This thesis investigates the impact of transaction volumes on the valuation accuracy of cooperative housing in Stockholm, focusing on the period from 2019 to 2023. Utilizing an Automated Valuation Model (AVM) and a traditional Hedonic Pricing Model (HPM) with Ordinary Least Squares (OLS) regressions, the study examines how fluctuations in market activity influence the precision of property valuations. The primary objective of this research is to determine the extent to which different levels of turnover in the co-operative housing market affect the certainty of these valuations. The study aims to present the correlation between transaction volume and valuation accuracy in a quantifiable manner, providing insights into the dynamics that transaction volume introduces into real estate market assessments. The findings reveal that higher transaction volumes correlate with greater valuation accuracy, emphasizing the importance of market liquidity in real estate assessments. The AVM shows that transaction volumes, while having low measured coefficients, significantly affect valuation accuracy. Conversely, the HPM indicates a stronger influence of transaction volume on absolute percentage error, particularly over the 30 days prior to the sales and valuation date. These results suggest that both simpler techniques like the HPM and more sophisticated approaches like the AVM experience reduced accuracy with decreased market activity, although the impact is less pronounced with advanced valuation systems. / Denna uppsats undersöker hur transaktionsvolymer påverkar värderingsnoggrannheten av bostadsrätter i Stockholm, med fokus på perioden från 2019 till 2023. Genom att använda en automatiserad värderingsmodell (AVM) och en traditionell Hedonsik Pris Modell (HPM), med “Ordinary Least Squares”(OLS) regressioner, undersöker studien hur fluktuationer i transaktioner påverkar precisionen i fastighetsvärderingar. Det primära syftet med denna forskning är att fastställa i vilken utsträckning olika transaktionsvolymer på bostadsrättsmarknaden påverkar säkerheten i dessa värderingar. Studien syftar till att presentera korrelationen mellan transaktionsvolym och värderingsnoggrannhet på ett kvantifierbart sätt, vilket ger insikter i de dynamiker som transaktionsvolym introducerar i fastighetsmarknaden. Resultaten visar att högre transaktionsvolymer korrelerar med större värderingsnoggrannhet, vilket betonar vikten av marknadslikviditet vid bostadsrättsvärderingar. AVM visar att transaktionsvolymer, trots att de har låga koefficienter, påverkar värderingsnoggrannheten signifikant. Omvänt indikerar HPM en starkare påverkan av transaktionsvolym på absolut procentfel, särskilt under de 30 dagar som föregår försäljnings- och värderingsdatumet. Dessa resultat tyder på att både enklare tekniker som HPM och mer sofistikerade metoder som AVM upplever minskad noggrannhet vid minskad marknadsaktivitet, även om påverkan är mindre uttalad med avancerade värderingssystem.

