台灣的不動產市場中，有高比率的建商屬於開發少案或僅開發一案的建設公司，而眾多一案建商存在的現象更是不動產新推個案市場中為大家所垢病。經初步的統計分析，在民國八十二年至九十一年間，一案建商的家數比率超過了六成，顯示在台灣的不動產市場中一案建商的存在，的確是很嚴重的問題。而缺乏過去推案表現及公司聲譽的累積，眾多的一案建商所推出之個案是如何能被市場所接受？一案建商是否會透過訂價行為的改變與其他類型建商從事競爭？這是本研究所要探討的問題。 由國內外相關文獻可以看出，商譽較差的建商可能透過降低價格的方式與其他建商競爭，或者是避免與其他建商在相同地區推案，以避免價格上的競爭。本研究依據建商過去的推案情形，將建商分為：一案建商、一般建商及穩健型建商，並依相關理論與文獻建立了三個研究假說。實證結果顯示在控制其他變數下，不同類型建商的產品訂價是具有差異的。其中一案建商的產品訂價相較一般建商，每坪價格會低約5.56%，而穩健型建商在產品訂價上，每坪價格則會比一般建商高出約6.79%。而實證結果也指出，不同類型建商的訂價差距會隨著區域市場特性的差異及房地產市場景氣的變化而有不同。

一般產品常以表價高低或價格折扣策略作為對外促銷手法，房地產市場議價策略普遍存在，但議價空間為內在未知。過去研究以中古屋賣方訂價為主，且將議價空間視為因變數，對建商訂價與議價空間之相互關連性與策略應用的討論較為不足。本文運用3SLS聯立模型發現表價與議價空間影響因果為正向，每坪表價、議價空間率調升1％，議價空間率、表價每坪會調升0.27％及5.5萬元。 關於建商表價與議價策略的討論，國內尚缺乏專文，本文將表價與議價策略決策分為兩階段論述，並以二項式logistic模型討論建商表價與議價策略。建商較少採用價格區隔策略，與近代行銷理念趨向消費者區隔取向不同，在房地產實行市場區隔訂價策略是否能降低風險或提升報酬，則有待進一步研究。主流產品，競爭對象多，會以高表價作出區隔，高議價空間來減低交易失敗率；流動性高市場傾向榨取訂價以獲得更多利潤，非因預計需求的情況決策，較受總體因素影響。 / Firms often use asking prices and discount rates as their strategies of promoting products. So do real estate developers. Previous literatures mainly focus on the relationship of asking prices and discount rates of existing houses sold by homeowners or brokers, but ignore the interrelationship and strategy of them of new houses sold by developers. First, using 3SLS model, this paper finds that there is a positive effects between asking price and discount rate. For instance, the increase of 10,000 NTD per ping of asking prices raises 0.27% of discount rate, in the other side, the increase of 1% of discount rate brings up 55,000 NTD per ping. Next, we use binomial logistic model to analyze developers’ asking prices and discount rates strategies by regarding them as two-steps decision makings. The finding is developers still prefer going rate pricing as their marketing approach. The effectiveness of segmented pricing to reduce risk or raise return needs to be tested in the future. Third, due to high competitiveness of main stream products, developers intend to take high asking prices and discount rates to increase the probability of transaction. Last but not least, developers affected by macro-factors in a high liquidity period like to take skimming pricing strategy to grab more profits.

台灣住宅市場中，單一個案中混合不同面積之產品是常見的現象，但過去研究對此種現象探討仍有不足。本文發展「面積離散度」作為住宅混合現象之量化指標，衡量住宅面積混合所形成之異質性，加以區隔建商「集中」及「分散」之產品策略，並將後者區分高、中、低三種不同離散程度的個案。為了解建商行為模式，研究使用二元及次序性羅吉特模型進行分析，探討不同情況下，建商可能採行的產品策略以及個案面積離散之程度。 研究結果發現區位可及性較高、推案時機為景氣收縮期、成本面積愈大、戶數愈多，則建商採行分散策略的可能性較高，面積離散度亦會較高；而當住宅類型屬於透天、主力坪數與主力總價愈高，則採行分散策略機率較低，面積離散度亦較低，另外，建商是否上市櫃對產品策略或面積離散度均無影響。 關鍵字：住宅面積、面積離散度、產品策略、建商行為

