都市更新可採重建、整建等不同處理方式，重建之容積獎勵與整建、維護之成本補 貼各自有不同之效益，本研究擬透過成本效益分析，檢討目前以鼓勵重建為主流之政策 取向。 Yau et al.（2006）、Colwell et al.（2000）與Kim and Goldsmith（2008）等分別提出 視覺景觀改善、集合住宅與嫌惡設施對一定距離範圍內不動產價格產生外溢效果。反觀 都市更新的實施，除更新不動產本身價值增加外，亦包含視覺景觀改善的直接效果與環 境品質提升的區域效果，因而本研究擬由總體社會效益出發，除考慮重建、整建創造之 個體經濟效益外，並將其對鄰近不動產產生之直接、間接影響效果納入考量，以合理反 應容積獎勵與補貼成本之總體效益。基於Tobler（1970）提出的「凡事皆相關，距離較 近者相關越大」，本研究建立特徵價格迴歸模型估計時，特別加入空間屬性資料並考量 空間自相關變數的處理，期能增加估價模式之有效性，提高對外溢效果範圍內價格變化 強度的估計。
Reconstruction and Refurbishment methods could be adopted in Urban Renovation. These two different methods have different benefits. In this study, we use cost-benefit analysis to test the efficiency of these two methods and review the Urban Renovation Policies. Through Urban Renovation, the value of the real property not only increases, but there is also a positive spill-over effect, including directly improving the attractiveness of the view as well as bettering the environmental quality of the surrounding region. We have built two different hedonic price models to estimate the benefits of Reconstruction and Refurbishment. This methodology is different from other studies in that we add space-attribution variable to our model and process the problem of spatial autocorrelation. This will improve the effectiveness of the valuation models.