不動產價格的影響因素可按影響範圍區分為三大類，分別為影響整體不動產市場的「總體環境因素」，對一定範圍內不動產產生價格影響的「區域環境因素」，及對於單一不動產價格有所影響的「房屋個體因素」。其中，區域環境因素為影響個別不動產價格之首要因素，不動產之價格會受到所屬區域之政治、經濟、自然、社會等因素影響，「公共建設因素」為重要之區域環境之一，包含公共設施水準及其配置狀態。影響個別不動產價格之次要因素為「房屋個體因素」，可再次細分為三大影響因素如下：房屋本身所具有的特徵因素，即建築物之內部結構；房屋的建築方式，住宅類型等與全棟房屋有關的因素；與房屋鄰近地區環境有關的因素。而集合式與獨立式住宅因分屬不同房屋類型，即上述房屋價格形成因素中「房屋之建築方式」。實際交易上，獨立式住宅多半以「整棟建物」作為交易計算單位，對於坐落之基地權利持分通常為全部，而集合式住宅係以「樓層」、「戶」作為交易之計算單位，所有之基地持分與其他住戶共同持有，基於上述差異，過去研究多將建築方式視為影響房屋價格的條件之一，並據此分類次市場，因此較少有研究同時探討二者在空間分布上所具有的區位差異，及購屋者對於環境的偏好是否有所不同。且過去文獻多半以使用傳統迴歸模型為主要分析方法。但傳統迴歸分析所使用最小平方法迴歸模型，經常會產生殘差項存在有空間自相關的問題，及空間本身所存在之空間異質性偏誤，即空間不穩定性。因此 本文以台中市都會區內之住家使用房屋為樣本，依特徵價格理論將獨立式住宅與集合式住宅視為差異化商品，其內外特徵納入變數，使用GeoDa軟體進行空間自相關分析，並使用ArcGIS軟體中的地理加權迴歸模組（GWR）進行迴歸分析，藉以探討不同類型房屋所偏好之外部特徵，瞭解不同空間環境對房屋價格之影響及台中市都會區空間發展型態，並驗證其於規劃建設產生的空間不穩定性。 研究結果顯示，台中市建立之重大市政建設及土地開發計畫會影響集合式住宅與獨立式住宅之地價熱點分布，其共同之房價熱點均座落於高地價市地重劃區及重大市政建設分布位置，而獨立式住宅之房價熱點，進一步分布於與高地價市重劃區鄰近之市地重劃區；在購屋者對周圍設施偏好方面，集合式住宅購屋者對於國中小學、大學、重大市政建設、市場、公園均有顯著偏好，惟獨立式住宅購屋者對於大學、重大市政建設、公園有顯著偏好，對於國中小學、市場有不偏好情形，顯示不同類型住宅對於公共設施之偏好不完全相同；集合式住宅與獨立式住宅之房屋特徵屬性呈現空間不穩定性，分析結果顯示，上述二種住宅類型，對於本研究所有公共設施距離特徵屬性均呈現空間不穩定、非均質性的結果，顯示不同類型住宅均會與彼此具有相依性，並形成各區域間的異質性。 / Locational characteristics are the determinants of house prices. While former research have examined the effects of proximity to resources and facilities have on residential property values, and the change of the importance as located regions or submarkets vary, the effects of different types of houses are rarely compared due to their dissimilarity in ways of building and ownership. Do house price effects of the same facility alter when properties are situated in different submarkets? Further, the issues of spatial non-stationarity are usually overlooked by previous studies. By using transaction data of two common types of residential houses in Taichung City, we found house price hot spots of both detached houses and condos in regions with major constructions and development plans. Apart from the mutual hot spots found in high land price redevelopment zones, we also discovery hot spots of detached houses in areas in proximity to these redevelopment zones. As for desirable facilities for home buyers, neighborhood schools, universities, major constructions, local markets and parks were found to have an notable price impact on condos, whereas only universities, major constructions and parks in vicinity of in detached houses can we found significant price effects, suggesting the differences in the preference of consumers in distinct regions. Also, spatial dependence and heterogeneity are verified in both types of houses, making the entire market area spatial non-stationary.

