不動產投資客因應特種貨物及勞務稅實施後之投資偏好分析-以高雄市為例

A Study on Investment Preferences of Real Estate Investors after the Implementation of the Specifically Selected Goods and Services Tax Act-The Case of Kaohsiung City

吳明昌(Ming-Chang Wu)

指導教授 ： 謝博明

長榮大學/管理學院/土地管理與開發學系(所)/碩士(2015年)

https://doi.org/10.6833/CJCU.2015.00131

摘要

特種貨物及勞務稅(又稱奢侈稅)自2011年6月實施以來，各界對其打擊短期炒作不動產的成效褒貶不一，尤其對於不動產投資客的影響亦有不同的爭論。本文透過問卷訪查高雄市不動產投資客，探討投資客面對奢侈稅實施後的投資偏好的改變與因應措施，並利用次序羅吉特模型來分析這些偏好改變對投資不動產投資意願之影響。調查結果發現，因應奢侈稅的實施，超過七成的受訪投資客利用豁免條款，符合自用住宅規範或換屋方式來規避奢侈稅。而近五成投資客亦會調整投資偏好，選擇中總價、較小坪數、預售屋或是新的重劃區的不動產為投資標的。無法規避奢侈稅的受訪投資客超過七成選擇先租後售，另有七成的受訪投資客將奢侈稅轉嫁予買方而提高售價。
而實證結果發現，奢侈稅兩年的限制條款，造成投資成本增加，而影響投資意願程度最顯著，而年度投資不動產次數較多的投資客認為奢侈稅實施對其影響程度較小，仍然傾向較高程度的投資意願。投資客多次利用人頭且投資標的位於在重大建設附近地區者，則認為奢侈稅對其影響較小，仍然維持較高的投資意願。由上述結果可知，奢侈稅實施以來，對高雄市不動產投資客的影響有限，主因在於奢侈稅制定主要為抑制短期交易之不動產投資客，並以是否持有2年時間為課稅基準，而非以獲利與否為標準，本有其特殊政策意義，但卻又訂立豁免條款，政策實施初期僅造成短暫的成交量下滑，長遠看來卻無法達到預期效益，因此應考量其繼續實施的政策意義。

關鍵字

不動產投資客 ； 特種貨物及勞務稅 ； 投資不動產偏好 ； 次序羅吉特模型

並列摘要

After the implementation of the Specifically Selected Goods and Services Tax(so called Luxury Tax) in July 2011, there have been a lot of doubts about its impact on the speculation of real estate market and in particular, have strong arguments on its effect on real estate investors. This study interviews real estate investors in Kaohsiung City to explore investors’ responses and investment preferences after the implementation of the Luxury Tax. An ordered logit model is employed to analyze the impact on the investor’s willingness to invest real estates after the Luxury Tax. It was found that more than 70% of sampled investors used the exemption regulations to avoid the Luxury Tax. Nearly 50% sampled investors switched their investment preferences toward smaller, middle price properties or toward pre-sale properties or to choose new land readjustment areas. More than 70% of the investors who can’t avoid the Luxury Tax choose to let before selling their properties. Besides, 70% of sampled investors will pass the Luxury Taxes onto customers while selling their properties.
The model results show that the two-year transaction rationing has the most significant impact on reducing investors’ willingness to invest in real estates. Investors with higher education levels and having more experiences are more likely to remain higher investment willingness. Investors who use other persons’ entitlement and to invest in properties adjacent to important public constructions are more likely to have higher willingness to invest in real estates. Our results indicate that the implementation of Luxury Tax has little impact on real estate investors in Kaohsiung City. It is because Luxury Tax policy goals are properly set to slow down the transaction volume and with the two-year transaction rationing. It has achieved the basic goal but hasn’t come to its expected goal in the long run regarding the improvement of the speculation in real estate market. It is suggested that the government should consider the policy impact on continuous implementation of the Luxury Tax.

並列關鍵字

Real estate investors ； the Specifically Selected Goods and Services Tax ； real estate investment preferences ； ordered legit model

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