本研究旨在探討現今稱為桃竹苗大矽谷計畫的區域，歷經台灣產業變遷下，桃園市、新竹市、新竹縣與苗栗縣等產業廊帶地區之房價變動，與金融市場、物流活動及地方運輸發展之關聯。研究期間為2009年第2季至2025年第1季，採用季資料進行實證分析，並運用公開資料庫蒐集各縣市房價、台股殖利率、桃園國際機場貨運量、貨車登記數、房貸利率、CPI指數與經濟成長率等變數，以檢視影響桃竹苗地區房價變動之主要因素。實證結果顯示，台股殖利率整體而言對房價具有負向影響，顯示金融資產與不動產之間可能存在資產替代效果。物流活動與地方運輸發展對房價之影響則呈現區域差異，其中桃園市與新竹縣之貨車登記數增減對房價具有顯著正向影響，表示產業活動與地方經濟動能可能帶動住宅需求增加。新竹市與新竹縣之CPI指數變化量與經濟成長率多呈正向且顯著，顯示科技產業聚落地區之房價對物價變動與景氣循環具有較高敏感度。相較之下，苗栗縣房價主要呈現落後項顯著，反映其房價調整具有較明顯之遞延特性。整體而言，研究結果可作為制定區域差異化住宅政策及強化房市風險監測之參考依據。;This study examines the relationship between housing price changes and financial markets， logistics activity， and local transportation development in the Taoyuan–Hsinchu–Miaoli region， currently known as the Taoyuan–Hsinchu–Miaoli Great Silicon Valley. Using quarterly data from 2009 Q2 to 2025 Q1， this study analyzes housing prices， Taiwan stock dividend yield， Taoyuan International Airport cargo volume， truck registrations， mortgage interest rates， CPI， and economic growth rates.The empirical results indicate that Taiwan stock dividend yield generally has a negative effect on housing prices， suggesting a possible asset substitution effect between financial assets and real estate. Regional differences are also observed. Truck registrations significantly and positively affect housing prices in Taoyuan City and Hsinchu County， while CPI and economic growth are more influential in Hsinchu City and Hsinchu County. In contrast， Miaoli County exhibits significant lagged housing price effects， reflecting delayed market adjustment.