高密度發展的都市型態已成為世界各國為追求永續發展的都市規劃方式。對政策規劃者來說，他們關心的議題之一為高密度都市發展後房價的變動是否會影響居民對住的福利水準，過去文獻之實證研究亦發現高密度發展將產生房價上漲或下跌的效果，此引發本研究欲得知高密度指標對台北市房價將如何影響之動機。然而高密度都市發展政策的實施對各所得階層居民的影響為何若以普通最小平方迴歸分析將無法得知，所以本研究以分量迴歸進行分析，增加變數的可解釋能力。 因此本研究以台北市十二個行政區為空間範圍，利用民國九十三年至九十六年間共1268筆房屋交易實例案例，作為實證研究之樣本。主題變數方面以容積率、是否為住宅大樓及人口密度來分析各變數對房價之影響。藉由普通最小平方迴歸及分量迴歸分析結果發現，高密度之都市發展將造成住宅平均價格下跌，對中低總價住宅亦產生價格下跌的效果，因此高密度都市發展型態將增加居民福利水準，增進都市整體效益。 / Nowadays, most nations in the world has thought of the urban form of high density development as a mean to pursue sustainable development. For policy planner, what they care is whether high density development would influence residents about the variation of welfare for living. Literatures of past empirical research also show that high density development will have the effects of rising or falling on housing prices, which leads to the motive of this study and also leads to a better understanding of how high density indicators would impact housing prices in Taipei City. However, what’s the impact for every income class through the implication of this urban development policy is impossible to know if we use OLS models, therefore, our study adopts Quantile Regression to enhance the interpretable abilities for every variable. Accordingly, our study uses 1268 property-trading-records from 2004 to 2007 as samples, which all locate within 12 districts in Taipei City. We use floorage ratio, residential building and population density as main variables to analyze their impacts on housing prices. The result shows that high density development will both lead to falling of average housing prices and middle and low housing prices. Consequently, the urban form of high density development will enhance the level of residents’ welfare and improve the benefits for all urban area.

相關研究指出土地面積與地價應該呈現非線性關係，隨著坵塊面積增加，土地價格將先以遞增的速率增加，之後再以遞減的速率增加，即基地面積規模不經濟（plattage）和基地面積規模經濟（plottage）現象。本研究以台南市土地交易案例進行驗證，以總價模型利用「移動式Chow Test」尋找結構變化點，據以分析其經濟結構是否具有顯著差異。實證結果顯示基地面積規模經濟(plottage)與基地面積規模不經濟(plattage)現象同時存在。 / According to some literature, there is a nonlinear relationship between the land area and the land value. Land value will enhance with an increasing pace as land area increase in the beginning. However, as land area keeps increasing, the land value will only enhance with a decreasing pace. Namely, the plattage phenomenon will follow the plottage phenomenon. Bases on the land transaction samples from Tainan city and the model with total price as dependent variable, this research searches the structural change of the land area using Chow Test sequence to analyze whether there is significant distinction in economic structure. The empirical results show the plattage phenomenon coexists with the plottage phenomenon.

本研究以不動產估價技術規則第19條第7項與第20條之規定，引用相似無關迴歸模式、多變量迴歸模式與典型相關分析等計量模式，對金融機構所做的擔保品估價進行驗證、預測及控制分析。 擔保品估價中會產生兩價，即擔保品的評估市場價格與評估擔保值（價），大部分的人都認為兩價存在一個比率關係。傳統的迴歸分析估價模式係由一組價格影響因素影響一個不動產價格，上述情形是否可能由同一組價格影響因素影響兩個不動產價格？本研究實證結果顯示，在95％統計信賴水準下，有兩個不動產價格受同一組價格因素影響的結果。既然驗證存在同一組價格影響因素影響兩個不動產價格，是否有更具效率的計量估價模式呢？典型相關分析係透過兩組變項之相關關係建構計量模式，除可再度驗證同一組價格影響因素影響兩個不動產價格，並可如同因素分析或主成份分析的功能，對兩組變項各做變項縮減的工作，達到對變項去蕪存菁的效果。 / This thesis is based on Article 19 No 7 and Article 20 of the Real Estate Appraisal Regulation. Seemingly Unrelated Regression Model, Multivariate Regression Model and Econometric Model and so on econometric model are applied. In addition, collateral valuations done by financial institutions are verified, predicted and analyzed. In collateral valuations, there are two-value references: assessed market value and assessed accommodation value. Majority believe that there is a ratio between these two values. The traditional regression analysis of the valuation model is having one set of pricing factors to have impact on the real estate price. However, is it possible that one set of pricing factors will affect two real estate prices? The findings approve that, under statistical confidence level with 95%, more than two real estate prices can be influenced by one set of pricing factors. Further more, this thesis also examines if there are other econometric valuation models to be applied? The canonical correlation analysis is to build a calculation model to analyze correlation between two variables. Other than examining one set of pricing factors can influence two real estate prices, this analysis also provides a similar function of the factor analysis or principal analysis to reduce variables caused by two sets of variable.

