選擇性信用管制政策 對管制區及非管制區內不動產價格及成交量之影響以台北市、台中市及高雄市為例

The Impact of Selective Credit Controls Policy On Price and Quantity for Real Estate Markets in Control and non-Control Areas-Case of Taipei City, Taichung City, and Kaohsiung City

楊宗樺(TSUNG-HUA YANG)

指導教授 ： 李瑞琳 ； 張阜民

朝陽科技大學/管理學院/財務金融系/碩士(2016年)

摘要

本研究主要是探討中央銀行實施信用管制政策對於管制區及非管制區房地產之價格與成交量之影響，進而檢視信用管制措施對不動產市場的抑制效果與是否造成資金移轉效果。本研究分別從時間及區域方向進行探討，並針對買賣單價、買賣單價變動率、買賣件數及買賣件數變動率等四個變數在信用管制政策實施前後二年(即097Q3~099Q2;099Q3~101Q2)進行差異性檢定，並分析檢視「管制地區-以台北市為例在信用管制措施實施前後」之政策實施效果及於管制地區實施信用管制後是否造成資金移轉至非管制地區投資不動產的移轉效果（以台中市、高雄市為例）。
實證結果發現，管制區域內的台北市地區，不動產成交量已程現萎縮之情況，而交易價格雖仍上昇但其變動率已有減緩之趨勢，顯見中央銀行之信用管制措施確有抑制之效果，此外，信用管制措施實施後，確有使非管制區內的不動產價格及成交量呈現上昇趨勢，尤以台中市之中、低價位區位影響較大，顯示應有資金移轉至非管制區內投資不動產之情形發生。

關鍵字

抑制效果 ； 成交量 ； 房地產價格 ； 選擇性信用管制措施 ； 區位價格 ； 資金移轉

並列摘要

The present study was to examine the implementation of major central bank credit control policies for the impact of price control areas and non-regulated area of real estate and the volume, and then view the credit control measures on the real estate market and the effect of suppressing the transfer of funds is causing the effect. From the time of this study were to explore and regional direction, and four variables for the sale price, the sale of the unit price rates of change in the number of trading members and trading members before and after the number of rate changes in the credit control policy implementation for two years (ie 097Q3 ~ 099Q2; 099Q3 ~ 101Q2) to differentiate between test and analysis view "control Region - a Case Study in Taipei before and after implementation of credit control measures," whether caused by transfer of funds to non-regulated areas of real estate investment after the implementation of credit control and the implementation of policies in effect control area transfer effect (in Taichung, Kaohsiung, for example).

The empirical results show, Taipei Area Control area, real estate turnover has now shrinking process conditions, and the transaction price trend, though still slow down its rate of change has been the rise but, showing that the central bank's credit control measures to ensure the effective suppression of in addition, after the credit control measures implemented, so that indeed the real estate prices and volume of non-controlled zone on the rise, especially among Taichung, low-cost location greater impact, should show transfer of funds to non-regulated the case of real estate investment areas occur.

並列關鍵字

inhibition ； volume ； eal estate price ； selective credit control measures ； location price ； funds transfer

參考文獻

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