台北市房地產延續前幾年全球景氣，加上海峽兩岸前所未有的和諧狀態，2008年上半年房市仍持續樂觀且交易熱絡，房地價大漲直到下半年全球金融風暴來襲而急轉直下。而金融風暴的起因恰好就是美國經營房地產次級貸款公司倒閉所引發的連鎖效應。金融風暴襲捲全世界經濟，以出口為導向的台灣首當其衝，台北市房地產景氣也隨之急速降溫，但雖經濟環境造成需求萎縮，台北市土地價格卻未受影響反而屢創新高，加上政府救經濟的財政與貨幣政策，使得台北市預售屋房價並未明顯下跌，2009年甚至因兩岸交流頻仍、中資來台等議題發燒，精華區房地產市場一掃2008下半年陰霾而帶頭上揚。但在消費需求面卻因實質薪資所得並未提升，使得實際自用住宅市場追價力道薄弱，房地產泡沫危機隱約呈現。 因台灣房地產市場存在如此詭譎的內外在環境，供給與需求、作多與看空的勢力拉扯，本篇論文研究從外部環境觀察鄰近各國總體經濟與房地產景氣連動關係的歷史軌跡，進而探究近年與未來台北市房地產業景氣發展趨勢，瞭解建商面對外在經濟環境變動下所存在之機會與威脅，來發現適合小型建商生存之利基市場所在。而內部環境則以房地產預售市場之賣方與買者交易關係探討，分別從廠商供給面與消費者需求面之成本觀點進行研究，尋找小型建商本身擁有的優劣勢所因應之預售屋消費者注重的各項成本屬性，藉由4C策略行銷分析降低消費者各項購屋成本，最後提出策略建議，提升小型建商之核心競爭力。 / The real estate market in Taipei was booming during the first half of 2008, during which time the economy was good and tensions between Taiwan and China began to ease. Housing prices had been rising until they were hit by the global financial crisis in late 2008. The storm of economic downturn, resulted mainly from the chain reaction caused by the collapse of US financial institutions, had swept through the world. Taiwan was deeply affected due to its export-oriented economy. As a result, the once prosperous real estate market had slowed down because of the decrease in demand. However, in 2009, not only had the prices of lands in Taipei not fallen, the presale home prices in the wealthiest districts began to rise again, due to the government’s stimulus financial policy that heavily relied on its friendlier stance with China and the belief that there would be a flow of cash coming from China. Nevertheless, the rise of housing prices could be a gigantic bubble since the median household income has not gained and demand for new homes have not increased. Under the unusual and unpredictable economic circumstances, this thesis focuses on the research and analysis from the viewpoints of maximizing the competitive edges, profits and surviving advantages of small builders in the current housing market in Taipei. Historic macroeconomic trends in real estate in Taiwan and nearby countries were analyzed. Supply and demand in the presale housing market in Taipei were examined, with an emphasis on not only the cost analysis between small builders and buyers, but also the advantages and disadvantages faced by both sides. 4C strategic marketing analysis was carried out to minimize the buying cost from the consumer’s viewpoint; at the same time, tactical marketing recommendations to success are provided to small builders to meet the present challenges.

合建契約在我國不動產市場當中，一直占有相當重要的地位。尤其當地主想要在自己所有的土地上擁有房屋，或者擬將舊屋更新時，合建契約就扮演重要的角色。透過合建契約，地主得節省自行建築房屋所必須支出之資金，即可取得房屋所有權；而建商無須支出取得建築土地之龐大資金，避免資金積壓，即可於地主提供之土地上興建房屋。雙方再依據契約所定比例，分配房屋及土地。實務上常見的合建契約類型有很多種，然而大致上可以地主是否以取得房屋所有權為目的為區分標準，如果地主只是提供土地與建商共同經營事業，而於房屋興建完成之後依約定比例分配獲利，並不實際分配房屋，此種合建契約多以「合夥契約」之方式為之，於實務上較少發生爭執，本文即不以此為討論重點。而另一類的合建契約，即地主以取得房屋所有權為其目的，提供土地與建商合建，並且實際獲得分配房屋。此種合建契約之契約類型，以及當事人的權利義務內容、契約條款，在實務上衍生的糾紛甚多，然而較為深入且有體系的的討論卻為數甚少，本論文即以此種合建契約為重心，探討合建契約之功能、契約類型、合建房屋原始所有權人之認定標準，並且建構當事人的權利義務體系、檢視契約條款內容。 在討論合建契約類型與條款內容時，本文將一併探討合建契約與消費者保護法之間的關係。因為在本文討論的合建契約當中，地主以取得房屋所有權為其主要目的，是否得將其視為消費者保護法上所指之消費者，而認合建契約之法律關係屬於消費關係，因此當建商以合建之定型化契約與地主締約時，得以適用消費保護法，採取較為有利於地主之解釋。除此之外，關於合建契約特殊的保證金制度，本文將以實務上的判決為例，討論保證金擔保之內容與目的，以及保證金返還義務與瑕疵擔保之瑕疵修補義務之間，是否得為同時履行抗辯的相關問題。 與合建契約相關另一項特殊的問題，則在於當地主將合建土地所有權移轉予第三人時，建商或者是買受房屋之人，對於土地買受人是否仍然有權繼續使用合建土地，或者成為無權占有，而將遭受拆屋還地、侵權行為損害賠償以及不當得利返還之訴訟。實務上的見解可明顯區分為兩種，一種見解認為合建契約為債權契約，僅具有相對性，因此當合建土地所有權人變異時，新所有權人當然不受合建契約之拘束，建商或房屋買受人即無法主張依據合建契約使用合建土地，其占有自屬無權。另一種見解則認為，合建土地買受人應受合建契約之拘束，因此建商或房屋買受人屬於有權占有，或者認為合建土地買受人權利之行使應受限制，藉此避免拆屋還地等重大影響社會經濟的結果。本文即從這兩個方向，探究其法律上的依據與各種可能的解釋方案，希望能夠達到保障社會上重大經濟利益的目標，避免浪費已投入的大量資源。 關鍵詞：建商 地主 合建契約 權利濫用 消費者保護 定型化契約 債之相對性 誠實信用原則 買賣不破租賃

