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Trading volume and liquidity premium in the Hong Kong housing marketKwok, Hon-ho. January 2006 (has links)
Thesis (M. Phil.)--University of Hong Kong, 2006. / Title proper from title frame. Also available in printed format.
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議價空間與住宅不動產市場流動性之研究 / Price concession of the residential housing markets范清益, Fan, Ching Yi Ken Unknown Date (has links)
不動產由於具有異質性、不可移動性與昂貴性等特性,相較於其他資產而言,最獨特的風險為「流動性風險」(liquidity risk),也因此其銷售期間比其他標的較長,議價空間也較大。以往探討不動產流動性的研究大都以在市場上的銷售期間(time on the market, TOM)為主,然本研究認為銷售期間和賣方的表價(listing price)與買方心中的價格(offer price)密切相關,買方決策的過程勢必受到賣方表價與本身心中價格之影響,進而決定該不動產在市場之流動性。故本研究則嘗試以賣方表價與最後成交價(transaction price)間的議價空間,探討不動產市場之流動性。議價空間愈大,表示不動產標的在當時市場之流動性愈低,致使賣方愈能接受低於表價的買方出價及成交價。
本研究透過搜尋理論建立住宅不動產議價空間模型,並以實際市場交易資料進行實證分析,探討房屋本身的屬性、總體市場因素、賣方持有的成本、區位因素與賣方定價因素等,對於買賣雙方議價空間之影響,藉以觀察理論與實證是否相符。其中以房屋總坪數與屋齡代表房屋屬性,以房租成長率與經濟成長率代表市場情況,並以利率代表賣方持有成本。實證結果顯示,屋齡太久或賣方定價過高的不動產,其議價空間愈大,流動性愈差;房租成長率和經濟成長率皆與議價空間呈負相關,表市場景氣愈好,議價空間愈小,賣方在議價過程中較能堅守其表價;又利率與議價空間呈正相關,表賣方持有不動產的成本越高,越能接受較大的議價空間;而總坪數愈大及區位較佳之不動產,其議價空間越小,可能受豪宅市場效應以及區域抗跌性有關。此實證結果與過去利用銷售期間衡量不動產市場流動性的搜尋理論相符,也驗證議價空間實可為衡量不動產市場流動性的新指標,並可降低利用銷售期間分析的研究困境。本研究成果不僅可供不動產賣方定價策略、買方議價時機之參考,亦希望透過本研究對議價空間與不動產市場流動性之研究,期望政府儘速建立與公開不動產交易平台,俾利增進不動產市場之流動性,更能牽動不動產市場與整體經濟市場之成長。 / The study suggests that not only time on market (TOM) but also price concession between the listing and contract prices could measure housing market liquidity. Departed from past studies, this paper develops theory and constructs a model named Residential Housing Price Concession Model to examine whether key factors influenced housing market liquidity significantly from past studies would have the same effect on price concession. The model includes the listing price of house, the macroeconomic data, the cost of the search and other housing characters in empirical model. Results show that listing price, cost of search and age of house have the predicted positive coefficients, and macroeconomic data , squares of house and location factor are found to be negatively related to the price concession. The corresponding conclusion with time on market (TOM) examined by past studies explains that the price concession also could measure housing market liquidity.
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