房价、地价与建物价值之折旧效果分析

摘要

近年来台湾受都市更新热潮影响，房价于建物经济寿命后期呈现随屋龄增加而价格增加的逆折旧现象。理论上房价由土地与建筑物价值组成，因此，本文运用复回归分析模型，以高雄市之房地产交易价格数据，分别探讨房价、土地与建物之屋龄效果。实证结果显示，房价与地价随屋龄增加呈现先降后升；而建物价值则呈现凸向原点的递减现象，而且随着发展程度的不同而异。此结果说明了价值反转现象主要来自土地再开发的可能性。%Depreciation declines the value of an asset over time .However , that housing value first de-creases but then increases within its residual economic life , which is called inverse depreciation , is different from the general depreciation paradigm in Taiwan .We use multi-regression analysis to address the depreciation of land, improvement and housing value in Kaohsiung .The results show an inverse depreciation of housing and land values , with greater structure age leading to greater land value and housing value but lower improve-ment value .