收益資本化率是不動產估價收益法中最為關鍵的因素，不動產淨收益透過收益資本化率轉換為價值，其步驟看似簡易，卻深藏「失之毫釐，差之千里」的陷井。在國內，商用不動產廣泛運用收益法來估計不動產價值，但收益資本化率之研究卻相當缺乏，相關文獻僅限於國外，因此，本研究以台北市商用不動產為主要研究對象，除了探討收益資本化率之影響因素與實務界在決定過程上的缺失外，並提出較具有解釋力的計算與預測方法。 本研究蒐集自1992年至2008年止台北市商用辦公室之租金與房價資料，利用特徵價格模型將轉換後的租金與房以直接資本化法計算收益資本化率，與問卷結果中可得之影響因素資料進行相關分析、多變量自我迴歸分析，找出關鍵之影響因素，並利用指數平滑法、Box-Jenkins、灰色與VAR模型等時間預測方法來進行收益資本化率之預測。 本研究實證結果顯示，以特徵價格模型計算台北市商用辦公室之收益資本化率，其模型解釋力相當高，並獲致區位上的差異結果。此外，影響因素分為四個面向包含：社會經濟條件、其他投資工具、市場條件、建築物條件等四項，影響因素中除了收益資本化率自身前期為一個重要指標，社會經濟條件之經濟成長率、建築物條件之台電用電不足底度戶數與市場條件之電力(企業)總用電量(十億度)為重要領先指標，其他投資工具之股價指數與社會經濟條件之失業率為同步對收益資本化率有影響性，代表市場條件之不動產景氣領先綜合指標受到收益資本化率之影響而為落後指標，而收益資本化率本身並具有平均數復歸的現象。在未來趨勢的預測方面，單一時間數列適合長期資料之預測模型Box-J進行預測之解釋力（adjR-square）較高，各模型之預測結果平均來說，以Box-J與VAR-I為最有可能之預測值，而最樂觀為VAR-II之預測值，最悲觀為灰色之預測值。 透過國內不動產估價實例進行驗證，本研究結果可以準確進行事後驗證與事前預測，對於提升不動產估價師與投資者收益資本化率的估計與解釋能力上應有所助益。 / Capitalization rate is the most crucial factor in the income approach real estate appraisal method. When this appraisal method is applied, real estate net income is converted into value via capitalization rate. The conversion process is simple and straight forward, but there seems a trap of misuse in real practice. Domestically, income approach real estate appraisal method has been put to use extensively to estimate commercial real estate value. However, research in capitalization rate is in shortage considerably. Related literature merely re-stricted in overseas resource, Hence, our study focus on Taipei office as the main subject to investigate the influential factors of capitalization rate and its shortcoming of real practice, in additional, we propose more concrete explana-tory calculation and estimation methods. Our study collects information on Taipei City office rental and transaction price between 1992 and 2008. Using Hedonic Price Model, the converted rents and transaction price are applied by direct Capitalization Approach to calculate capitalization rate. Thereafter, we compared with the influential factors derived from the survey through correlation analysis, and Vector Autoregression Model (VAR) to find the pivotal influence factors. Meanwhile, we use Exponential Smoothing(ES)、Box-Jenkins、Grey Forecasting Model and VAR time-series estimate method to conduct capitalization rate prediction. The result of this study provides actual proof that to use Hedonic Price Model to calculate office capitalization rate of Taipei, the results are rather ac-curate and indicate a geographical difference. In terms of influential determi-nates, the capitalization rate in itself is an important indicator in the beginning. The Economical Growth Rate and the household under electricity base degree utility of Taiwan Power Company are also significant leading indicators. Stock Price Index, Unemployment Rate and the capitalization rate affect among them. Real Estate Cycle Leading Indicators are affected by capitalization rate and hence a lagged index. Capitalization itself exhibits mean return phenomenon. The future trend prediction of capitalization rate, Box-J and VAR-I give the most likely estimates; VAR-II gives the most optimistic value, whilst Grey Forecasting Model gives the most pessimistic estimation. Through Case study of domestic real estate appraisal to conduct experi-mental verification indicates that the result of our study can accurately carry out aftermath verification and prior estimation. As such, hopefully our empiri-cal study might be able to benefit real estate appraiser and investor to enhance their ability to determine the capitalization rate.

