實價登錄之資訊揭露與心理帳戶對買方議價空間之影響：以稟賦效應與定錨為中介

The Impact of Actual Price Registration Information Disclosure and Mental Accounting on Buyers’Bargaining Space: Endowment Effect and Anchoring as Mediators

內政部於2012年8月開始實施實價登錄制度，讓不動產市場參與者能夠全面地取得交易價格和房屋屬性資訊，該政策緩解不動產市場資訊不對稱的問題以外，也對於存在買賣雙方的議價空間產生巨大影響。本研究以買方角度探討資訊揭露對議價空間之影響，並整合稟賦效應、定錨效應與心理帳戶來分析購屋者心理認知偏誤對討價還價空間的潛在影響。問卷調查對象為高雄市與屏東縣已購屋者與潛在購屋者，並應用結構方程模型（Structural Equation Modeling，SEM）進行參數估計。共發放問卷500份，回收有效問卷438份，有效回收率為87.6%。實證結果顯示，資訊揭露對稟賦效應和定錨效應有顯著正向影響；資訊揭露與定錨對議價空間有顯著的負面影響；買方的心理帳戶對定錨和議價空間產生正向且顯著的影響；心理帳戶透過稟賦效應和定錨效應等中介變項影響議價空間。實證結果隱含探討議價空間之影響因素時，除了資訊揭露之因素，還有不可忽略購屋者的稟賦效應、定錨與心理帳戶等認知偏誤的因素

The Ministry of the Interior’s Actual Price Registration System, implemented in August 2012, is a comprehensive solution for the real estate market. It allows market participants to access transaction prices and housing attribute information, thereby reducing information asymmetry and enhancing negotiation space. This study employs a comprehensive approach to explore the impact of information disclosure on bargaining space from the buyer’s perspective. It integrates the endowment effect, anchoring effect, and mental account to analyze the potential influence of home buyers’psychological cognitive biases on bargaining space. The questionnaire survey targets potential home buyers in Kaohsiung City and Pingtung County, and structural equation modeling (SEM) is used for parameter estimation. Five hundred questionnaires were distributed, and 438 valid questionnaires were recovered, with an effective recovery rate of 87.6%. Empirical results show that information disclosure has a significant positive impact on the endowment effect and anchoring effect; information disclosure and anchoring have a significant negative impact on bargaining space; buyers’mental account has positive and significant effects on anchoring and bargaining space; and mental account affects bargaining space through mediate variables such as endowment effect and anchoring effect. The empirical results of this study have practical implications for the real estate market. While discussing the influencing factors of bargaining space, we suggest that it’s crucial to consider information disclosure and cognitive bias factors such as the endowment effect of home buyers, anchoring, and mental accounting. This understanding can help market participants make more informative decisions.