台灣建築投資業（以下稱為建設公司）一向扮演土地需求與房屋供給的重要角色，投資土地可以為建設公司帶來許多利潤，土地的財貨特性也為建設公司資金週轉與財務風險帶來許多壓力。此營業特性經常不為一般人理解而誤判建設公司財務報表。本文以基本的雷達圖分析展現建設公司之財務特徵與解析其背後所代表的經濟意涵，再以財務比率為自變數進行羅吉特(Logit )迴歸分析購地對建設公司財務報表衝擊與並探討建設公司對於取得土地意向其相關考量因素。更進一步根據建設公司之經營特性，設定投入產出變數，以資料包絡法（Data EnvelopmentAnalysis ，簡稱DEA）計算台灣上市櫃建設公司之相對經濟效率。實證結果顯示無論建設公司規模大小，購入土地皆會對現金流量產生衝擊，而且較佳淨值報酬率時能激勵建設公司購入土地推案之意願。對小型建設公司而言，購入土地必須以惡化負債比率方式執行，大型建設公司可以只要考慮獲利能力即可。同時以資料包絡法研究建設公司績效結果顯示慎選推案區位的公司績效表現較佳，而借殼上市公司表現普遍低落。同時設立年限、董監事持股比例、董監事設質比例、市場貝他與設立年限與公司經營績效呈現顯著相關。 In Taiwan, real estate developer (so-called construction company) plays a key role in land demand and house supply. Land investment not only bring enormous profit for these company , but also great pressure to financial condition. Few people familiar with such a operating convention lead to misjudge construction company’s financial statement. This paper applied radar graphic and logit regression with an aim to understand the factors for land investment decision and subsequently effect on real estate developers’ financial statement. Then sets input and output variables and employs data envelopment analysis (DEA) to compute the relative commercial efficiency of listed real estate development firms in Taiwan and find out the probable factors causing the inefficiency of these firms. As a result, land investment decision encouraged by good net worth return and take effect on cash flow, no matter the construction company scale big or small. In addition, small construction company have to worsen debt ratio and control real estate inventory with care for acquire land. The only consider factor for big construction company’s land investment decision is profitability. The results of DEA evaluation show companies that exercised prudence in the selection of project location gave better performance, whereas companies that were listed through a shell generally fared poorly. In addition, years of establishment, shareholding and pledged stock ratio of directors and supervisors, and market beta were significantly correlated with operational performance.
