受污染工業土地之風險、污名與價值：美國經驗的啟示Risk, Stigma and the Value of Contaminated Industrial Land - US Lessons for Taiwan

民國八十九年土壤及地下水污染防治法的施行，宣示了政府對於土地污染問題的重視。回顧美國發展歷程，土地污染不僅涉及工程、法律等專業知識，污染土地價值的估算也逐漸引起重視和討論。對於污染問題的重視以及銀行、法院相關證據的要求，促成美國污染土地估價觀念與技術的發展。相對地，雖然汙染土地問題嚴重，臺灣對於污染土地價值的討論並不多見。本文首先回顧美國污染土地估價的演變，接著探討臺灣美國無線電公司個案，以了解美國經驗在臺灣的適用性。本文分別應用成本法以及艾伍德收益法，推估此污染土地之成本價格，以及總收益資本化率。這樣的歷史回顧與個案分析，顯示了美國經驗的可用性與限制性。我們也認為，污染土地應該被視為污名化不動產的一部份。這類不動產的價值估算，長期忽略了污名的概念，這也代表未來污染土地估價在理論與操作上的迫切性。
關鍵詞：污染土地估價、污名、認知風險

The appraisal of contaminated land is needed not only for loan purposes but also for litigation evidence. In contrast to the US, and in spite of its significance, very little attention has been paid to the appraisal perspective of land contamination in Taiwan. The US experience suggests that cost, income and comparison approaches all have their respective merits. Cost and income approaches were mostly seen in the early applications, but the comparison approach has later gained momentum. The cost approach and the Ellwood method are applied in this study to value the severely contaminated RCA site. Monte Carlo simulation is also employed to consider the price effects of associated risk. The resulting capitalization rate is close to that experienced in the US. We argue in the conclusion that contaminated land is only part of the wider stigmatized property problem, and accordingly call for more attention to be paid to the valuation of contaminated land.
Key words: contaminated land, stigma, perceived risk