本研究主要探討空氣汙染對台灣房地產價格的影響。由於空氣品質監測站分佈不均，無法真實呈現台灣各地的空氣污染物濃度，因此使用克利金空間內插法來解決此一實證研究上的問題。此外，有鑒於空氣汙染與房價之間具有內生性問題，於是使用降雨量作為空氣汙染物之工具變數，並利用二階段最小平方法進行估計。本文所使用的資料為2012年1月至2017年10月間全台之環境保護署空氣品質監測資料與內政部地政司實價登錄資料，實證結果發現前一個月份之空氣汙染嚴重程度，分別以空氣品質分指標(IAQI)、空氣品質指標(AQI)、細懸浮微粒(PM2.5)、懸浮微粒(PM10)、臭氧(O3)、一氧化碳(CO)、二氧化硫(SO2)以及二氧化氮(NO2)作為衡量，皆對房地產每坪單價呈現負向顯著影響。特別地，當上述八種空氣汙染物濃度上升1%，房地產每坪單價會減少0.036%至0.137%。然而，研究亦發現前一季之各項空氣汙染物對房地產價格之影響並不顯著。綜合以上所述，本文研究發現空氣汙染對房地產價格影響效果在短期較為顯著。;The purpose of this paper is to investigate the effect of air pollution on housing prices in Taiwan. Due to the scattered distribution of air quality monitoring stations, the air pollutant concentrations across Taiwan are not well captured. To address this problem, the Kriging Interpolation is implemented in this paper. In addition, it has been well acknowledged that air pollution and housing price are endogenously determined. We then use rainfall as an instrumental variable for air pollution concentrations to perform two-stage least squares. The data used in this paper are the air quality monitoring data of the Environmental Protection Administration, and the actual price registration data of the Department of Land Administration, M.O.I. in Taiwan from January 2012 to October 2017. We use IAQI, AQI, PM2.5, PM10, O3, CO, SO2 and SO2 as a measure of the severity of air pollution. The empirical results find that the air pollution in the previous month had a negative and significant impact on the housing prices. Particularly, when the concentration of these air pollutants increase by 1%, the housing prices decrease by 0.036% to 0.137%. However, the findings also suggest that the air pollution in the previous quarter had no statistically significant impact on the housing prices. In summary, our results show that the effect of air pollution on the housing prices is significant in the short term.
