法拍屋次市場之競標行為研究

Bidding Behavior in the Foreclosure Sub-Market

法拍屋市場中，競標者的下標行為，決定於眾多的法拍屬性，因此分析各法拍屬性對於每坪價格影響將相當重要，尤其是臺灣法拍市場中特有的特徵屬性，如「點交與否」。本文之研究可解釋過去在研究房屋單價與面積之間呈現正、負相關兩種不同的現象。雖然，Zietzet al.（2008）及Shie & Chang（2010）提出分量迴歸相對於OLS的迴歸分析較為正確，本文亦同意此論點。但本研究發現，研究個別次市場的重要性比使用不同的分析方法還要來的重要，尤其是在不動產此類高差異性的市場之中，次市場的競標行為將因為在未妥善的區隔分析下而遭到扭曲，更甚而導致錯誤的競標行為，本文雖為研究拍賣市場，但亦提供了蒐尋市場在往後的分析上有更進一步的方法。

The behavior of bidders depends on the various attributes of foreclosure. Thus, the analysis of foreclosure attributes is critical to deriving a price per floor area, especially since the market for foreclosed houses in Taiwan has unique characteristics such as “with or without a final walkthrough＂. The results of this study can explain the contradictory results of positive and negative correlations between the price per floor area and floor area in previous studies but not in a submarket for foreclosed houses without a final walkthrough. Although Zietz et al. (2008) and Shie & Chang (2010) argued that quantile regression analysis is more accurate than OLS regression, the results of this study suggest that even a good analytical model will generate erroneous outcomes without appropriate market segmentation. Therefore, the importance of investigating sub-markets is more critical than that of using different analytical methods. In particular, in high-diversity markets such as the real estate market, the lack of appropriately segmented markets could result in distorted and even erroneous bidding behavior in sub-markets.