政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/59814
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 109952/140903 (78%)
造访人次 : 46030109      在线人数 : 727
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/140.119/59814


    题名: 議價空間與住宅不動產市場流動性之研究
    Price concession of the residential housing markets
    作者: 范清益
    Fan, Ching Yi Ken
    贡献者: 林左裕
    Lin, Tsoyu Calvin
    范清益
    Fan, Ching Yi Ken
    关键词: 議價空間
    銷售期間
    流動性
    住宅不動產議價空間模型
    表價
    持有成本
    Price concession
    Time on market
    Housing liquidity
    Holding cost
    Listing price
    日期: 2009
    上传时间: 2013-09-03 14:50:38 (UTC+8)
    摘要: 不動產由於具有異質性、不可移動性與昂貴性等特性，相較於其他資產而言，最獨特的風險為「流動性風險」(liquidity risk)，也因此其銷售期間比其他標的較長，議價空間也較大。以往探討不動產流動性的研究大都以在市場上的銷售期間(time on the market, TOM)為主，然本研究認為銷售期間和賣方的表價（listing price）與買方心中的價格（offer price）密切相關，買方決策的過程勢必受到賣方表價與本身心中價格之影響，進而決定該不動產在市場之流動性。故本研究則嘗試以賣方表價與最後成交價(transaction price)間的議價空間，探討不動產市場之流動性。議價空間愈大，表示不動產標的在當時市場之流動性愈低，致使賣方愈能接受低於表價的買方出價及成交價。
    本研究透過搜尋理論建立住宅不動產議價空間模型，並以實際市場交易資料進行實證分析，探討房屋本身的屬性、總體市場因素、賣方持有的成本、區位因素與賣方定價因素等，對於買賣雙方議價空間之影響，藉以觀察理論與實證是否相符。其中以房屋總坪數與屋齡代表房屋屬性，以房租成長率與經濟成長率代表市場情況，並以利率代表賣方持有成本。實證結果顯示，屋齡太久或賣方定價過高的不動產，其議價空間愈大，流動性愈差；房租成長率和經濟成長率皆與議價空間呈負相關，表市場景氣愈好，議價空間愈小，賣方在議價過程中較能堅守其表價；又利率與議價空間呈正相關，表賣方持有不動產的成本越高，越能接受較大的議價空間；而總坪數愈大及區位較佳之不動產，其議價空間越小，可能受豪宅市場效應以及區域抗跌性有關。此實證結果與過去利用銷售期間衡量不動產市場流動性的搜尋理論相符，也驗證議價空間實可為衡量不動產市場流動性的新指標，並可降低利用銷售期間分析的研究困境。本研究成果不僅可供不動產賣方定價策略、買方議價時機之參考，亦希望透過本研究對議價空間與不動產市場流動性之研究，期望政府儘速建立與公開不動產交易平台，俾利增進不動產市場之流動性，更能牽動不動產市場與整體經濟市場之成長。
    The study suggests that not only time on market (TOM) but also price concession between the listing and contract prices could measure housing market liquidity. Departed from past studies, this paper develops theory and constructs a model named Residential Housing Price Concession Model to examine whether key factors influenced housing market liquidity significantly from past studies would have the same effect on price concession. The model includes the listing price of house, the macroeconomic data, the cost of the search and other housing characters in empirical model. Results show that listing price, cost of search and age of house have the predicted positive coefficients, and macroeconomic data , squares of house and location factor are found to be negatively related to the price concession. The corresponding conclusion with time on market (TOM) examined by past studies explains that the price concession also could measure housing market liquidity.
