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| Title: | 房地價格上漲率與其宗地價格上漲率之比率對不動產價格的影響
The effect of the ratio of estate price increase rate and its land parcel price increase rate on real estate prices. |
| Authors: | 黃先智
HUANG, HSIEN-CHIH |
| Contributors: | 林左裕
黃先智
HUANG, HSIEN-CHIH |
| Keywords: | 房地價格上漲率與其宗地價格上漲率之比率
土地槓桿比率
房價
地價
房價變動率
地價變動率
The Estate Price increase to Land Parcel Price increase ratio
Land Leverage
Real Estate Price
Land Price
Real Estate Price Increase Rate
Land Price Increase Rate |
| Date: | 2022 |
| Issue Date: | 2022-03-01 17:45:52 (UTC+8) |
| Abstract: | 不動產價格的決定應同時取決於不動產的供給與需求，而不動產供給價格彈性大小與不動產市場價格變動具有緊密聯繫。Bostic et al.(2007)提出土地槓桿假說：「不動產為土地與建物的結合，其土地槓桿比例(Land Leverage Ratio，土地總價占房地總價之比值)等於房地價格上漲率扣減建物價格上漲率再除以土地價格上漲率扣減建物價格上漲率之比率。因而認為不動產價格的變動主要源自土地之影響，其土地槓桿比例越高者，其不動產價格變動幅度越大」。但，本論文認為土地槓桿假說有些許不完美之處，從而運用供給價格彈性的理論以房地供給價格彈性及其宗地供給價格彈性之比，推導出房地價格上漲率與其宗地價格上漲率之比率(ELR)來取代土地槓桿假說，以解釋影響不動產價格發生變動之諸現象。
本論文以縣市合併前的原臺中市及沙鹿區作為研究範圍，採用2012年至2017年之不動產實價登錄資料中結構為鋼筋混凝土造之透天厝交易案例進行實證，計算個案房價變動率與ELR，並將房價及房價變動率作為被解釋變數，ELR作為解釋變數，透過複迴歸模型進行分析。研究結果指出，ELR對房價及房價變動率在景氣繁榮期確有顯著的影響，而在景氣衰退期就不甚明顯。另，在都會地區與鄉村區方面，ELR對房價及房價變動率的影響，在原台中市比沙鹿區影響更為顯著。
此結果說明，台中地區於景氣繁榮期ELR對房價及房價變動率，不論是都會地區或鄉村區均存在顯著的影響現象。
The price of real estate should be determined by the supply and demand of real estate, and the price elasticity of real estate supply is bound up with the price change of the real estate market. Bostic et al. (2007) proposed the Land Leverage Hypothesis, “Real estate is a combination of land and buildings, and the formula of land leverage ratio (the ratio of total land value to total real estate value) is as follows: (the real estate price increase rate - the building price increase rate) ÷ (the land price increase rate – the building price increase rate). Therefore, it is believed that changes in real estate prices are mainly influenced by the land, and the higher the land leverage ratio, the greater the changes in real estate prices." However, the author deems that the land leverage hypothesis is somewhat imperfect and employs the price elasticity of supply to deduce the Estate price increase to Land parcel price increase Ratio (ELR) based on the ratio of real estate supply price elasticity and land supply price elasticity to replace the land leverage hypothesis to explain the phenomena affecting the change of real estate price.
Taking the original Taichung City and Shalu District before the merger as the research targets, this study explored the housing transaction cases with reinforced concrete structure in the Actual Price Registration of Real Estate Transactions data from 2012 to 2017 for empirical analysis, calculated the house price change rate and ELR of the case, took the house price and house price change rate as the explained variable and ELR as the explanatory variable, and analyzed them with the multiple regression model. The research results indicate that ELR has a significant impact on house prices and house price change rate in the boom period, but the impact is not apparent in the recession period. Besides, in urban and rural areas, the impact of ELR on housing prices and the rate of change in housing prices is more significant in original Taichung City than in Shalu District.
The results show that ELR has a significant impact on housing price and housing price change in Taichung City during the boom period, no matter in urban areas or rural areas. |
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四、網頁資料
勞動價值論，網址：https://zh.wikipedia.org/wiki/勞動價值理論。
貨幣中立說，網址：https://zh.wikipedia.org/wiki/貨幣中立性。 |
| Description: | 碩士
國立政治大學
地政學系碩士在職專班
107923015 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0107923015 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202200260 |
| Appears in Collections: | [地政學系] 學位論文
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