大眾運輸系統最初為解決因都市發展所衍生的人口過度集中、交通壅塞等外部成本而生，其出現改變都市空間結構，並被視為引導都市發展與再發展之重要規劃工具。與此同時，都市的活動開始沿著大眾運輸系統周圍建構，形成大眾運輸導向發展（Transit-Oriented Development，TOD），在現今都市土地與交通規劃上的扮演相當重要的地位。另一方面，由於都市發展具有其獨特性與異質性，為確保TOD發展政策有效發揮其作用，規劃需先掌握大眾運輸系統對城市空間之影響效果，因應空間屬性而因地制宜。
依據Alonso的競租理論所延伸之住宅區位選擇理論，因大眾運輸建設帶來的交通成本降低，將反映在消費者的住宅願付價格提升，因此大眾運輸系統周邊之房價變動便廣泛運用於相關研究。本研究以2024年底全線通車之高雄環狀輕軌為對象，從輕軌建設前後之房價變動分析輕軌對都市帶來的影響效果，並進一步探討場站空間屬性與不同區位對輕軌影響效果造成差異之實證研究。過往對高雄輕軌周邊房價變動研究甚少，且僅止於針對部分完工路段進行實證，對輕軌全線，以及考量場站空間屬性之影響並未深入探討。對此，本研究以多重差異中的差異法（Difference-in-Differences with Multiple Structure, MDID），依據場站屬性分為4種不同場站類型（T1轉乘樞紐型、T2活動導向型、T3生活通勤型、T4一般車站型）、3種不同距離層級（0-400公尺、400-800公尺、800公尺外）、以及輕軌建設前與完工後兩個不同時間點，構成多重差異模型（MDID），藉由房價隨距離之變動模式，探討不同空間屬性對輕軌影響效果之差異。
研究結果顯示，就全線角度，輕軌對都市帶來房價上升之變動效果，且在距離場站較近處之影響效果越大，同時輕軌實際完工後之實際影響效果，較輕軌建設前民眾預期影響效果趨緩，可能與輕軌實際營運後帶來的噪音、擁擠等外部性有關，與過去研究結果顯示高雄輕軌周邊房價，會隨距離增加先增後降之成果相符；進一步探討不同場站類型之影響效果差異，相比輕軌建設前民眾預期的影響效果，在運量越高，周邊活動越朝向觀光、休閒、商業等可以引入外來人潮活動之場站，如活動導向型（T2），輕軌建設能更強化周邊房價，實際影響甚至比民眾當初預期的影響效果更為卓越；相較之下，若該場站空間屬性較屬於居民日常生活場域（T3）或作為轉乘樞紐（T1），則輕軌會使周邊房價之變動趨緩甚至下降的結果。
總結來說，從房價變動觀點，輕軌能為觀光、休閒、商業導向機能之場站帶來房價上升的強化效果，但對於日常居住、生活導向之場站，則可能導致房價下降之效果。後續研究可據此實證成果，制定多元且因地制宜之輕軌TOD政策。

Public transportation systems and Transit-Oriented Development (TOD) play a key role in driving urban development and transformation. However, the interaction between transportation infrastructure and spatial context remains underexplored. Using the recently completed Kaohsiung Light Rail (LRT) as a case study, this research investigates how station type and proximity influence the spatial effects of LRT development.
Based on Alonso’s location theory, reduced transportation costs from LRT are expected to increase willingness to pay for housing, making housing prices a suitable indicator of LRT impact. This study constructs a Difference-in-Differences Model with Multiple Structure, (MDID), incorporating four station types (T1 transfer-oriented; T2 tourism- and commerce-oriented; T3 residential-oriented; T4 normal), three distance levels (0–400m; 400–800m; 800m+), and two time points (pre- and post-construction), to examine variations in housing price patterns.
Results indicate that, overall, the LRT has a positive impact in the form of housing price increases, particularly in areas closer to stations. However, the actual impact post-completion was weaker than anticipated, possibly due to negative externalities such as noise or traffic. Furthermore, station types matter: the LRT significantly reinforced housing prices around tourism- and commerce-oriented stations (T2), exceeding public expectations. In contrast, residential (T3) and transfer-oriented (T1) stations experienced more muted or even declining housing price changes because of LRT development.
In conclusion, the Kaohsiung Circular LRT enhances value in areas with commercial or tourism functions but may impose externalities in residential zones. These findings suggest the importance of context-sensitive TOD policies.

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