如何客觀有系統的估計公告土地現值一直是土地估價研究領域的熱 門話題，目前公告土地現值的查估，多數以區段地價作為宗地地價，受限 人為主觀與人力不足的缺點，查估的結果並不一定能有效反應各區段間地 價差異。由於以往房地產實證研究的領域中，特徵方程式一直是受到廣泛 運用的工具，然多數著重於各別宗地價格進行模型設計，較少以地價區段 範圍建立估價模型。本研究以三峽鎮住宅區民國89 至98 年區段地價進行 實證分析。變數的選取主要是配合「地價調查估計規則」所規範影響普通 住宅用地區域因素基準，並將全部變項納入複迴歸模型中，先測試綜合影 響程度，再將未符合預期及篩選合理顯著變項重新建立區段地價估價模 型。實證顯示接近公車站牌之程度、區段內道路規劃及開闢建程度、景觀 有無、保排水良否、地勢是否高低起伏、至國中小距離、至市場超市距離、 至三峽老街距離、停車是否便利、至墓地殯儀館火葬場距離及是否具發展 潛力等11 項變數達顯著水準，於20%內之Hit Rate 達91.18%，MAPE 亦僅 7.9%，均能符合預期表現。本文透過區段地價估價模型之建立，提供電腦 輔助區段地價估價可行方案，藉以增進公告土地現值評估客觀及科學化程 度。 / How to estimate the announced current land value objectively and systematically is always a hot issue in land valuation research field. And, since the announced current land value is the foundation for levying the land value increment tax and compensation when land expropriation, the risk of unfairness might happen if the announced current land value is not objective and systematical. Under the announced current land value system, most parcel land values are produced using the district land value. Although decades of valuation experience by assessors, the district land value would not necessarily reflect fundamental value effectively. Taking into consideration of the difference between the degree the zoning affect the land value and the heterogeneity characteristic of land, this paper construct district land value model on different zoning. The empirical study region is the residential zoning area in the Sanshia Township, for its landscape with new and old mixed buildings, featuring metropolitan development characteristic, and stable sales transaction volume. The empirical time period is from 2000 to 2009. The district land value estimated from sales, collected from the Shulin Land Office, is the dependent variable. The selection of the independent variables is in line with the region factors of common residential area regulated by “The Regulations on the Land Value Investigation and Estimation” after combining similar attributes for easing the bias possibility from co linearity. The empirical result shows the significant variables are the ratio of constructed road area to total area within the land value district, parking convenience, development potentiality and the distance from bus station, junior, elementary schools, market, service facilities, graveyard, etc. The model fit is good with adj-R2. This paper hopes to increase the automation degree of the announced current land value and make the announced current land value objectively and systematically by establishment of the district land value model.

