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    Title: 土地槓桿比率與房價變動關聯性之研究
    A Study of Relationship between Land Leverage Ratio and Housing Price Change
    Authors: 葉士郁
    Yeh, Shi Yu
    Contributors: 陳奉瑤
    Chen, Fong Yao
    葉士郁
    Yeh, Shi Yu
    Keywords: 土地槓桿比率
    房價變動
    土地
    Land Leverage
    Land
    Housing Price Change
    Date: 2016
    Issue Date: 2016-07-21 10:35:45 (UTC+8)
    Abstract:   我國近十年來房價上漲幅度相當驚人,政府雖然祭出許多針對投資需求之政策,以求減少房地產不當投資行為,解決高房價問題下造成的諸多社會問題。惟此些政策對抑制高房價之效果並不明顯,是否仍有影響漲價之重要因素未掌握,以致房價上漲情形未得趨緩。本論文根據Bostic et al.(2007)提出之土地槓桿假說,基於土地與建物屬性不同,其認為土地供給彈性相對僵固,故房地產中土地成分越高者,其房價變動率越大。此種有別過去政策指向總體性投資需求之觀點,以房地產個體性差異之角度解釋房地產漲價,或許是相關政策可以參考的方向之一。進一步結合經濟理論建構房地產增值迴路之支持,更突顯了房地產市場與土地間之關聯性密不可分。
      本論文以臺北市、臺中市、高雄市作為研究範圍,採用不動產實價登錄資料中之近似交易案例進行實證,計算個案房價變動率與土地槓桿比率,透過複迴歸模型進行分析。研究結果指出,土地槓桿比率與房價變動率確有明顯的正向關係,房價變動與土地成分有重要關聯,且即使在土地高度立體利用下,土地槓桿比率仍有一定影響力。基於本論文主張之房地產增值迴路,在土地槓桿比率確有影響之實證結果下,欲改善房價不當上漲問題,宜透過土地評價合理化,做為將土地要素納入政策之首要手段;並避免個案因土地低度利用,造成其土地槓桿比率偏高,所引起土地槓桿比率之漲價效果。
     Housing price grew soon and intensely in the past decade in Taiwan. The government has made lots of policies to resolve the social issue caused by high housing price, but most of them didn’t play a role. It said there were some important factors which are the policies ignored. Based on the “Land Leverage Hypothesis” of Bostic et al.(2007) that the higher land leverage ratio is, the higher housing price changes. We support that land is a considerable factor with housing price change.
     This article used housing price sale data in Taipei, Taichung and Kaohsiung from Actual Selling Price Database. We picked up the repeat sales sample from the data set to calculate the ratio of housing price change, and applied land residual method to compute the land leverage ratio of each case. In empirical study, we found that land leverage hypothesis is true and the land leverage ratio has an enhanced effect on housing price change even in condominium-building submarket.
     As the result, we suggested that policies should consider the importation of land. First, the assessment of land must be corrected to press close to market value, then policy makers could put the accurate land value into policy planning. Second, because of the effect of land leverage ratio, we thought such policies like urban renew which could maintain suitable land leverage ratio level.
    Reference: 專書
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    中文參考文獻
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    高峰,2010,「中美房地產土地槓桿研究」,『現代經濟』,7(11):31-32。
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    張金鶚、陳明吉、鄧筱蓉、楊智元,2009,「臺北市房價泡沫知多少?—房價vs.租金、房價vs.所得」,『住宅學報』,18(2):1-22。
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    梁仁旭、廖彬傑、陳奉瑤、葉惠中,2015,「應用克利金法輔助地價區段劃設之研究」,『臺灣土地研究』,18(2)。
    楊宗憲、蘇倖慧,2011,「迎毗設施與鄰避設施對住宅價格影響之研究」,『住宅學報』,20(2):61-80。
    葉士郁、吳承曄、陳奉瑤,2015,「土地槓桿比率於基準地評價之實證分析」,『土地經濟年刊』,26:136-167。
    謝炘宏,2013,「房地分離下建物折舊路徑之探討」,『國立臺北大學不動產與城鄉學系碩士學位論文』,新北市。

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    Description: 碩士
    國立政治大學
    地政學系
    103257015
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G1032570151
    Data Type: thesis
    Appears in Collections:[地政學系] 學位論文

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