奉瑤
    陳威霖
    Chen, Wei Lin
    关键词: 估價平滑
    部分調整
    地價基準地
    Appraisal Smoothing
    Partial Adjustment
    Land Value Benchmark
    日期: 2011
    上传时间: 2012-10-30 11:47:29 (UTC+8)
    摘要: 目前我國地價制度，主要係依地價調查估計規則規定，查估公告土地現值及公告地價。價格評估主要採區段地價方式，可能造成忽略土地個別因素影響，造成評估價格明顯遠離市價。近年來我國推行地價基準地制度，期透過引進不動產估價技術規則之規範，以個別估價方式評估基準地價格，以真實反映價格與市場波動情形。然基準地評價屬一序列式之估價方式，其評估過程是否為獨立且客觀仍須進一步加以驗證。本文依循Quan-Quigley部分調整模型之理念，對高雄市地價基準地之重估價案例進行研究，透過迴歸分析分別衡量估值與當期市場價格、前期估值之關係，推估地價人員之信心水準，並進一步分析地價基準地制度是否能確實反映市場價值波動情形。研究結果顯示估價人員存在價格部分調整策略，信心水準值偏低，存在嚴重依賴前期估值之行為，隱含地價基準地評價存在估價平滑之現象。
    Previous studies defined appraisal smoothing as reduced volatility or the lag structure of appraisal-based index as compared to transaction-based index. Most of these studies examined by aggregate level and used extensive data sets to de-smooth the appraisal-based index. This paper aims to observe smoothing behavior amongst appraisers in Taiwan. It uses re-appraisal data of the land value benchmark in Kaohsiung city and modifies the partial adjustment model, developed by Quan and Quigley. Use the concept of regression analysis to measure the ratio between the current appraisal, current market value and the pre-appraisal. By establish the confidence value, we may observe the behavior of appraisers and public assessors, and distinguish if the behavior is rational or not.
    參考文獻: 一、中文文獻
    1.洪鴻智、張能政，2006，「不動產估價人員之價值探索過程：估價程序與參考點的選擇」，『建築與規劃學報 』，第7期第1卷，頁71-90。
    2.游適銘，2009，「部分調整行為之估價平滑-以台中市地價基準地重估價為例」，『2009土地學術研討會論文集』。
    3.游適銘，2007，「地價基準地與區段地價制度結合之研究」，內政部自行研究報告。
    4.梁仁旭、陳奉瑤，2011，『不動產估價』，巨流政大書城經銷，台北。
    5.賴靖雯，2008，「不動產估價師部分調整行為之研究-以不動產證券化重估價為例」，國立政治大學碩士論文，台北市。
    6.陳奉瑤，2011，『不動產估價行為研究』，中國地政研究所，台北。
    7.廖彬傑、陳奉瑤、葉惠中、梁仁旭，2010，「應用克利金法於同質區之劃分」，『中華民國2010都市計畫學會、區域科學學會、地區發展學會、住宅學會2010聯合年會暨論文研討會論文集』。
    二、英文文獻
    1.Barkham, R. J. and Geltner, D. M., 1994, “Unsmoothing British valuation-based returns without assuming an efficient market”, Journal of Property Research, 11（2）, 81-95.
    2.Baum, A. and Crosby, N., 1995, “Property Investment Appraisal”, Routledge, London.
    3.Bond, S. A., S. Hwang, 2006, “An Analysis of Commercial Real Estate Returns: Is there a Smoothing Puzzle?”, Working papers in Real Estate & Planning 17/06, Department of Real Estate & Planning, The University of Reading.
    4.Bond, S. A., S. Hwang, 2005, “Smoothing, Nonsynchronous Appraisal and Cross-Sectional Aggregation in Real Estate Price Indices”, Paper presented at the AREUEA Annual Conference, Philadelphia, January 2005.
    5.Brown, G. R., and G. A. Matysiak, 1998, “Valuation Smoothing without Temporal Aggregation”, Journal of Property Research, 15（2）:89-103.
    6.Chen, Fong-Yao and Yu, Shi-Ming, 2009, "Client influence on valuation: Does language matter? A comparative analysis between Taiwan and Singapore", Journal of Property Investment and Finance, 27（1）:25-41.
    7.Cho, H., Hawaguchi, Y. and J. Shilling, 2003,”Unsmoothing Commercial Property Returns: A Revision to Fisher-Geltner-Webb’s Unsmoothing Methodology”, Journal of Real Estate Finance and Economics, 27:393-405.
    8.Clayton, J., D. Geltner, and S. W. Hamilton, 2001, “Smoothing in Commercial Property Valuation: Evidence from Individual Appraisals”, Real Estate Economics, 29（3） 337-360.
    9.Crosby, N., Lavers, A. and Murdoch, J., 1998, “Property Valuation Variation and the ’Margin of Error’ in the UK”, Journal of Property Research, 15（4）, 305-330.
    10.Diaz, J. and J. A. Hansz, 1997, “How Valuers Use the Value Opinions of Others”, Journal of Property Valuation and Investment, 15（3）:256-260.
