工作可及性對集合住宅租賃價格的影響

Abstract

過去的研究，以買賣交易價格最為樣本，研究工作可及性對住宅價格的影響關係，其多數研究結果顯示工作可及性對住宅買賣交易價格有正向影響。在金融海嘯後期，多數投資者將資金投入更為穩定之資產，其中不乏投入不動產，進而使不動產買賣交易價格提升。其發展背景顯示，買賣交易價格具有投資性需求與消費性需求，在未能排除投資性需求之前提下，其以買賣交易價格作為樣本探討會產生研究偏誤。本研究為填補此研究缺口，以集合住宅租賃價格作為研究樣本進行本研究，並加強對於不同運具之工作可及性，其分別對於不同集合住宅租賃次市場之租賃價格影響關係，進行實證探討。 本研究因應研究目的，分別提出六項假說進行實證研究，分別為：總體工作可及性對集合住宅租賃價格有正向影響；不同運具之工作可及性，對集合住宅租賃價格影響關係不同；不同集合住宅建物型態，其工作可及性對集合住宅租賃價格影響關係不同；不同集合住宅內部格局，其工作可及性對集合住宅租賃價格影響關係不同；在樣本不區分次市場的前提下，不同租賃價格區間，其工作可及性對於集合住宅租賃價格影響關係不同；大眾運具工作可及性對於集合住宅租賃價格影響程度大於私人運具工作可及性對於集合住宅租賃價格影響程度。為了檢驗假說，本研究以臺北都會區7,077筆樣本進行實證研究，並以線性迴歸與分量迴歸進行模式校估，最後以t檢定及標準化係數檢驗假說。 研究結果發現，總體工作可及性對集合住宅租賃價格有正向影響；不同運具之工作可及性，其對於不區分次市場之集合住宅租賃價格的影響關係有所不同；除大眾運具工作可及性以外，不同集合住宅租賃建物型態，其總體及各運具工作可及性，對於集合住宅租賃價格之影響關係也有所差異；除總體工作可及性對套房與雅房等次市場租賃價格影響關係相同外，在不同集合住宅內部格局下，其總體及不同運具之工作可及性對不同內部格局集合住宅租賃價格影響關係相異。在分量迴歸的校估結果，顯示樣本在不區分次市場的前提下，高租金群體樣本顯示其總體工作可及性對集合住宅租賃價格有顯著負向的影響；對於中低租金群體樣本顯示，其總體工作可及性對集合住宅租賃價格有正向影響，說明中低租金對於總體工作可及性之正面依賴程度大於高租金對於總體工作可及性之依賴程度。在標準化係數的結構下，私人運具的工作可及性對集合住宅租賃價格影響程度，大於大眾運具工作可及性對集合住宅租賃價格影響程度。顯示在台北都會區，私人運具對租金的影響性大於大眾運具的影響性。 因此，本研究透過實證結果，說明其具有兩項重要的研究貢獻。實證得出其工作可及性對於租賃價格有正向影響，以增加過往未有對於住宅租賃價格之探討，並提供未來工作可及性對於租賃價格研究之奠基；更進一步，本研究針對過去學術少有探討的「不同運具」工作可及性，對於「不同建物型態」與「不同內部格局」之次市場有不同影響之關係，得出實證結果並證明不動產市場之不同次市場，有不同之影響效果，過去多僅對於「總體市場」進行探討，少有次市場之討論，透過本研究實證，次市場及不同運具之工作可及性不同影響效果。

The previous studies applied transaction prices to explore the relationships between job accessibility and housing cost and concluded that transaction prices and job accessibility are positively correlated. After the Financial Tsunami in 2008, investors turned their capital to more stable investment targets, which include real estate markets, and have resulted in elevated property prices worldwide in recent years. However, transaction prices are affected by investment demands that result in research biases. Consequently, house rentals are further adequate in studying the issue while have not been well explored before. To fill the research gap, this study empirically investigated job accessibility effects on apartment (or collective housing) rentals using sample data in Taipei Metropolitan Area, Taiwan. This study examined the effects of job accessibility on apartment rentals for different sub-markets including building types and apartment types, different transportation modes and various rental levels. There were six hypotheses examined in this study: H1: job accessibility positively affects apartment rentals; H2: the effects of job accessibility on apartment rentals are different among various transportation modes; H3: the effects of job accessibility on apartment rentals are different among various building types; H4: the effects of job accessibility on apartment rentals are different among various property types; H5: the effects of job accessibility on apartment rentals are different among various rental levels; H6: the impact of job accessibility of public transportation modes on apartment rentals is greater than the impact of job accessibility of private transportation modes on apartment rentals. To examine the hypotheses, this study employed a gravity-type job accessibility index and used 7,077 observations in Taipei Metropolitan Area in 2009 as the study sample. The linear regression and quantile regression were both used to analyze the sample data. The results show that general job accessibility was positively associated with apartment rentals. And, different sub-markets of building types and apartment types had different effects of general job accessibility on apartment rentals. Also, different job accessibility of transportation modes had different effects on apartment rentals. There are five important conclusions to this study. First of all, job accessibility would positively affect rentals besides the sub-market of suite and the room. Second, different transportation modes, including motorcycle, car and public transportation, would have different job accessibility effects on rentals. Third, job accessibility would have different effects on rentals of different building type sub-markets. Forth, higher rentals would be negatively affected by job accessibility. Lower rentals would be positively affected by general job accessibility and different transportation modes of job accessibility. Finally, the job accessibility effects of private transportation modes (especially motorcycle) on rentals are greater than that of public transportation modes in Taipei Metropolitan Area. There are two important contributions to the literatures. First, this study presents new evidence regarding the effects of job accessibility on apartment rentals and the effects are significantly different among various sub-markets and transportation modes. Second, the findings of the present study provide a reference for governments in developing the policy of rental subsidies.