本研究所稱建商包括「建設公司」以及有從事建設業之「資產股公司」。建設公司在一般人的認知裡是高獲利的產業，但其營運狀況易受到房地產景氣波動的影響，發生財務危機的比例較其他產業高；而資產股公司投入建設業被認為是挹注獲利拉高股價的題材，因此本研究探討1996-2007年建設公司利潤力績效與房地產景氣的關聯性，獲利較同業佳的建設公司類型、投資決策之差異為何，以及資產股公司從事建設業獲利與房地產景氣之關聯，使建商能根據所發佈之房地產景氣指標在投資決策上做適當之調整，也提供投資人投資建商之參考。研究結果如下： 一、前期房地產景氣越好，建設公司利潤力績效越佳，總銷與購地總額越高。 二、市場佔有率高、建設營收比＞90％的建設公司利潤力績效較佳。借殼上市、曾發生財務危機、上市公司相較於上櫃興櫃公司利潤力績效較差。產品純住宅較產品包含辦公室、廠辦的公司獲利差，但並不明顯。此外，推案區位並非影響建設公司獲利之因素。 三、獲利較佳的建設公司較能夠敏銳掌握房地產景氣趨勢推案，並在景氣較差時敢於持續購地，景氣好時也積極購地。 四、資產股公司多數個案選擇在房地產景氣燈號綠燈時推出，銷售情形佳，貢獻獲利良好。大型商業開發案開發、獲利情形與房地產景氣的關係可能不如一般建案密切。近期開發案除了住宅建案，還有辦公、商場、商務住宅等商業不動產，長期租金收益的開發概念增加，較早期開發多元化。 / The real estate developers in this study included “construction companies” and the “property stock companies” which operate construction businesses. Construction companies are commonly known as a high-return industry by the general public, but their operations are easily affected by real estate cycle and their chances of financial crisis are higher than other industries. It is considered a sure bet for pushing up the share prices when property stock companies participated in the construction industry. This study analyzed the relationship between the profit performances of construction companies and the real estate cycle, the types of relatively high profitability construction companies in the industry, the differences in investment strategies and the relationship between property stock companies’ gain of profits from construction business and the real estate cycle in 1996-2007. This is to enable real estate developers to make appropriate strategic adjustment on their investment according to the announced real estate cycle indicators, and to serve as a reference for the investors on investing in construction companies. The results of the study are as follows: 1.The better the real estate cycle in the previous year, the better the profit performance of construction companies, with higher total sales and total land-purchase amount. 2.The construction companies with higher market share and construction-revenue ratios higher than 90% have better profit performances. The profit performances of backdoor listed companies, companies with previous financial crisis and TSE listed companies are not as good as OTC and emerging-market listed companies. Companies providing purely residential products have poorer profit performances than those providing offices and factory space alongside with residential products, but the difference is insignificant. Apart from that, project location does not affect the profitability of the construction companies. 3.Construction companies with better profits can get hold of the real estate cycle in a relatively fast way. They also can continue to buy land when the real estate cycle is depressing and to actively buy land when the real estate cycle is good. 4.Most projects of property stock companies were released when the real estate cycle signal turned green. Good sales contributed to good profitability. The relationship between large commercial development project profitability and the real estate cycle might not be as close as general construction projects. Apart from residential projects, recent development projects also include commercial real estates such as offices, shopping malls, residential-commercial buildings, etc. The development concept of long-term rental return is more popular and it has more variety than the initial period.

