不動產法拍屋市場中，是否受到總體經濟環境變化或金融風暴來襲，而影響拍定價相對於第一拍底價之比率？是本研究所探討的課題。除上述總體經濟因素外，是否尚有其他因素如法拍屋個別屬性影響拍定價對底價比？本文藉由上述各項因素存在與否，探討法拍屋拍定價對底價比和各變數間之關係，得以建立法拍屋拍定價對底價比之變數模型。 本研究以特徵價格理論探討影響台北市士林區法拍屋拍定價對底價比之變數，並以迴歸分析方法分析影響法拍屋拍定價對底價比之因素，及其影響程度，並藉此探討當市場發生重大金融事件或總體經濟環境變化時，是否影響法拍屋之拍定價對底價比。實證結果發現：影響法拍屋拍定價對底價比之顯著變數如下： 一、法拍屋個別屬性：是否為一樓、競標數呈正相關，屋齡呈先負後正曲線關係，拍定次數呈負相關。 二、總體經濟變數：拍定前月放款利率、拍定前季是否經濟衰退或金融風暴呈負相關。 本文探討影響法拍屋拍定價對底價比之變數，研究結果期能提供地方法院訂定第一拍底價及酌減各拍次底價之參考、投標人決定投標價及選擇最佳進場時機之參考、地方法院委託之不動產鑑定人於法拍屋估價時，價格調整幅度權衡的參考、以及債權人決定是否執行及續拍之參考。 / Real estate markets are affected by macro economic factors, regional factors and individual factors. As there is recession in economy growth, the number of foreclosed properties increased. How are the prices of foreclosed properties influenced by the aforementioned factors? This study intends to explore factors affecting the ratio of the final transaction price to the listed base price in the real estate auction markets through the Hedonic Price Model. Results show that the first-floor effect, number of bidders and age of the buildings are positively related to the ratio of the final transaction price to the listed base price in the real estate auction markets. Numbers of auctions, interest rates, and the occurrence of the financial crisis in the previous season are negatively related to the ratio of the final transaction price to the listed base price. Results of this study provide precious reference value on formulating the listed base prices on the real estate auction markets. Investors can also take into account of the significant factors in making the investment decision in the auction market.