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| Title: | 資訊透明化對房市的影響: 以台灣實價登錄1.0與2.0政策為例
The Impact of Information Transparency on the Real Estate Market: Evidence from Taiwan’s Actual Price Registration 1.0 and 2.0 Policies |
| Authors: | 何冠融
Ho, Kuan-Jung |
| Contributors: | 陳明吉
Chen, Ming-Chi
何冠融
Ho, Kuan-Jung |
| Keywords: | 資訊透明化
房市
不動產實價登錄制度
市場效率
迴歸不連續設計
Information Transparency
Real Estate Market
Actual Price Registration (APR)
Market Efficiency
Regression Discontinuity Design (RDD) |
| Date: | 2025 |
| Issue Date: | 2025-07-01 14:51:49 (UTC+8) |
| Abstract: | 台灣長期以來因不動產資訊不透明，導致市場參與者難以取得真實價格資訊，進而影響資產定價與市場效率。為改善資訊不對稱，政府自2012年起推動實價登錄1.0政策，首次揭露不動產交易價格；2021年再推出實價登錄2.0，進一步強化門牌、地號與預售屋等資訊的揭露內容，以提升市場透明度。本研究以資訊透明化政策為理論基礎，探討兩階段實價登錄政策對房價、讓價空間（成交價與開價之差距）與銷售天數等市場效率指標之影響，並採用迴歸不連續設計（RDD）分析政策實施前後的市場反應。實證結果顯示，實價登錄1.0政策實施後房價反而上升、讓價空間僅顯著縮小約1%；市場銷售天數則未見顯著改善，顯示揭露內容侷限與執行力不足可能降低政策效果；相對地，實價登錄2.0政策具備更完整的資訊揭露與法律強制力，實施後房價顯著下跌約7.5%、銷售天數平均縮短約96天，雖讓價空間的效果變得不那麼顯著，但這可能是因為賣方在政策上路前已預期資訊透明度將提高，因而調整開價策略，提前反映未來市場條件，導致成交價與開價之間的差距未再進一步縮小。整體而言，本研究顯示高品質且具強制力的資訊揭露政策有助於提升市場透明度、促進理性交易與價格發現，研究成果除提供資訊透明化政策效果之實證驗證，亦可作為未來政策優化之參考。
The Taiwanese real estate market has long suffered from information asymmetry, making it difficult for market participants to access accurate price data and weakening pricing efficiency. To address this, the government launched the Actual Price Registration (APR) 1.0 policy in 2012, introducing the first public disclosure of transaction prices. In 2021, the APR 2.0 policy was implemented, further enhancing transparency by requiring the disclosure of detailed addresses, parcel numbers, and presale information. This study examines the effects of both policies on market efficiency, focusing on transaction prices, concession, and days on market, using a Regression Discontinuity Design (RDD). Results show that following APR 1.0, housing prices increased unexpectedly, while concession decreased slightly by 1%, and days on market showed no significant improvement, indicating limited policy effectiveness due to weak enforcement and narrow disclosure scope. Under APR 2.0, housing prices fell by 7.5% and days on market declined by about 96 days, suggesting stronger transparency and market response. Although the reduction in concession became statistically weaker, this may be due to sellers adjusting their listing price strategies in anticipation of greater price disclosure, leading to a smaller visible price gap. These results show that high-quality information disclosure enhances market transparency, supports rational transactions, and facilitates price discovery. The findings provide empirical evidence on the effectiveness of transparency policies and offer guidance for future policy improvements. |
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| Description: | 碩士
國立政治大學
財務管理學系
112357025 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0112357025 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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