| Summary: | 碩士 === 國立高雄大學 === 金融管理學系碩士班 === 105 === Taiwan housing market from the rapid development of the seventies so far, experienced economic take-off, led house prices continued to grow up, during which there have been financial turmoil, financial reform makes housing prices frustrated, the housing market downturn. Real estate market price changes not only affect by real estate market itself, but also what the change of the macroeconomics factors brought about, and because of the heterogeneity of real estate, the use of quantile regression model can analyze the impact of factors under different quantile.
This study found that Xinyi house prices index of Taipei has more significant results under different quantile, among which the unemployment rate has a significant negative effect on the house prices of Taipei under low to medium quantile, and it is inferred that the low prices real estate of Taipei are related to the unemployment, high prices real estate may be foreign investment. The stock price index of Taipei house prices has a significant positive effect under high quantile, which can be speculated that high prices real estate of Taipei are more likely to attract stock market investors to invest in the injection. Xinyi house prices index of Taipei has more significant results than other regions , the most multipul factors in house prices. We also found that the loan interest rate is the main factor affecting Cathay house prices index, this result is similar to Cheng Tsai-Ching (2012) and Chen Yi-Tsai (2014), low loan interest rate may reduce the willingness, that the public buy pre-sale house, then turn to the existing house market, resulting in pre-sale house prices fell.
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