| Summary: | 碩士 === 國立臺灣大學 === 經濟學研究所 === 95 === The real estate market abounds with many kinds of nominal housing price, and that leads to difficultly identify the differences between quality change and pure price change. In order to have the information transmitted fluently and the sound industry development, the relevant housing indexes were announced regularly by Sin-Yi Realty Inc. and Cathay Real Estate Development Co., ltd.. in 1984 and 2003 respectively. But it is a pity that the Sin-Yi housing index is limited by the number of transaction cases, and it contains only the second-house infomation. Similarly, the appliance and object of the Cathay RED housing index, are mainly from the new-house infomation, and significantly different from that in the second-hand market.
Subject to meeting the definition of Pillar I qualified residential real estate collateral, as Basel II: International Convergence of Capital Measurement and Capital Standards: a Revised Framework in June 2004, the bank is expected to monitor the value of the collateral on a frequent basis and at a minimum once every year. Statistical method of evaluation (e.g. reference to house price indices, sampling) may be used to update estimates or to identify collateral that may have declined in value and may need re-appraisal. The main purpose in the thesis is not only to meet the requirement for recognition of the risk management, but also to improve the bank’s marginal benefit.
Hedonic price method is based on the realization that some goods (e.g. house) of factors of production are not homogeneous and could differ in numerous characters. In the traditional theory, goods are regarded as the direct object to utility. The characters from the goods which are considered to represent the homogeneous economy variables must be generally accepted and revealed the information from both parties. With the above background, the purpose of this thesis is to construct housing price index by examining the functional relationship between the housing prices and their attributes. The attributes must take specific characters into account, for example, size, floor, age, accessibility … etc.. The estimated housing price is then calculated for the weighted housing index, and it is compared with the announced housing index in the market. By using the internal database, any moderate bank may utilize this housing price index model constructed by the thesis to meet the requirement of the risk management and the evaluation of the housing price appraisals.
In this thesis, We try to use Hedonic Price Method (HPM) to get the implicit prices of the residential attributes. We could express the trend of the change in the housing price on the basis of controlling the quality of the residential attributes from the idea of typical-house. By taking the second season in 2004 as a base quarter, and to compare with the housing price index announced regularly by Sin-Yi Realty Inc., it showed that both have the same trend. And it implies that the housing price index from the empirical model seems to have a leading effect on the turning point judging from the graph of periods. In pooled cross-section data structure, it is discovered that the percentage change is almost 30% in the third quarter of 2006, which exceeds the new-house rising rate by the Cathay RED housing index. These phenomena are the results from the policy that limits the credit loan and transactions heavily focused on the A-class section in Taipei.
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