本研究主要在建立1996-2008年間建商的存活預警模型，探討眾多危機事件中對於建商存活的影響力分析。研究所稱建商包括「建設公司」以及有從事建設業的相關公司。在台灣地區位屬火車頭角色的建設業具有舉足輕重的影響力，但其營運的財務槓桿較其他產業高，營運狀況易受景氣波動的影響，因此在事件的產生時對於投資者、銀行的應變處理便顯得相對重要。 危機事件所指除了證管會、台灣經濟新報資料庫的危機認定外，另加入財務之外的事件研究並加以定義。存活預警模型的建立是先以各種事件的相關性分析以了解各種事件的顯著性，並且量化分類後的影響事件，再進行羅吉特分析與存活分析的比對，選擇較適模型與影響力較大的危機事件進行實證分析。研究實證結果如下： 一 危機事件越多，建商經營越不穩定，存亡事件產生機率越高；影響公司存活的共通因子對於公司危機產生的共同預警變數有一定程度上的共通性，且都具有顯著性。 二 本研究將危機事件分類為財務面、監理面、經營面，存亡事件選定有終止上市、全額交割股、掏空三種。經實證後得知，財務面之外的預警變數亦能提供投資人及銀行產業了解公司經營的穩定度。在眾多預警變數中，又以重整、紓困跳票違約、董監事改選對於終止上市影響較大；對全額交割股的影響則以董監事改選、警示股、景氣因素以及利益輸送影響較大；對掏空的影響則以重整、警示股、財務結構較具顯著性。 三 存活期間與存活機率相關性比較中，以景氣預警變數而言，若產生全額交割事件，則產生存亡事件的機率非常高，公司得以存活期間較短。以重整預警變數而言，公司重整後，產生存亡事件的機率非常高，也就是說公司得以存活的期間較其他預警變數短。 四 景氣循環對於建商經營有非常大的影響，不景氣時產生具顯著性的危機事件，將會在較短期間後產生存亡事件。 / The goal of our study is establishing the survival model in the building construction companies during 1996-2008. The real estate developers in this study included “building construction companies” and the “property stock companies” which operate building construction businesses. Building construction companies are common known as a pivotal role in the power of influence by the general public, but the financial leverage is higher than other industries. Operating condition of construction companies is effected by the real estate cycle; in hence it is relative importance of the investers, banks, which the crisis events occurred. The crisis events in this study are not only the definition of Taiwan Stock Exchange and Taiwan Economic Journal Data Bank but also the events besides financial side. The study of survival model, in the beginning, is to analyze the correlation of crisis events to understand the significance of events, quantify the classified of the entire crisis event, and then to compare the results between the Logistic Analysis and the Survival Analysis. Finally, choose the appropriate model and the more influence crisis events to do the empirical analysis. The empirical analysis results of our study are as follows: 1. The more the crisis events occurred, the more the probability of failure events will occur. 2. Our study classified the crisis events into three different species, financial side, supervision side, business side. We choose company delisting, full delivery stock company, and company emptied as the failure events. 3. Compare the correlation of survival period with survival probability. In terms of company reorganized variable, for example, after reorganizing the building construction company, the probability of failure events are getting higher, and the survival duration get shorter than other crisis events. 4. The real estate cycle impact the building construction companies a lot. If significant crisis events occurred during downturn of the real estate cycle, the failure events will be generated in such a short time.

房地產產業之興衰深受大環境變動所影響，因此廠商如何因應外部環境變遷所帶來的機會與挑戰，隨之調整自身所有的資源以改善劣勢，往往是企業能否創造持續競爭優勢之所在。而本研究之研究核心為台北市之小型建商，透過對台北市之A建商之深入訪談，以了解A建商之現況與遭遇問題，以擬定對策，提昇A建商之競爭力。 於分析台灣之總體經濟情勢與房地產市場後，本研究發現，未來兩年之房地產市場發展，仍呈現樂觀之情況，對於A建商而言，為規模擴張之適當時期。而分析A建商之問題後，發現A建商之發展關鍵，為規模之擴大與品牌之塑造，針對A建商面臨之情勢，本研究提出策略上之建議，以期增加A建商於產業中之競爭力。

本研究從建商供給者角度，探討開發與經營老人住宅時所可能面對的問題以及影響老人住宅開發與經營的相關財務因子。首先，就目前老人住宅現況來探討，透過老人住宅市場分析，以瞭解目前老人住宅的市場趨勢，並從老人住宅營運流程，探討老人住宅與一般住宅的差異；最後，透過問卷設計與訪談方式，實際瞭解建商在開發與經營老人住宅的問題。接下來，從問卷訪談中所得到的相關個案資訊，建立個案財務分析模型；並透過內部報酬率法、敏感性分析、情境模擬分析，探討在不同經營方式下，投資報酬率的變化情形，並找出影響老人住宅開發與經營的關鍵因子，再從財務所得的結論，做最後的結論與建議。