| Summary: | 碩士 === 國立成功大學 === 財務金融研究所碩士在職專班 === 104 === In order to suppress rising house prices, in recent years the government has launcheda number of policies with a good intention to improve the issue of living in people'slivelihood. These policies include: a levy of luxury tax for short-term sale of non-owner-occupied real estate within two years of acquisition, construction of affordablepublic housing, stopping the auction of state-owned land in Taipei, selective creditcontrols, completion of real estate transaction price login within 30 days, etc., but thepractical results are limited. This study explores the impact of domestic capital onhouse prices. The house price index is based on the Greater Taipei monthly index ofSinyi Realtor Inc., the general investors’ capital which is the Taiwan stock market’sturnover minus the turnover of the three major types of institutional investors, and theapproved amount of capital from mainland China. The relationship among the three isthen found with the vector auto-regressive model (VAR). The empirical results showthat house prices are affected by the capital from mainland China, and the generalinvestors’ investment in the stock and the housing market will not cause a crowding-out effect. We therefore propose that the government’s implementation of housingpolicies can target the flow of funds.
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