政府房市政策對中小型建築開發商經營影響之研究

近二年來，財政部將將遺贈稅最高稅率由50%調降到10%（2009年）及「海峽兩岸經濟合作架構協議」（E C F A）簽訂後，吸引大批在大陸經商有成的台商資金回流，加上美國兩度實施量化寬鬆貨幣政策，熱錢流竄至亞洲，造成我國股、房兩市在浮濫資金的推波助瀾下，漲勢凌厲。依據中央銀行100年12月統計資料顯示，我國房屋貸款與建築貸款餘額，分別約為五兆三千億元及一兆四千億元，雙雙創下歷史新高，其中建築貸款餘額，首度突破一兆四千億元，比起前一年同期，更增加近一千三百億元。為穩定房地產市場發展，避免房地產價格泡沫化，中央銀行及財政部相繼推出對房地產市場的管制措施，如選擇性信用管制、奢侈稅、不動產實價登錄等，加上這幾年房地產景氣回溫，住宅貸款與企業建築貸款餘額屢創新高，引爆銀行法第72-2條對銀行放款的限制，這些政策對房地產市場交易產生衝擊，也對中小型建築開發商未來的經營策略與方向，有舉足輕重的影響。本研究主要在探討建築開發商在建築規劃與興建過程中，除要因應經濟景氣變化與財務槓桿操作風險外，政府政策的改變與法規的限制，常讓建商在經營上吃足苦頭。建商要如何利用有限資源，配合政府房市政策與改變經營策略，才能讓企業穩健經營，進一步獲得消費者的肯定，有賴建商明智的抉擇。

關鍵字

選擇性信用管制；奢侈稅；不動產實價登錄；房地產泡沫化

並列摘要

The inheritance tax will be cut from 50% to 10% (2009) maximum by Ministry of Finance for the next two years. The reason might attract a large number of businessmen and reflux of capital after "Cross-Strait Economic Cooperation Framework Agreement" (ECFA) has signed. In addition, the United States had twice implemented an easy money policy. It caused hot money flown to Asia and the price soared in our share and house. Taiwan’s housing loans and the balance of construction loans were about five trillion 3000 billion and one trillion 4000 billion NT dollars. They both recorded high, and construction loan balance exceeded one trillion 4000 billion for the first time. In Comparison to the same period a year earlier, and it increased for about 1,300 billion. The Central Bank and the Ministry of Finance launched the real estate market control measures in order to stabilize the real estate market trends and avoid the real estate price bubble. For example: selective credit control, the luxury tax and the value of the real estate registration. Detonation of section 72-2 of the Banking Act restrictions on bank lending had the impact on the real estate booming and the residential and construction loans hitting the high record in the past few years. The impact of these policies on the real estate market transactions also has a significant impact on future business strategy and direction of the small and medium-sized building developers. This study aimed to explore the building developers in building planning and construction process in order to response to change in economic prospects and financial leverage risks. The changing in government policy and regulatory constraints often gave the builders business a hard time. Builders need to know how to use limited resources to meet the need of the government policy of the housing market and make the difference in business strategy. The point is allowing enterprises to operate prudently, and the consumers certainly depend on the wise choice of builders.