本研究蒐集內政部都更事業自2015年至2018年的都更核定案例，採用每一筆案例周圍200公尺內、曾於2012年8月至2020年8月交易的不動產作為研究樣本，共計22,470筆資料。利用特徵價格模型，並以最小平方法與年份固定效果進行迴歸分析，以分析都市更新計畫對全臺各區域之核定案件周邊房屋價格影響。本研究探討都市更新對周圍房價影響的三項外溢效果：分別為都更核定的宣告效果、核定區域範圍影響的外溢效果、以及都更計畫核定後對附近建築重建選擇權價值的影響。實證結果顯示，就整體都更效果而言，全臺灣、臺北市以及新北市地區，都更計畫核定後會提升周圍房價，亦即有正面的外溢效果。然而，以都更核定件數占比最高的臺北市（69.8%）和新北市 (15.9%) 為例，前者的整體正面外溢效果，主要是來自核定之宣告效果與核定範圍兩者之影響，反之後者之正面效果則是來自提昇周邊建築的重建選擇權價值所導致。由於核定都市更新計畫後對臺灣不同區域之外溢效果並不相同，本研究的政策意涵為，政府可考慮採取相應的都更政策，使臺灣民眾擁有舒適美化的居住環境。;This study investigates how the approval of urban renewal projects affects the prices of surrounding properties in all regions of Taiwan by using Hedonic pricing models. The sample of this study is drawn from the real housing transaction data between August 2012 and August 2020 published by Taiwan Economic Journal (TEJ), and is limited to those of properties within 200 meters of urban renewal cases approved by the Ministry of Interior from 2015 to 2018. The empirical analysis resulting from employing multiple regression analysis with year fixed effect aims to research the spillover effects of the approval of urban renewal projects on surrounding housing prices, where I consider the separated impacts from (1) the approval of urban renewal projects, (2) the size of the area which has been approved to renew, and (3) how the approval of urban renewal projects effects on the value of the “redevelopment options” of surrounding properties. The empirical results of this study are as follows. First, there exist a positive spillover effect for the whole Taiwan, or for Taipei city or New Taipei city where the housing prices in the surrounding area have increased after the approval of an urban renewal project. Secondly, the detailed spillover effects in Taipei city differ from that of New Taipei city where most and second most renewal projects are developed, respectively. That is, the overall positive spillover effect for Taipei city is mainly from the influence of both the approval of urban renewal projects, and the site size of those projects. By contrary, the overall positive spillover effect in New Taipei city mainly results from the impact that the properties nearby the renewal sites obtaining higher options value of redevelopment after the approval. The policy implication of this study is that the Government may consider adopting different urban renewal policies accordingly, so as to improve both the housing and environmental conditions in Taiwan.
