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    题名: 台灣上市(櫃)公司不動產持有程度與財務績效關聯性之研究
    其它题名: Real Estate Holding Degree and Financial Performance of Taiwan Listed Companies
    作者: 鐘柏翔;王錦玉;陳明吉;張金鶚
    贡献者: 財管系
    关键词: 不动产持有比率;两阶段回归模型;财务绩效;总资产报酬率
    real estate holding degree;two-stage least squares regression model;financial performance
    日期: 2015-06
    上传时间: 2016-03-11 16:45:45 (UTC+8)
    摘要: 公司会因营运、生产、仓储、销售与提供服务等许多原因,持有相当比例的不动产,因此不动产是公司资产配置很重要的一环,对公司财务绩效会产生一定的影响程度。本研究主要探讨台湾上市(柜)公司持有不动产的情形与风险调整后报酬率的关联性,以1992年至2011年共计20年期间台湾上市(柜)公司作为研究样本,利用两阶段回归模型分析公司持有不动产之比例对于公司财务绩效的影响。实证结果显示,就整体台湾地区的上市(柜)公司而言,当公司持有营业目的不动产程度越高时,会产生较低的经营绩效,降低了公司风险调整后的总资产报酬率。当考虑股票市场景气、杠杆运用程度差异、公司规模大小、成长机会高低与成立期间长短的公司特征的差异性,不动产持有比重和风险调整后报酬率的负向关系维持不变。产业特性的差异会改变不动产的持有程度与风险调整后报酬率的关联性,实证结果发现航运业公司若增加公司不动产持有程度时,对航运业的营运有显着的帮助,提高每单位风险所赚取的报酬率。平均而言,不动产持有比重越高,隐含越高的流动性风险与代理问题,故对财务绩效具有不利的影响。
    Companies hold real estate for several reasons, including business operation, production, sales, and services. Corporate real estate is a valuable part of company assets and affects the financial performance of a company. This study investigated the effect of changes in real estate holding degree on stock risk-adjusted returns of listed companies in Taiwan. We used a two-stage regression model to determine how the degree of real estate held by Taiwan listed companies affected their financial performance from 1992 to 2011. The empirical results showed that, on average, a high real estate holding degree was associated with a low operating performance, reducing the risk-adjusted rate of return on total assets. When the stock market status was considered, the extent of the use of leverage, company size, development opportunities, and length of time the company has been established, real estate holding degree appeared to have a negative relationship with rate of return. Industry characteristics affected the correlation between the degree of real estate held and rate of return. In addition, our results showed that, when the shipping industry increases real estate holding degree, operating performance and rate of return increase. On average, a high real estate holding degree implies a high liquidity risk as well as the agency problem and therefore negatively affects financial performance.
    關聯: 不動產研究, Vol.2, No.1, pp.54-72
    数据类型: article
    显示于类别:[教育學系] 期刊論文

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