The Determinants of Bidding Premium for Land Auctions in Taiwan.

[[abstract]]本研究收集2012及2013年兩年間，國產局位於台北市(新北市)、台中市及高雄市三大都市經公開標售程序標脫之國有土地，探討決定土地拍賣之競價溢酬之重要因素。又鑒於近年來大面積公有土地設定地上權案件越發熱絡，其對於得標人屬性之揭露較為充分，本研究不同於以往台灣相關拍賣的研究，透過報章雜誌等輔助資料庫，蒐集地上權招標案件的得標人身分。主要的研究實證結果發現：(1)就競爭程度來說：本研究以投標數來衡量發現，競爭程度越激烈競標溢酬會越高。(2)就標的物之資訊不對稱程度來說：當競標標的與競標者形成評價的資訊不對稱程度越少時，則競標溢酬會越高。(3)就投標人評價的異質性度與屬性來說：當投資人評價的異質程度越低時，則競標溢酬會越低。[[abstract]]Using the public auction data of National Property Administration, we select state-owned land auctioned cases on Taipei, Taichung and Kaohsiung from 2012 to 2013, and discuss the determinants of bidding premium for land auctions in Taiwan. The main findings are as followings. First, the number of bidding cases is correlated positively with bidding premium. Second, the lower the degree of information asymmetry will show the higher bid premium. For example, a large land area attracts more attention and disclosures details to their features. This leads to lower bid premium. Finally, three proxies to heterogeneity of bidders are standard deviation of bid prices, winning price divided by second highest bid price, and winning price divided by lowest bid price. They have significant and positive effects on bid premium. In other words, the lower heterogeneity indicates the investors evaluated on the common, then the bid premium will be lower.[[note]]碩