Dissertation/ Thesis
境外資金回流能否影響台灣房屋交易行情 ; Could Overseas Capital Inflow Affect Taiwan Housing Prices?
| العنوان: | 境外資金回流能否影響台灣房屋交易行情 ; Could Overseas Capital Inflow Affect Taiwan Housing Prices? |
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| المؤلفون: | 賴建樺, Lai, Jian-Hua |
| المساهمون: | 會計系, 阮氏清萍, Nguyen Thi Thanh Binh |
| سنة النشر: | 2023 |
| المجموعة: | Chaoyang University of Technology Institutional Repository (CYUTIR) |
| مصطلحات موضوعية: | 境外資金, 房屋, 台灣, 房價指數, Repatriation of funds, real estate, Taiwan, house price index |
| الوصف: | 自1970年代以來，台灣經濟逐漸崛起，並促進房屋市場的發展。房屋作為一種兼具消費和投資功能的資產，成為國人偏愛的投資對象。房屋市場的發展和房價波動對人們的財富和生活產生重大影響。自2008年全球金融危機以來，美國聯邦儲備系統為刺激經濟而推行長期的量化寬鬆政策，導致全球金融市場充斥著尋求投資機會的資金，在這種情況下，被看好的國家成為這些資金的主要投資目標，這讓人們不禁聯想到2009年台灣房價回穩以及2020年新冠疫情爆發後，台灣相對穩定的情況下，吸引大量國外資金投入，並出現房屋市場不跌反漲的趨勢，這可能與這些資金有密切關聯。本研究採用EGARCH模型進行分析。為研究境外資金回流對台灣房屋交易行情收益的主導作用，本文在平均方程式中包括前幾季的滯後時間，以便分析台灣房屋收益的領先效應。同時，將結構改變點設為虛擬變數加入變異方程式中，該虛擬變數在斷點日期之前為0，斷點日期之後為1。研究結果顯示，在一季前和當季發生的境外資金匯回對於房屋報酬有正面影響，意味著當前和前一季的境外資金匯回對房屋市場的表現具有重要性。然而，其他時間段的境外資金匯回對房屋價格的影響則不顯著。本文希望透過揭示境外資金匯回與房屋價格之間的關係，為後續有關台灣房屋價格的研究提供參考依據。同時，本文建議未來的研究應納入更多相關因素，以全面解房屋市場的運作機制。 ; Since the 1970s, Taiwan's economy has been gradually rising, leading to the development of the real estate market. Real estate, with its dual functions of consumption and investment, has become a preferred asset type for the Taiwanese people. The development of the real estate market and fluctuations in housing prices have significant impacts on people's wealth and lives. However, since the global financial crisis in 2008, the US Federal Reserve has implemented a long-term quantitative easing policy to stimulate the economy, resulting in an influx of funds seeking investment opportunities in the global financial market. In this situation, countries with favorable prospects have become the primary targets for these funds. This brings to mind the stabilization of Taiwan's housing prices in 2009 and the trend of the real estate market experiencing an upturn rather than a downturn following the outbreak of the COVID-19 pyemic in 2020. These trends may be closely related to the influx of foreign funds.This study employs the EGARCH model for analysis. In order to examine the dominant role of the repatriation of funds on Taiwan's real estate transaction returns, the study includes lagged periods in the mean equation to analyze the leading effect on real estate returns. Additionally, a structural change point is introduced as a dummy variable in the variance equation, taking the value of 0 before the change point and 1 after it. The research results indicate ... |
| نوع الوثيقة: | thesis |
| وصف الملف: | 1200918 bytes; application/pdf |
| اللغة: | Chinese |
| Relation: | 111CYUT0385009; http://ir.lib.cyut.edu.tw:8080/handle/310901800/42518; http://ir.lib.cyut.edu.tw:8080/bitstream/310901800/42518/1/111CYUT0385009-002.pdf |
| الاتاحة: | http://ir.lib.cyut.edu.tw:8080/handle/310901800/42518 http://ir.lib.cyut.edu.tw:8080/bitstream/310901800/42518/1/111CYUT0385009-002.pdf |
| رقم الانضمام: | edsbas.85E4CC4B |
| قاعدة البيانات: | BASE |
| الوصف غير متاح. |