摘要
　　鑑於上一波房地產因供需失衡，長期經濟景氣不佳，是台灣最嚴重的一次房地產泡沫化，不少房地產因而進入法拍市場，研究者以投資法拍房地產的經驗，進行本論文之研究。藉由法拍房地產點交與否，在法律面及實務面作投資風險分析為本論文之主軸。
　　首先從探討法學精神、經濟理論與拍賣制度間之關聯性，繼而闡述台灣不動產法拍在拍賣理論上之應用，介紹台灣不動產強制執行程序。又因國內外有關法拍房地產之文獻多屬經濟學面之研究，對於本論文「點交與否」之法律概念與風險的關係欠缺相當之論證
，研究者亦加引述，以茲平衡本論文所應兼顧之風險管理等管理經濟學面。再進入主軸部分之法拍房地產點交與否之法學論述，除從不動產之法律面及法拍房地產實務面，分別做投資風險分析外，更擬定各種樣態、風險與解決對策建議，提供讀者作原則性之參考。又進一步舉不點交法拍房地產在執行個案常見樣態之案例，做風險分析、判定，並提供具體解決對策，俾供投資人更明確可循之參考依據。上開探討應可提供讀者在投資法拍房地產時，不但有理論架構性的認識，而且能有效掌握點交或不點交分別可能面臨的各種風險，進而有效管理，以順利獲取預期利潤。同時達到「見林又見樹
」的程度。
　　最後特別列舉不同投資類型，就具體投資案例經驗針對點交類型、拍賣價格、投標前之準備、研判風險、拍定後發生之具體風險狀況、對策及處理結果作深入之敍述，俾供讀者分享並作為投資之具體參考。

關鍵字：法拍屋、制度經濟學、拍賣理論、點交

Abstract
　In view of the last imbalance between real estate demand and supply, the result was a long-term poor economy and that Taiwan encountered the most devastating real estate bubble. Consequently many real restates went into the Court Step Foreclosure Auction market. This study is conducted with basis on the researcher’s experiences in investment for court auction housing. The study emphasizes on the court’s eviction order for court auction housing with basis on investment risk analysis in the legal and practical aspects, as the components for this paper.
　The study first explores on the association among spirits of law, economic theory and auction system. Subsequently, the paper elaborates on the application for Taiwan Real Estate Law in auction theory through introduction to Taiwan's real estate enforcement procedures. Moreover, the majority of the domestic and foreign literature with respect to court auction housing is related to the study of economics, while the discussion presents a relative insufficiency in the legal concepts and risk relationship of the court’s eviction order brought up in this paper. The researcher also cites from the literature to balance managerial economics including risk management covers by this paper. A further exploration on the components of this paper emphasizes on the legal discussion over court eviction order for court auction housing; whereas the scope of emphasis contains investment risk analysis on the legal side of real estate and the practical aspect of court auction housing respectively, in addition measures in drafting different status, risks and countermeasure proposals are taken to provide readers with reference principles. The study takes one step further to give examples of the common statues when implementing court eviction order on court auction houses, while risk analysis and determination is conducted to provide specific countermeasures as explicit basis of reference for investors in decision-making. The above analysis should be able to provide readers with acquaintance to the theoretical framework for investment in court auction housing, while effectively grasping all possible risks when facing with the condition of court’s eviction order or without court’s eviction order respectively, thereby resulting in an effective management and obtaining expected profits successfully, while taking into considerations of all concerned issues.
　Finally, the study demonstrated several examples of investment types through in-depth description on experiences in specific investment case studies, with highlights in the types of court’s eviction orders, auction price, pre bid preparation, risk analysis, specific risk profiles, countermeasures and results of post-bidding, in order to share with readers this information as specific reference to investment.

Keywords: legal auction house, institutional economic, auction theory, court

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