    參考文獻: 林祖嘉，1990，「反向巢型多項式Logit模型下的住屋需求與租買選擇」，『經濟論文』，18：1，137-158。
    林祖嘉，1994，「價格分散與搜尋均衡：在台灣地區住宅市場上之驗證」，『經濟論文叢刊』，22：2，237-269。
    林秋瑾、黃佩玲，1995，「住宅價格與總體經濟變數關係之研究-以向量自我迴歸模式(VAR) 進行實證」，『政大學報』。
    張金鶚，1995 年，「台灣地區住宅價格指數之研究」, 行政院經濟建設委員會委託研究。
    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』。
    李春長，1996，「房地產仲介市場交易行為之研究」，國立政治大學地政學系博士論文。
    李春長、張金鶚、林祖嘉，1997，「房屋交易市場上銷售期間之研究：存活模型之應用」，『國家科學委員會研究彙刊：人文及社會科學』，7：3，420-437。
    李月華，1997，「台北市住宅區成屋交易價格影響因素之研究」，『崇右學報』，6，130-142。
    彭建文、張金鶚，2000，「總體經濟對房地產景氣影響之研究」，『國家科學委員會研究彙刊：人文社會與科學』，10：3，330-343。
    簡淨珍、張金鶚、林秋瑾，2000，「以替代性觀點看租賃與自有市場之關係」，『2000年中華民國住宅學會第九屆年會論文集』，103-121。
    蔡曜如，2003，「我國房地產市場之發展、影響暨政府因應對策」，『中央銀行季刊』，25：4，31-64。
    黃心儀、彭建文，2004，「住宅租賃市場中房東決策行為之研究」，國立台北大學地政學系碩士論文。
    廖仲仁、張金鶚，2004，「搜尋成本與定錨行為對於購屋者價格貼水之影響」，『住宅學報』，13：2，47-62。
    周美伶、張金鶚，2004，「購屋搜尋期間影響因素之研究」， 『管理評論』，24：1，133-150。
    曾建穎、張金鶚、花敬群，2005，「不同空間、時間住宅租金與其房價關聯性之研究－臺北地區之實證現象分析」，『住宅學報』，14：2，27-49。
    彭建文、賴鳴美，2006，「賣方定價策略對成交價格之影響分析」，『住宅學報』，15：1，1-20。
    鄒欣樺、張金鶚、花敬群，2007，「建商不動產表價與議價策略之探討：景氣時機、個案區位、及建商類型分析」，『管理評論』，26：3，47-69。
    許淑媛、張金鶚，2009，「住宅個案價格水準與價格分散之時空影響」，國立政治大學地政學系碩士論文。
    Asabere, P. K., Huffman, F. E., Mehdian, S., 1992, “Mispricing and Optimal Time on the Market”, Journal of Real Estate Research, 8:1: 149-155.
    Asabere, P. K., Huffman, F. E., 1993,”Price Concessions, Time on the Market, and the Actual Sale Price of Homes”, Journal of Real Estate Finance and Economics, 6: 167-174.
    Anglin, P. M., 1997, “Determinants of Buyer Search in a Housing Market”, Journal of Real Estate Economics, 25: 567-589.
    Arnold, M., “Search, Bargaining and Optimal Asking Prices”, Journal of Real Estate Economics, 27: 453-481.
    Anglin, P. M., Rutherford, R., Springer T. M., 2003, “The Trade-off Between the Selling Price of Residential Properties and Time-on-the-Market: The Impact of Price Setting”, Journal of Real Estate Finance and Economics, 26: 95-111.
    Anglin, P. M., Weibe Robin, 2004, “Pricing in an Illiquid Real Estate Market ”, Unpublished working paper, Department of Economics, University of Windsor: 1-20.
    Allen, M. T., Faircloth, S., Rutherford, R. C., 2005, “The Impact of Range Pricing on Marketing Time and Transaction Price A Better Mousetrap for the Existing Home Market”, Journal of Real Estate Finance and Economics, 31:1: 71–82.
    Allen, M. T., Rutherford, R. C., Thomson T. A., 2009, “Residential Asking Rents and Time on the Market”, Journal of Real Estate Finance and Economics, 38:1: 351-365.
    Bagehot, W., 1971, “The Only Game in Town”, Financial Analysts Journal, 27: 2: 12-14.
    Berkowitz J., 2000, “Incorporating liquidity risk into value-at-risk models”, Working Paper.
    Craig Swan, 1984, “A model of rental and owner-occupied housing”, Journal of Urban Economics, 16:3: 297-316.
    Colwell, P. E., Munneke, H. J., 2006, “Bargaining Strength and Property Class in Office Markets”, Journal of Real Estate Finance and Economics, 33: 197-213.
    Cheng Ping, Lin Zhenguo, Liu Yingchun, 2008, “A Model of Time-on-Market and Real Estate Price Under Sequential Search with Recall”, Journal of Real Estate Economics, 36: 813-843.