Une des particularités du marché des compagnies aériennes est la grande divergence des prix des billets pour les mêmes vol. Cela reflète principalement l'incapacité des entreprises à modifier facilement les volumes de production et/ou à les stocker. Le développement et l'utilisation des modèles de "yield management" (modèles d'attribution des sièges) ont été centrés sur les compagnies aériennes proposant différents types de tarifs pour un même vol. L'objectif de cette thèse est de construire un certain nombre de modèles économiques pour expliquer la dispersion des prix sur le marché du transport aérien à partir de différents points de vue. Dans le chapitre 3, je crée un modèle de prix direct qui explique comment différentes caractéristiques du produit et du consommateur influencent le niveau de prix. Le chapitre 4 est consacré aux différences de niveau de prix du point de vue de la concurrence. Dans un jeu stratégique où les entreprises se font concurrence, ! 'ensemble de stratégies rationalisables pour chaque joueur implique toutes les meilleures réponses aux décisions des autres. Ce chapitre propose un test empirique de l'existence de l'équilibre de Nash unique dans un oligopole de Cournot. Dans le chapitre 5, je traite le marché des passagers aériens comme un marché différenciant les produits et applique un modèle logit multinomial pour calculer les élasticités-prix. Le modèle logit (mettant particulièrement l'accent sur l'hétérogénéité des consommateurs) estime de quelle manière les différentes caractéristiques du produit influencent les parts de marché. / Nowadays one of peculiarities of the liberalized airline market is a huge divergence of ticket prices for the same flights. Mostly it reflects the companies' being unable to easily change the volumes of production or/and store them. The development and use of the yield management models (seat allocation models) have centered on airlines offering a variety of different types of fares for travel on the same flight. The goal of this dissertation is to construct a number of economic models to explain the price dispersion on the airline market from the different points of view. In Part 3, I create a direct price mode! which explains how different product and consumer characteristics influence the price level. It is shown how different attributes like the moment of ticket reservation, ticket class, weekday of the departure and number of coupons define the price and how it corresponds to the consumer characteristics (gender, income, age, etc.). Part 4 is devoted to the differences of the price level from the competition point of view. In a strategic game where firms compete against each other the set of rationalizable strategies for each player entails ail the best responses to the others' decisions. This chapter proposes an empirical test of the existence of the unique Nash equilibrium in a Cournot oligopoly. In Part 5 I treat an airline passenger market as a market with the product differentiation and apply a multinomial logit model to calculate price elasticities. The logit model (with a special focus on the consumers heterogeneity) estimates how the different product characteristics influence the market shares.

過去由於國內住宅市場的資訊並不流通，以致市場上出現的價格資訊相當混亂，就價格的種類來看，各種名目住宅價格間的差異未有明確釐清，使一般人常會對不同的住宅價格產生誤解。就時間序列來看，不同的時間、地區及住宅類型，到底住宅價格的變動如何，也未能有一嚴謹且量化之指標表示。 　　本研究運用標準住宅的概念編製住宅價格指數，所謂標準住宅乃是指一定時間、地區、類型，市場上成交的住宅中，典型的住宅屬性及其數量的組合，也就是說，觀察市場上成交典型住宅的價格變動情形，作為指數編製的基礎，以控制住宅的異質性，再以特徵價格法來求得各屬性的單價以進一步控制品質。另外，由於住宅成交數量變動較大，因此運用裴氏公式作為指數公式，使加權權重的誤差不致太大。 　　由各地區的指數變動趨勢可得到以下幾點結論：首先，一般所認為的三次房地產價格高峰期（62至63年、68至70年、76至78年），從指數的變動來看並不明顯，只有76至78年的上漲趨勢較明顯，在經過幣值平減後，長期趨勢更顯平緩；其次，長期來看，住宅價格持續上漲，部分時期持平或下跌，但幅度及持續時間有限，故所謂房價下跌，其實跌的是上漲率；最後，就上漲幅度來看，台北縣、市的幅度最大，除台北市外，非都市地區（非省轄市）房價的上漲速度較都市地區（省轄市）為高。 　　最後歸納二個造成一般人對住宅價格變動之錯誤印象的原因。主要是品質未加控制，由於品質會影響住宅價格，且消費的住宅品質及數量會隨時間而改變，一般人未察覺此點，而造成對房價上漲的誤解。其次是未考慮幣值，由於「今天的一塊錢不等於明天的一塊錢」，因此以名目價格觀察住宅價格變動的作法，也會造成對房價變動的誤解。

