本文以Geoghegan (2002)的理論模型為基礎，主要探討空地再利用所產生的開放空間效果、鄰里土地開發所產生的空間外溢效果，兩者對於新建住宅土地價格的影響分析。本文運用地理資訊系統及空間計量分析，以求得新建住宅土地的特徵價格模型，並以台南市為實證對象。實證結果發現，公有及和有空地再利用對於新建住宅土地價格具有正的空間外溢效果，此表示開放空間的外溢利益大於空地管理維護的外溢成本，而公有空地再利用的邊際價格較私有空地再利用的邊際價格則高達11.9倍之多；當鄰里土地開發作為店鋪及工廠使用時，其對於新建住宅土地價格具有負的空間外溢效果。故公有及私有空地再利用的數量增加，以及鄰里店鋪、工廠土地開發的數量減少，其將有助於提高新建住宅土地價格。

This paper is an extension of Geoghegan's theoretical model (2002) and focuses on open space effect of reusing vacant land and spatial spillover effect of neighboring land development on new-build residential land prices in Tainan City. We apply geographic information systems and spatial econometrics analysis to capture hedonic pricing model of residential land. Empirically, we find that the reuse of publicly-owned vacant land and privately-owned vacant land both have positive spatial spillover effects on new-build residential land prices. This means that spillover benefit of open space is more than spillover cost of vacant land management. We also find that marginal price of publicly-owned vacant land is over 11.9 times than privately-owned vacant land. Finally, Land development used for store and factory has negative spatial spillover effects in a neighborhood. This means that more the reuse of publicly-owned vacant land and privately-owned vacant land will increase new-build residential land prices, while more land development used for store and factory will decrease new-build residential land prices in a neighborhood.