空间外部性、交易成本与市地重划对住宅土地价格影响之研究－台南市的.PDF

23 50 JOURNAL OF HOUSING STUDIES, VOLUME 17 NO. 1, JUNE 2008 學術論著 ∗ The Impact of Spatial Externalities, Transaction Costs and Land Readjustment on Residential Land Prices - Evidence from Tainan City* ** Ching-Min Tseng** 摘　要 Box-Cox Box-Cox 關鍵詞：市地重劃、交易成本、空間外部性、特徵價格模型、空間計量分析 ABSTRACT This paper mainly assumes that land readjustment can reduce transaction costs in terms of the spatial externalities from developers’ behavior and the institution of land readjustment. Finally, this effect will be reflected in the residential land prices. To test this hypothesis, I apply spatial econometric analysis and geographic information systems based on the Box-Cox hedonic pricing model. The data are selected from newly-built residences from between 1991, 1996 and 2001 in Tainan City in Taiwan. Empirically, I find that the spatial error Box-Cox model is appropriate for engaging in spatial externalities analysis. This is because the results show that land readjustment gives rise to positive spatial externalities on residential land prices and the marginal price of residential land in areas where land readjustment takes place is also positive. The effects of developers’ interactions give rise to positive spatial externalities but these change to negative spatial externalities in relation to residential land prices in the long term. Finally, land readjustment as implemented by the government really does contribute to reducing uncertainty in the land development process, and also reduces transaction costs between construction practitioners and landlords. Key words: land readjustment, transaction costs, spatial externalities, hedonic pricing model, spatial econometric analysis (本文於2007年7月4 日收稿，2007年12月14日審查通過，實際出版日期2008年6月) * 作者非常