近年來，氣候變遷與淨零排放議題日益受到重視，綠建築標章作為衡量建築物節能與環境效益之重要指標，其經濟價值是否確實反映於房價中，成為不動產資產定價研究中值得關注之議題。然而，現有文獻對於不同標章等級之溢價是否呈現遞增關係、以及建商品質是否混淆標章與房價之關聯，實證證據仍相對有限。 本研究首次於台灣綠建築溢價研究中導入建商固定效果模型，以台北市2011年至2026年共286個已取得EEWH綠建築標章之住宅社區、16，612筆實價登錄交易資料為樣本，採用特徵價格法估計銅級、銀級、黃金級（含）以上三個標章等級相對於合格級之房價溢價幅度，並檢視此效果於精華區與非精華區、疫情前後及預售屋與成屋市場間之異質性。 實證結果顯示，未控制建商特性時，銀級與黃金級以上標章相對於合格級呈現負向係數；納入建商固定效果後，係數方向完全翻轉，銅級（+12.01%）與銀級（+3.89%）均呈顯著正向溢價，黃金級（含）以上則未達顯著，顯示建商品質為關鍵混淆因子。異質性分析發現，成屋市場之銅級溢價（+23.29%）遠高於預售市場（−10.33%），呈現顯著資訊不對稱效應；黃金級（含）以上於預售市場亦呈顯著負向（−6.36%），標章溢價並非隨等級單調遞增。本研究並將溢價換算為實際金額，發現銅級標章每坪可帶來約9.81萬元之經濟價值，有助於釐清綠建築標章之資本化程度，並為綠色金融政策提供實證依據。;As climate change and net-zero emissions draw growing global attention， green building certification has become an important indicator of a building′s energy efficiency and environmental performance. Whether this certification is capitalized into housing prices remains an open question in real estate asset pricing research， with limited evidence on whether premiums rise monotonically across certification levels and whether developer quality confounds the certification-price relationship. This study uses a sample of 16，612 real price registration transactions from 286 EEWH-certified residential communities in Taipei City over the period 2011 to 2026. Employing a hedonic pricing model with developer fixed effects， we estimate the housing price premiums of the Bronze， Silver， and Gold-and-above (Gold and Diamond levels combined， given the limited number of Diamond-certified communities) certification levels relative to the Qualified level， and further examine the heterogeneity of these premium effects across prime and non-prime districts， before and after the COVID-19 pandemic， and between presale and existing-home markets. The empirical results reveal that， without controlling for developer characteristics， the Silver and Gold-and-above certifications exhibit negative coefficients relative to the Qualified level. However， after incorporating developer fixed effects， the signs of the certification coefficients reverse entirely: both Bronze (+12.01%) and Silver (+3.89%) certifications show significant positive premiums， while the Gold-and-above certification remains statistically insignificant， indicating developer quality as a critical confounding factor. Heterogeneity analyses further reveal that the Bronze premium in the existing-home market (+23.29%) substantially exceeds that in the presale market (−10.33%)， suggesting a pronounced information asymmetry effect; the Gold-and-above certification also shows a significant negative premium in the presale market (−6.36%)， indicating a non-monotonic premium pattern across certification levels. Converting percentage premiums into monetary terms， this study finds that Bronze certification yields an economic value of approximately NT$98，100 per ping (3.3 m²). We further discuss developers′ potential economic incentives for pursuing green building certification through the lens of floor area ratio bonus policies. To the best of our knowledge， this is the first study in Taiwan to incorporate developer fixed effects into the estimation of green certification premiums in the residential market. The findings help clarify the degree of capitalization of green building certification in Taipei′s housing market， provide a baseline reference for the mandatory disclosure policy on real estate sustainability ratings scheduled to take effect in 2026， and offer empirical implications for the advancement of green finance policy in Taiwan.
