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    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/48964

    Title: 法拍屋底價訂定偏誤對拍定價格的影響
    The effect of the mispricing of foreclosure list price upon selling price
    Authors: 許舒婷
    Hsu,su ting
    Contributors: 姜堯民
    Chiang,yao min
    Hsu,su ting
    Keywords: 底價訂定偏誤
    the mispricing of foreclosure list price
    hedonic model
    Date: 2009
    Issue Date: 2010-12-08 01:54:22 (UTC+8)
    Abstract: 法拍屋市場已成為台灣重要的購屋管道之一,然而房地產為異質商品,其價格受到品質差異的影響很大。其中法拍屋底價的訂定方式和一般房屋不同:拍賣底價由公定房屋估價人員根據區域資料使用特徵價格理論方法先訂出初估價格,再與債權人、債務人三方協商討論而訂定。故本論文加入「定價偏誤」因子,以特徵價格模型探究民國八十九年至九十一年間影響台北縣市法拍屋拍定價格的各項因素及影響程度,並得出如下之結論:
    1.影響台北縣市法拍屋拍定價格的顯著因子及影響幅度為:定價折價程度(影響幅度0.9798%)、總建物面積(影響幅度0.4709%)、土地持分價格(影響幅度0.4838%)、拍次(隱含價格-17.0308萬元)、競標人數(隱含價格7.611萬元)、房屋現況(非空屋)(隱含價格-18.950萬元)、房屋現況(出租)(隱含價格40.501萬元)、車位(隱含價格80.772萬元)、點交(隱含價格8.8073萬元)、建材(隱含價格69.748萬元)、建物型態(一樓) (隱含價格648.856萬元)、建物型態(大樓) (隱含價格674.94萬元)、建物型態(公寓) (隱含價格464.385萬元)、建物型態(透天) (隱含價格516.971萬元)、房價指數(隱含價格-8.888萬元)、區位變數(台北市) (隱含價格80.429萬元)。
    Real estate properties are real assets that can produce goods and service in the economy. Among them, the foreclosure market has become an imperative means to acquiring a house. The auction market in Taiwan is composed of non-performing assets. They’ll have a discount up to 20% in every action. Is this a really good target to invest? In fact, houses are heterogeneity assets; they can only be estimated correctly by controlling of variables such as location variables and the physical condition of the property. Moreover, the listing price of foreclosure is quite different from that of an ordinary house. It is first calculated by appraisers, and the final listing price is obtained by the negotiation of the court, creditor and debtor. Thus, there could be mispricing of list price, and this mispricing is expected to have an impact on the selling price.
    This study applies Hedonic model and uses data from year 2000 to 2002 of Taipei City and Taipei County to examine the effect of these physical and foreclosure elements on the selling price of foreclosure and thus reach the following conclusions:
    1.All the foreclosure and physical condition variables are remarkable in our sample, as well as the location variable. They are degree of underpricing, total building area, holding land price, the bid times, numbers of bidders, current status of this building, parking space, situation of handing over item by item, building material, object type, housing price index and location.
    2.It shows that holding land price(+),numbers of bidders(+),parking space(+),situation of handing over item by item(+) have greater influence on the foreclosure selling price in Taipei city while total area(+),number of auctions(-), material used(+),object type, and housing price index(-) weight more on the selling price in Taipei county.
    Reference: 一、中文文獻
    3.王宋民(1999),都會地區房價之特徵價格分析- 以台北市信義區為例,國立臺灣大學農業經濟學研究所碩士論文。
    1.Anglin,P.M.,Rutherford R.,Springer T.M. ,The trade-off beteen the selling price of residential properties and Time-on-the-market: the impact of Price setting, Journal of Real Estate Finance and Economics, 2003,26:1,95-111.
    2.Bailey, M.J., R.F. Muth and H.O. Nourse,A Regression Method for Real Estate Price Index Construction, Journal of the American Statistical Association, 1963, 58, 933-942.
    3.Carroll, T, T. Clauritie and H. Neill, Effect of Foreclosure Status on Residential Selling Price: Comment, Journal of Real Estate Research, 1997, 13:1, 95-102.
    4.Forgey, F.A., R.C. Rutherford andM.L. VanBuskirk, Effect of Foreclosure Status on Residential Selling Price. Journal of Real Estate Research, 1994, 9:3, 313–318.
    5.Frew, J. and G. Jud.,Estimating the Value of Apartment Buildings, The Journal of Real Estate Research , 1994,25:1,77-86.
    6.Hardin,W.G. and M.L.Wolverton, The Relationship between Foreclosure Status and Apartment Price, Journal of Real Estate Research, 1996, 12:1, 101–109.
    7.Pennington and Cross,A.,The Value of Foreclosed Property, Journal of Real Estate Research, 2006, 28:2,193-214.
    8.Sherwin Rosen,Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition,The Journal of Political Economy, 1974,Vol. 82, No. 1, pp. 34-55.
    9.Shilling, J.D., J.D. Benjamin and C.F. Sirmans, Estimating Net Realizable Value or Distressed Real Estate,Journal of Real Estate Research, 1990, 5:1, 129–139.
    10.Sirmans, G.S., D.A. Macpherson and E.N. Zietz,The Composition of Hedonic Pricing Models, Journal of Real Estate Literature,2005,13:1, 3–43.
    11.Wolverton, Marvin L, Senteza, and Jimmy, Hedonic estimates of regional constant quality house prices, Journal of Real Estate Research, 2000,19:3, 235-254.
    Description: 碩士
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0097357013
    Data Type: thesis
    Appears in Collections:[Department of Finance ] Theses

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