题名

The Heterogeneity of Bidders' Valuation to the Determinants of a Bidding Premium: Evidence from Land Auctions of Taiwan

并列篇名

競標者評價的異質程度對標售溢酬的影響：以臺灣土地標售為例

DOI

10.6545/JFS.201912_27(4).0002

作者

王健安(Chien-An Wang)；姜堯民(Yao-Min Chiang)

关键词

Bidding premium ； competitive intensity ； information asymmetry ； bidders' heterogeneity ； 標售溢酬 ； 競爭程度 ； 資訊不對稱 ； 評價的異質程度

期刊名称

財務金融學刊

卷期/出版年月

27卷4期（2019 / 12 / 31）

页次

33 - 59

内容语文

英文
中文摘要

Using 2010-2014 public auction data of state-owned land from the National Property Administration in Taiwan, this research discusses the determinants of a bidding premium via a sample of 515 cases using the ＂first price sealed bids＂ in three metropolitan areas. We focus on the heterogeneity of bidders' valuation beyond the traditional aspect, such as competition and information asymmetry, and construct three proxies of the heterogeneity of bidders. The literature argues that the number of biddings correlates positively with a bidding premium, but our empirical results indicate that only high heterogeneity and intensive competition result in a higher bidding premium.
英文摘要

本研究使用國產署2010年至2014年，來自臺北、臺中、高雄三大都會區採密封式最高價得標而標脫的515筆國有土地為樣本，聚焦於投標人「評價的異質性」程度是否（以及如何）影響標售溢酬的高低。實證結果顯示：競爭程度越激烈，標售溢酬不見得會越高；唯有當競標者的異質程度越高時，越激烈的競爭程度才會導致越高的標售溢酬。
主题分类 社會科學 > 經濟學
社會科學 > 財金及會計學
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