臺灣法拍屋之拍定價格與面積關係之探究An Investigation of the Relationship between the Final Bid Price and Floor Area of Foreclosed Properties in Taiwan

法拍屋市場中，每坪單價為競拍者重視之變數，本文以分量迴歸進行研究，探討法拍屋每坪單價與建坪面積之關係。實證結果發現，於台北地區之法拍市場，當每坪單價較低時，坪數與每坪單價呈負相關，而每坪單價較高時，則出現當坪數愈大，每坪單價愈高之結果。於台中、高雄地區之法拍市場，則皆符合邊際效用遞減法則。在檢視樣本特性後，本文進一步發現：當房屋每坪單價高於某一水準時，面積與每坪單價之關係為正相關，此可能與法拍屋購買人預期未來將會轉售法拍屋，而以不動產供給者角度決定其出價策略，為極大化其利潤，而採數量溢價訂價，此發現有助於競拍者制定其出價決策。
關鍵詞：法拍屋、數量溢價、分量迴歸

In property auction markets, the price per ping (the unit of area in Taiwan) is a significant factor for bidders. This research paper discusses the relationship between the price per ping and the total floor area of the property using quantile regression. The empirical results show that for the property auction market in Taipei, a negative correlation existed between the floor area and the price per ping when the average price per ping was relatively low. However, when the average price per ping was higher, the opposite occurred, so that the larger the floor area, the higher the price per ping. On the other hand, for the property auction market in Taichung and Kaohsiung, the results conformed to the law of diminishing marginal utility. After inspection of the sample characteristics, the research results show that as the price per ping reached a certain level, a positive correlation was displayed between the floor area and the price per ping. A likely reason for this outcome was that bidders expected to resell the foreclosed properties in the near future. Bidders decided the bidding price from the perspective of the fixed asset providers. The bidders employed quantity premium pricing in the hope of maximizing profits. The results of this research are a useful source of reference to auction bidders when deciding the bid price.
Key words: foreclosed houses, quantity premium, quantile regression