嫌惡性風水對商用不動產價格影響之研究An Estimation of the Impact of Unwanted Fengshui on the Prices of Commercial Real Estate in Taiwan

本研究目的主要是希望能夠找出不同的風水因子對商用不動產價格產生的影響。與以往不同的是，本文是針對風水對商用不動產價格的影響，其中包括路沖、鄰近高架橋、鄰近神壇或廟宇和無尾巷等。本研究依據分量迴歸模型以及特徵價格理論，並採用台灣某民營銀行所提供2002年2月到2007年12月台灣實際的交易價格資料，實証結果發現，四項風水因子皆對商用不動產價格產生負面影響，其中路沖、鄰近神壇或廟宇以及無尾巷等對高價位的商用不動產負面影響程度較大。其次，與對一般住宅價格影響相比較，相同的四項風水因子對於商用型態的負面影響程度較大。最後，路沖對於店面、辦公室、住辦合用價格都會產生負面影響，而且隨房價越高，折扣幅度越大。

關鍵詞：商用不動產、風水、分量迴歸

The purpose of this study is to estimate the impacts of some key fengshui factors, including luchung, being near a viaduct, being near a shrine or a temple, or being located in a dead-end road, on the prices of commercial real estate in Taiwan. We applied a quantile regression to estimate the different impacts of fengshui on commercial real estate with different prices. Using a data set from one of the largest private banks in Taiwan with the transaction prices for 10,993 units of commercial real estate, we found that each of the four types of fengshui has a negative impact on the price of commercial real estate in Taiwan, where luchung, being near a shrine or a temple, or located in a dead-end road each have a greater impact on commercial real estate as reflected by higher prices. Compared to the impact for residential buildings, the impact on commercial real estate is more pronounced. Finally, luchung, a factor that some businessmen might like owing to the real estate’s superior location, still has a negative impact on commercial real estate in Taiwan.
Key words: commercial property, fengshui, quantile regression