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 analysisof foreclosure attributes is critical to deriving a price per floor area, especially since the marketfor foreclosed houses in Taiwan has unique characteristics such as “with or without a finalwalkthrough”. The results of this study can explain the contradictory results of positive and negativecorrelations between the price per floor area and floor area in previous studies but not in a submarketfor 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, theresults of this study suggest that even a good analytical model will generate erroneous outcomeswithout appropriate market segmentation. Therefore, the importance of investigating sub-markets ismore critical than that of using different analytical methods. In particular, in high-diversity marketssuch as the real estate market, the lack of appropriately segmented markets could result in distortedand even erroneous bidding behavior in sub-markets.