近年來政府認為房市投資交易過熱，希望藉由政策面抑制房價不合理上漲，頻繁推動包括「平均地權條例」的修正、「囤房稅 2.0」及多輪次「選擇性信用管制」等健全房市政策，對國內建築產業產生巨大衝擊。相較於資源雄厚且融資管道多元的大型建商，區域型建商往往因資本規模有限、品牌溢價能力較弱，在面對政策高度不確定性時，適應能力與生存空間面臨嚴峻挑戰。現有文獻多探討政策對整體房價或營建類股之影響，較少從第一線開發商經營決策的角度進行量化分析。因此，本研究旨在深入剖析區域型建商於多樣化政策環境下，如何識別並排序影響其經營的核心因子，協助業者在制定開發、購地及財務策略時，能更具備風險管理之韌性。 本研究方法採用「層級分析法」（AHP）為核心分析工具，透過文獻探討與專家深度訪談，初步歸納出「金融管制」、「租稅手段」、「行政管理」與「市場預期」四大構面。研究對象鎖定具備 10 年以上實務經驗之建商高階主管、土地開發人員及地政專業人士進行問卷調查，以獲取具代表性的專家權重。初步研究顯示，「金融管制」中的「土建融限縮」可能被視為最具衝擊力之因子，直接影響建商之現金流與案源開發能力。本研究成果不僅能協助區域型建商在有限資源下優化決策路徑，亦能作為政府在滾動式修正房市調控政策時，評估產業衝擊程度與提供差異化管理之實務參考，達成產業發展與市場健全之雙贏局面。;In recent years， to curb unreasonable price increases， the government has frequently promoted policies aimed at improving the housing market， including amendments to the "Equalization of Land Rights Act，" the "Hoarding Tax 2.0，" and multiple rounds of "Credit Control，" which have had a significant impact on the domestic construction industry. Compared to large developers with abundant resources and diversified financing channels， Local Developers， often due to limited capital and weaker brand premium capabilities， face severe challenges to their adaptability and survival in the face of high policy uncertainty. Existing literature mainly discusses the impact of policies on overall housing prices or construction stocks， with less quantitative analysis from the perspective of frontline developers′ business decisions. Therefore， this study aims to deeply analyze how regional developers can identify and prioritize the core factors affecting their operations in a diversified policy environment， thereby assisting them in developing more resilient risk management strategies when formulating development， land acquisition， and financial strategies.
This study employs the Analytic Hierarchy Process （AHP） as its core analytical tool. Through literature review and in-depth expert interviews， it preliminarily summarizes four major dimensions: "financial regulation，" "taxation measures，" "administrative management，" and "market expectations." The study targeted senior executives of construction companies， land developers， and land administration professionals with over 10 years of practical experience， using questionnaires to obtain representative expert weights. Preliminary research anticipates that "financial control" specifically targeting "construction financing restrictions" may be considered the most impactful factor， directly affecting developers′ cash flow and project development capabilities. The findings of this study will not only assist regional developers in optimizing their decision-making processes with limited resources but also serve as a practical reference for the government when rolling revisions to housing market control policies， assessing the degree of industry impact and providing differentiated management， ultimately achieving a win-win situation for industry development and market health.