    Cheng Ping, Lin Zhenguo, Liu Yingchun, 2009, “Home Price, Time-on-Market, and Seller Heterogeneity Under Changing Market Conditions”, Journal of Real Estate Finance and Economics, 10: 1-22.
    Feinberg, R. M., William R. J., 1977, “The Superiority of Sequential Search: A Calculation”, Southern Economics Journal, 43: 1594-1598.
    Fisher, J., Gatzlaff, D., Geltner, D., Haurin D. R., 2003, “Controlling for the Impact of Variable Liquidity in Commercial Real Estate Price Indices”, Journal of Real Estate Economics, 31: 269-303.
    Goodman, A. C., Thibodeau T. G., 1998, “Housing Market Segmentation”, Journal of Housing Economics, 7:2: 121-143.
    Horowitz, J. L., 1992, “The Role of the Listing Price in Housing Market ”, Journal of Applied Economics, 7:2: 115-129.
    Herrin, W. E., Knight, J. R., Sirmans, C. F., 2004, “Price cutting behavior in residential markets”, Journal of Housing Economics, 13: 195-207.
    Haurin D. R., Haurin J. L., Nadauld T., Sanders A., 2006, “Listing Prices, Sale Prices, and Marketing Time: An Application to U.S. Housing Markets”, Unpublished working paper, Department of Economics, Ohio State University: 1-36.
    Jack C. H., 1989, “The effect of real rates of interest on housing prices”, Journal of Real Estate Finance and Economics, 2: 47-60.
    Jud, G. D., Winkler D. T., Kissling G. E., 1995, “Price spreads and residential housing market liquidity”, Journal of Real Estate Finance and Economics, 11: 251-260.
    Kennth B., 1978, “A theory of employee job search and quit rates”, American Economic Association, 68:1: 212-220.
    Knight, J. R., Sirmans C. F., Turnbull G. K., 1994, “Listing Price Signaling and Buyer Behavior in the Housing Market”, Journal of Real Estate Finance and Economics, 9: 177-192.
    Krainer, J. R., 2001, “A Theory of Liquidity in Residential Real Estate Markets”, Journal of Urban Economics, 49: 32-53.
    Knight, J. R., 2002, “Listing Price, Time on Market, and Ultimate Selling Price: Causes and Effects of Listing Price Changes”, Journal of Real Estate Economics, 30: 213-237.
    Lin, Z., Vandell, K., 2007, “Illiquidity ad Pricing Biases in the Real Estate Market”, Journal of Real Estate Economics, 35: 291-330.
    McCall, J. J., 1970, “Economics of Information and Job Search”, Quarterly Journal of Economics, 84:1: 113-126.
    Pierre C., Fabien P. V. & Jean-Marc R., 2006, “Wage Bargaining with On-the-Job Search: Theory and Evidence”, The Econometric Society, 74: 2: 323-364.
    Rosen, S., 1974, “Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition”, Journal of Political Economics, 82: 1: 34-55.
    Rosenthal, E. C., 2009,“A Pricing Model for Residential Homes with Poisson Arrival and a Sales Deadline”, Journal of Real Estate Finance and Economics, 10: 1-19.
    Stigler, G. J., 1961, “The Economics of Information”, Journal of Political Economics, 69: 3: 213-225.
    Sanford J. G. & Merton H. M., 1988, “Liquidity and Market Structure”, Journal of Finance, 43: 3: 617-633.
    Shy, O., 1996, “Technology revolution in the presence of network externalities”, International Journal of Industrial Organization, 147: 85-800.
    Whipple, D., 1973, “A Generalized Theory of Job Search”, Journal of Political Economics, 81: 1170-1188.
    Wilhelmsson, M., 2008, “Evidence of Buyer Bargaining Power in the Stockholm Residential Real Estate Market”, Journal of Real Estate Research, 30: 475-498.
    Yavas, A., 1992, “ A Simple Search and Bargaining Model of Real Estate Market”, Journal of the American Real Estate and Urban Economics Association, 20: 533-548.
    描述: 碩士
    國立政治大學
    地政研究所
    97257013
    98
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0097257013
    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 描述 大小格式浏览次数
    701301.pdf533KbAdobe PDF2565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