一般而言，獎勵容積率是民間推動都市更新最大的誘因，也是創造更高都市更新房動產價值的主要因素，然而過多的容積獎勵會使外部擁擠，造成負面效用的現象，何者是最適當之獎勵容積率，是本研究亟欲探討的問題。 本研究依據內政部營建署都市更新平台之民間都市更新事業統計之資料，蒐集台北市都市更新之個案，包含台北市 12 個行政區，取得 60 件個案樣本，藉由都市更新相關法令及特徵價格理論之觀點，探討各特徵因素對對都市更新房動產價格之影響。實證結果顯示建物人數、土地座落、獎勵容積率、總容積率對都市更新房動產價格有顯著正向影響。為進一步探討不同獎勵容積率之影響，本研究將「獎勵容積率」分成四個級距驗證其影響，分析發現「20%以下獎勵容積率」對都市更新房動產價格有顯著正向影響，其他級距對都更房地產價格並無顯著影響。前述研究深具都更管理涵義，顯示「容積外部性可能存在於市場機制中」，實務上提醒都更房地產業者，應爭取合宜的獎勵容積率以提高都更房地產價格，而非一味追求最高獎勵容積率。此研究發現亦可供政府訂定適當獎勵容積率的參考。

In general, floor area incentive is the greatest cause that induces urban renewal promoted by civil, and is the main factor that produces greater price of real estate. However, higher floor area incentive has negative effect on the environment that makes the region too crowded. Thus the main aim of this study is to find the most suitable rate of floor area incentive. The data used in this study is adapted from the Construction and Planning Agency Ministry of the Interior about urban regeneration, with a total 60 cases of urban renewal from 12 administrative districts in Taipei. The results showed that the real estate price of urban renewal has positive effects correlation with the number of building owners, land location, floor area incentive rate, total floor area ratio. Furthermore, it also found that the suitable floor area incentive rate is below 20%. And the other higher floor area incentive rate had no significant influence on the real estate price of urban renewal. Those research findings have policy implication for government to decide the suitable floor area incentive.