法拍屋拍定價格影響因素之實證研究

An Empirical Study on the Factors Influencing Auction Prices of Foreclosed Houses

楊毅文(Yi-Wen Yang)

指導教授 ： 林傑毓

長榮大學/管理學院/高階管理碩士在職專班(EMBA)/碩士(2012年)

https://doi.org/10.6833/CJCU.2012.00150

摘要

本文主要研究目的為針對法拍屋拍定價的影響因素進行實證研究，研究區域以台南市東區與永康區為研究範圍。本文蒐集2010年及2011年期間台南地方法院公開拍賣的透天住宅相關資料，並予以彙整分析，再應用特徵價格理論建立拍定價之複迴歸模型。根據個案實證研究結果，有關法拍屋拍定價的影響因素，以競標人數、拍次數、點交、土地面積、建物面積與臨接道路對法拍屋拍定價影響程度較為顯著。
本文亦發現台南市東區與永康區的中古屋市場成交價均高於同區同期間法拍屋拍定價，而且以東區的價差較高，所以投資客大部份以台南市東區的法拍屋為首要涉獵目標。進入法拍市場投資或自住，經實證研究分析，確有價差之利潤空間；而且拍賣個案若屬非常熱門標的，實證結果顯示有意參與投標者，在填單加價時必須以高於拍賣價30％的價格，才有機會標購取得。
實證結果亦顯示當法院執行不動產拍賣時，兩個區域的流標數佔年度拍賣筆數之百分比平均為16％，顯見現行制度處理法拍屋之開拍底價訂定，有一定比例之市場人士認為不合理。若要改善該缺失，唯有從制度面修改。因此，本文建議負責執行之公部門應讓法拍屋資訊更透明化，讓一般民眾瞭解法拍屋拍賣流程與可能存在的高風險性。

關鍵字

法拍屋 ； 拍定價 ； 特徵價格理論 ； 影響因素

並列摘要

The main purpose of this study is to explore the factors influencing pricing strategies for foreclosure properties. Data gathered from two districts (Yingcon and East District) in Tainan were analyzed. The sampled data derived mostly from house foreclosure auctions during 2010 and 2011. Based on the hedonic price theory, the collected data were analyzed by the multiple regression analysis. Research findings reveal that out of the proposed eight factors determine property value of a foreclosure, six were found to be significantly influential in the study. These factors include the number of bidders, the number of foreclosed, check list, land area, building area and contiguous road.
In both areas, the average price for used houses was higher than auctioned houses during the sampled year. The phenomenon was more prevalent in East District since the price difference was higher than Yingcon District. The foreclosure property market does provide profiting opportunities for both property investors and house buyers. The present result shows that to increase the chance to win a bid, investors have to fill out a bidding form with a 30% higher price than the minimum bid for the auction when they participate in the bid. Research findings reveal that the average percentage of failed auction is around 16%. This implies that the enforcement price is far from the expectation of the auctioneers in the market. A certain percentage of people think that the floor price of the foreclosed houses is not reasonable. Therefore, the government should correct the flaws in the law system, and help people understand the bidding process of foreclosed houses and the corresponding high risk.

並列關鍵字

Foreclosure properties ； Pricing ； Hedonic price theory ； Determinant factors

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