市地重劃係依照都市發展趨勢及都市計畫規劃內容，將一定範圍內畸零細碎不規則之土地，依據法令加以重新整理，重劃區內土地除配合公共設施興建後，其餘可建築用地依原位次分配原則、調整分配原則並留設抵費地後，重新分配予原土地所有權人，其最終目的是地權的調整，而地權調整屬於交易行為，有交易便會有成本，而價格是交易成本的剩餘，在市地重劃開發的過程及後續標得抵費地的土地利用行為中存在交易成本，交易成本的降低可帶來抵費地價格的提升。 重劃完成後各宗抵費地的區位條件與個別條件均不相同，傳統地價影響因素研究多著重於宗地的條件，例如宗地面積、公設可及性、使用分區等，對於土地建築利用與產權整合並無太多著墨，本研究從重劃後建築開發的角度切入，探討以公辦重劃方式所留設的抵費地，其宗地個別條件、土地使用管制、區位、規模及相鄰土地整合難易度，對於交易成本及開發績效有何影響，研究影響抵費地標售價格的因素。 本研究蒐集了林口新市鎮第三期市地重劃區抵費地及相關土地資訊，透過是否建築作為條件篩選，並以189筆合併建築之案例為樣本，運用特徵價格模型，以每平方公尺抵費地標售單價作為應變數，選取13個可能影響抵費地標售價格的應變數，進行實證分析研究。實證結果顯示抵費地的容積率、所面臨最大路寬、面臨主要道路面寬、至學校距離及標售時間等5個因素對於抵費地標售價格呈現正向影響；而抵費地的面積、鄰地權屬複雜度、深度、寬深比等4個因素對於抵費地標售價格呈現負向影響。 公辦市地重劃政府具有土地分配的規劃及主導權，在抵費地面積有限的情況下，倘能了解抵費地的區位、規模與效益之關係，在訂定分配原則及抵費地劃設時考量上述影響抵費地標售價格的因素，以降低交易成本，即可望降低地主共同負擔或創造盈餘以留供重劃區內建設與管理維護，提升開發效益。 / A urban land readjustment (ULR) project follows the trend of urban development and the urban planning, it readjusts all fragmental and irregular land in the area. After building the land of public in the area, the rest of buildable land will be allocated to landlords and reserve the cost equivalent land by distribution principle. The final purpose of ULR is to adjust the property of land. That way of adjustment is a transaction which comes with the cost, and the residual of transaction cost is price. There is transaction cost in the process of ULR project and in the use of cost equivalent land. The reduction of the transaction cost will rise the price of cost equivalent land. The area and individual condition of all the cost equivalent land is different after URL project. The traditional research of land price focus on the condition of land, for example, the area of the land, the accessibility of public facilities and the land use zoning , but less attention in the using of building and the conformity of property. In this research, we discuss the cost equivalent land with the point of building development by ULR, and the effect of the transaction cost to develop performance by analyzing individual condition, land using constrain, area, size, conformity of land. We also study on the factor of the price of cost equivalent land. In this research, we gather the cost equivalent land of Lin-Kou New Town URL and other related information of land. We use the data screened by purpose to build to integrate 189 lands for the base of experimental research, and using the Hedonic Price Method to set the model in which the unit price of cost equivalent land (per square meter ) as the dependent variable and thirteen impact factors as independent variables.。The experiment result shows that five factors including the floor area ratio of cost equivalent land, the maximum width of neighbor road, the width of neighbor, the distance from school and the time for sale have positive impact to the price of the cost equivalent land. On the other hand, the four factors including the area of the cost equivalent land, the complexity of neighbor property, the depth of land and the ratio of width to depth have negative impact to the price of the cost equivalent land. The government has dominant and plan of land distribution by URL-led by the government, for a limited area of cost equivalent land, if we can realize the relationship among region, size and efficiency of cost equivalent land which effect the price of cost equivalent land, it can reduce the transaction cost when we set up the rule of land and cost equivalent land distribution. We can reduce average burden of landlords or make surplus for construction and management for URL, and also promote the efficiency of development.