本研究指出，重大產業投資對住宅價格的影響不僅取決於投資本身，也與地方既 有產業基礎、房市發展狀態、城市特性及市場預期密切相關。因此，在分析科技投資 與房價變化時，應納入城市異質性與事件特性，避免將不同城市視為具有相同的市場 反應機制。;This study uses TSMC fab announcement events to examine the impact of major technology investment announcements on residential housing prices. It further compares the differences among Taichung， Tainan， and Kaohsiung under different types of fab investment. This study uses housing transaction data from the Actual Price Registration of Taiwan’s Ministry of the Interior and adjusts housing unit prices using the Consumer Price Index published by the Directorate-General of Budget， Accounting and Statistics. Based on these data， transaction samples are constructed for different distance bands before and after the announcements. The empirical analysis uses a DiD event study approach. Areas closer to the TSMC fabs are defined as the treatment group， while areas farther away are used as the control group. This study then examines changes in housing prices in nearby areas relative to farther areas after the announcements.
The results show that TSMC fab announcements do not lead to a consistent increase in housing prices across all three cities. The effects are related to each city’s development background， the type of investment， and the timing of market expectations. In Kaohsiung， as a new fab investment case， housing prices in nearby areas show a clearer and more persistent positive response after the announcement. However， related news had already spread before the official announcement， suggesting that part of the price effect may have been reflected in the market earlier. In Tainan， the investment represents an advanced process expansion within an existing technology cluster. Housing prices across different distance bands increased in a similar pattern， making the relative effect in nearby areas less clear. In Taichung， the case is an expansion of an existing fab， and the city’s more complex spatial housing price structure leads to a less stable and less consistent estimated response after the announcement.
This study suggests that the effect of major industrial investment on residential housing prices does not depend only on the investment itself. It is also closely related to the existing local industrial base， housing market conditions， city characteristics， and market expectations. When analyzing the relationship between technology investment and housing price changes， city-level differences and event characteristics should be taken into account， as market responses can vary across cities.
