| 中文摘要 |
產品異質、交易稀少與資訊缺乏等特性，使得不動產價格之決定相對複雜。採實驗方法的多篇研究指出，專業人員（估價師）以及市場參與者（買賣雙方）都會嘗試以某些較易取得的價格資訊作為定錨點，並據此調整出價或回價，最後決定成交與否以及成交價格。在相關價格資訊中，標的不動產之前次取得價格被視為非常重要的定錨點。也就是說，出價與回價的決定，甚至最後的市場結果，都受到此定錨點的影響。臺灣法拍屋拍定價格長期低於市場價格，而且法拍屋市場中也存在相當比例的投資者。基於上述的觀察，我們認為法拍屋拍定價格應該會在法拍屋之後轉售時產生定錨效果，進而使得轉售價格低於它們的預期市場價格。法拍屋轉售以及一般不動產重複交易的獨特資料，讓我們可以驗證這個推論。實證結果發現，法拍屋轉售價格與它們的預期市場價格間並無顯著差異；也就是法拍屋拍定價格對於其後之轉售價格並不存在定錨效果。雖然如此，對於法拍屋專業人士的訪談顯示：相當比例的投資者，刻意隱瞞標的不動產原本為法拍屋的資訊，試圖降低買方的議價能力。價格資訊的隱瞞，可能是定錨效果不明顯的原因之一。
Product heterogeneity, infrequent sales and scant information, among others, all contribute to the complex pricing process of a property transaction. A series of studies that adopt the experimental approach have examined this process. It is suggested that both professional appraisers and sellers and buyers take account of available price information in their valuation and in determining their offer and counteroffer prices. Among those referred price information, the previous purchase price of a subject property appears to be the dominant one. In other words, the previous purchase price has acted as an anchor for consequent price negotiation. The price of foreclosed properties is constantly proven to be substantially lower than that of otherwise similar properties. Based on the above observation, we propose a hypothesis for empirical testing. The price of foreclosed property will exert anchoring effects that results in a lower subsequent resale price in the normal market compared to other similar properties. This hypothesis is not supported by our data. The interviews with professional investors in foreclosed properties, however, show that a significant percentage of the interviewees deliberately hid the information from the buyers that the subject property was purchased from a foreclosure. They hope to maintain the information asymmetry and thus their bargaining advantage. We believe that the concealment of information might lead to the absence of anchoring effects of the price of foreclosed properties. |
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