目前我國地價制度，主要係依地價調查估計規則規定，查估公告土地現值及公告地價。價格評估主要採區段地價方式，可能造成忽略土地個別因素影響，造成評估價格明顯遠離市價。近年來我國推行地價基準地制度，期透過引進不動產估價技術規則之規範，以個別估價方式評估基準地價格，以真實反映價格與市場波動情形。然基準地評價屬一序列式之估價方式，其評估過程是否為獨立且客觀仍須進一步加以驗證。本文依循Quan-Quigley部分調整模型之理念，對高雄市地價基準地之重估價案例進行研究，透過迴歸分析分別衡量估值與當期市場價格、前期估值之關係，推估地價人員之信心水準，並進一步分析地價基準地制度是否能確實反映市場價值波動情形。研究結果顯示估價人員存在價格部分調整策略，信心水準值偏低，存在嚴重依賴前期估值之行為，隱含地價基準地評價存在估價平滑之現象。 / Previous studies defined appraisal smoothing as reduced volatility or the lag structure of appraisal-based index as compared to transaction-based index. Most of these studies examined by aggregate level and used extensive data sets to de-smooth the appraisal-based index. This paper aims to observe smoothing behavior amongst appraisers in Taiwan. It uses re-appraisal data of the land value benchmark in Kaohsiung city and modifies the partial adjustment model, developed by Quan and Quigley. Use the concept of regression analysis to measure the ratio between the current appraisal, current market value and the pre-appraisal. By establish the confidence value, we may observe the behavior of appraisers and public assessors, and distinguish if the behavior is rational or not.

估價平滑相關研究大多採取Quan and Quigley（1991）提出的理性行為解釋估價師的部分調整行為。然而財務行為學認為行為人通常具有非理性的行為，因此本研究以保守性心理偏誤解釋部分調整行為，探討非理性心理對於估價師之影響。為了捕捉估價師個體的行為資訊，本研究以台灣不動產投資信託的重估價結果作為研究資料，檢視估價師對市場新資訊和過去估值的處理行為。本研究首先應用部分調整模型進行實證分析，結果發現台灣估價師確實具有部分調整行為，相對較低估市場價值資訊的權重，而此類保守性偏誤即為總體估價平滑效果的展現。此外進一步以Tobit Model進行市場價值資訊權重的影響因素分析，結果發現市場資訊的權重會受到心理效果而改變，當估價方法價值差異率越大時，估價師會降低市場資訊的權重，展現了對模糊事件的趨避傾向。捷思法可以幫助估價師提升效率，但過度依賴捷思法亦有可能引發錯誤和偏差；本研究發現模糊趨避效果顯示估價師更重視市場資訊的可信度，似較符合估價證據之要求，故非理性心理偏誤對估價師言非全為負面影響。 / Previous appraisal smoothing studies were based on the appraiser rational behavior assumptions which developed by Quan and Quigley (1991) and found that appraisers do insufficiently react to market fluctuate. However, this paper starts with behavioral finance theory to investigate the partial adjustment behavior of Taiwan appraisers, using the reappraisals of Taiwan Real Estate Investment Trust (T-REITs) to show each appraiser’s behavioral intention at disaggregate level which could be diversified away at aggregate level. This study tests the partial adjustment model to observe the weights of new market information and previous estimates of the same property reappraisal. The results show that Taiwan appraisers more rely on the previous estimates, namely the conservatism bias, which will induce the appraisal smoothing at aggregate level. Further, the Tobit Model is employed to test the influence factors of appraisers’ weight on new market information, and the results show weights on new market information will be affected by appraisers’ heuristics. There is a negative effect to weights on new market information which stands for the ambiguity aversion of appraisers. It shows appraiser do concern about the reliability of market evidence which is much accord with the appraisal normative model.