以投資及特徵觀點對預售屋價格評估模式之探討

The Valuation Model of the Pre-Sales House from the Investment and Hedonic Point of View

陳俊合(Chun-Ho Chen) ； 謝潮儀(Chao-I Hsieh)

《中原學報》 27卷2期 (1999/06) Pp. 135-143

https://doi.org/10.6358/JCYU.199906.0135

摘要

國內自史綱（1 992）於無套利市場均衡情況下推求預售屋之訂價模式後，陸續有若干文獻探討，然皆在預售屋與成屋間具相同品質（特徵）之假設情況下加以推導。因房地產屬異質性產品，具獨特性、唯一性及不可替代性，沒有兩棟房屋之品質（特徵）是完全相同，故此假設條件在真實房屋市場中並不存在。
本文之目的即放寬此假設條件加以討論，藉由投資及特徵觀點導入預售屋與成屋間之特徵價差亦為評估預售屋價格時之重要影響因素，以使預售屋之價格評估模式更符合真實之房屋市場，並對以往模式之推導提出修正與延伸。關鍵詞：預售屋，套利，市場均衡，價格評估模式。

關鍵字

預售屋 ； 套利 ； 市場均衡 ； 價格評估模式

並列摘要

Since Shih (1992) deduced the pricing model of the pre-sales house under no-arbitrage market equilibrium condition, there are several literatures studying in relative topics about the pre-sales house afterward. All of them investigate the pricing model of the pre-sales house on the assumption that there are same qualities (attributes) between the pre-sales house and the existing house. Because real estate is a heterogeneous good with specialty, uniqueness and no-substitute, none qualities (attributes) of two houses are thoroughly the same. So that assumption doesn’t exist in real housing market.
The purpose of this paper is to discuss the change of the pricing model under relaxing that assumption. From the investment and hedonic price differences viewpoint, we deduce that hedonic attributes are important influential factors of the pre-sales house price. On basis of the results, the valuation model of the pre-sales house is not only more suitable for the real housing market, but also rectifies and extends relative pricing models.

並列關鍵字

Pre-sales House ； Arbitrage ； Market Equilibrium ； Valuation Model.