不動產抵押貸款擔保品估價行為之研究

An Investigation into the Factors Influencing the Appraisal Behavior for Real Estate Mortgage Collateral

當不動產抵押貸款擔保品的估值不合理，超額貸款將會引起銀行的損失，對估價師也有道德風險，因此估價師的估價工作十分重要。本文透過深度訪談了解不動產估價師與放款業務員的互動關係；其次，參考過去文獻提出影響不動產估價師修改估價結果的假說。本研究利用問卷蒐集估價師個人屬性、市場資訊來源、修改估值情境及估價師事務所與銀行之間依存關係等資訊，運用次序羅吉特模式進行實證分析。研究結果顯示估價師估價年資較長者與以個人經驗為重要的資訊來源者較不容易大幅度修改估值。當銀行對估價師事務所收入影響大者或銀行與估價師事務所案件依存度大者，估價師會大幅度的調整估值。年資經驗與收入壓力是影響估價師對擔保品估價行為的重要因素。

If the value of real estate mortgage collateral is estimated improperly, the bank will incur costs and the appraiser will suffer from moral hazard. In this respect, rational appraisal behavior is considered to be extremely important. This study explores the interaction relationships between appraisers and mortgage brokers by means of qualitative interviews and advances some hypotheses regarding the factors influencing the appraisal behavior related to real estate collateral. Furthermore, we conducted a quantitative questionnaire survey where all the licensed appraisers in Taiwan were invited to participate, and the response rate was 53.125%; through the survey, we collected data on the appraisers' characteristics, their market information sources, the situations or conditions which affected the ways in which the appraisers adjusted the estimated values and the dependent relationships between the banks and appraisal firms. In the current research, the Ordinal Logit Model was adopted to analyze the factors that influenced the appraiser's determination of the range of adjustment for the estimated valuations. There are at least three findings obtained from this study: (1) if senior appraisers have richer experiences and determine the valuations based mainly on their own experiences, they are unlikely to greatly adjust the valuations of real estate mortgage collateral; (2) when the valuation cases significantly influence the appraisal firms' revenues, there is a higher probability that the appraisers will adjust the estimated valuations; and (3) the higher that the degree of dependence between the appraisal firms and the banks is, the more probable it is that the appraisers will greatly adjust the estimated valuations. Apparently, the appraisal experience and the pressure to generate revenues are the most significant factors which affect the appraisal behavior in relation to real estate mortgage collateral.