    11.Diaz, J. and M. Wolverton, 1998, “A Longitudinal Examination of the Appraisal Smoothing Hypothesis”, Real Estate Economics, 26（2）:349-358.
    12.Diaz, J., 1997, “An Investigation into the Impact of Previous Expert Value Estimate on Appraisal Judgment”, Journal of Real Estate Research, 13（1）:57-66.
    13.Fisher, J., Geltner, D. and R. Webb, 1994, “Value Indices of Commercial Real Estate: A Comparison of Index Construction Methods”, Journal of Real Estate Finance and Economics, 9:137-164.
    14.Fisher, J., M. Miles, and R. Webb, 1999, “How Reliable are Commercial Property Appraisals? Another Look”, Real Estate Finance, 16（3）:9-15.
    15.Gallimore, P. and Wolverton, M., 1999, “Client feedback and the role of the appraiser”, Journal of Real Estate Research, 18（3）:415-431
    16.Geltner, D., 1998, “Appraisal Smoothing: The Other Side of the Story—A Comment”, Available at SSRN: http://ssrn.com/abstract=131459, Working Paper, Department of Finance, University of Cincinnati.
    17.Geltner, D., 1991, “Smoothing in Appraisal-based Returns”, Journal of Real Estate Finance and Economics, 4:327-345.
    18.Geltner D., 1993a, “Temporal Aggregation in Real Estate Return Indices”, Journal of the American Real Estate and Urban Economics Association, 21:141-166.
    Geltner D., 1993b, “Estimating Market Values from Appraised Values without Assuming an Efficient Market”, Journal of Real Estate Research, 8:325-345.
    19.Hansz, J. A., 2004, “Prior Transaction Price Induced Smoothing: Testing and Calibrating the Quan-Quigley Model at the Disaggregate Level”, Journal of Property Research, 21（4）:321-336.
    20.Ibbotson, R., and L. B. Siegel, 1984, “Real Estate Return: a Comparison with Other Investment”, AREUEA, 12:219-242.
    21.Kahneman, D. and A. Tversky, 1973, “On the Psychology of Prediction”, Psychological Review, 80（4）:237-251.
    22.Kinnard, W. N., M. Lenk and E. M. Worzala, 1997, “Client Pressure in the Commercial Appraisal Industry: How Prevalent Is It?” Journal of Property Valuation and Investment, 15（3）: 233–244.
    23.Lai, T.Y., and K. Wang, 1998, “Appraisal Smoothing: The Other Side of Story”, Real Estate Economics, 26（3）: 511-535.
    24.Levy, D. and Schuck, E., 1999, “The influence of clients on valuations”, Journal of Property Investment and Finance, 17（4）:380-400.
    25.McAllister, P., A. Baum, N. Crosby, P. Gallimore and A. Gray, 2003, “Appraiser behavior and appraisal smoothing: some qualitative and quantitative evidence”, Journal of Property Research, 20（3）: 261-280.
    26.Mullainathan, S. and R. Thaler, 2001, “Behavioral Economics”, International Encyclopedia of the Social and Behavioral Sciences, Oxford, UK:Pergamon.
    27.Quan, D. C., and J. M. Quigley, 1991, “Price Formation and the Appraisal Function in Real Estate Markets”, Journal of Real Estate Finance and Economics, 4: 127-146.
    28.Ross, S., and R. Zisler, 1987, “Managing Real Estate Portfolio, Part 3: A Close look at Equity Real Estate Risk”, Goldman Sachs Real Estate Research, November.
    29.Vanderford, S. E., Mimura, Y. and Sweancy, A. L., 2005, “A Hedonic price Comparison of Manufacture and Site-built homes in the Non-MSA USA”, The Journal of Real Estate Research, 27（1）: 83-104.
    描述: 碩士
    國立政治大學
    地政研究所
    99257015
    100
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0099257015
    数据类型: thesis
    显示于类别:[地政學系] 學位論文

    文件中的档案:

    档案 大小格式浏览次数
    701501.pdf1312KbAdobe PDF21024检视/开启


    在政大典藏中所有的数据项都受到原著作权保护.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