English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 110934/141854 (78%)
Visitors : 47768142      Online Users : 400
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/100396


    Title: 台灣上市櫃建設公司股票報酬率影響因素之研究
    Other Titles: The Determinants on Stock Returns for Listed Real Estate Development Companies in Taiwan
    Authors: 游舜德;林詩榕
    Yuo, Tony Shun-Te;Lin, Shih-Rong
    Keywords: 土地交易訊息;財務比率;不動產投資;托賓q
    Financial ratios;Information of land transactions;Property investment;Tobin’s q
    Date: 2011-11
    Issue Date: 2016-08-18 11:50:51 (UTC+8)
    Abstract: 建設公司在不動產空間市場中，扮演著實際供給者與創造者的角色，透過不動 產開發活動，提供新的樓地板供給，以滿足各種不動產市場中的使用者與投資者的 需求。然而，不動產開發活動的特色之一，在於其投資金額的龐大，因此，一般的 小額投資大眾，並無法直接參與建設開發活動。此時，透過於股票市場公開發行\\r 的上市櫃建設公司，便成為小額投資人參與不動產開發相當重要的途徑。本研究探 討的重點，在於一般投資人面對複雜的市場訊息來源，如何取得投資決策的依據。 透過二階段的分析方法，以因素分析、追蹤資料分析法（Panel data）、以及其他 適當的檢定工具，探討財務指標、市場價值指標（Tobin’s q）與土地異動訊息等三個\\r 面向，與投資人關心的股票報酬率之間的關係。本研究發現，對財務指標的因素分析\\r 中，獲利能力、融資與負債能力、資本結構與固定資本週轉能力、以及資產存貨周轉\\r 能力四個面向最具解釋變異能力，然在追蹤資料迴歸分析中，僅獲利能力因素與股票\\r 報酬率具有顯著的關係，而L-R Tobin’s q亦未能找到與股票報酬率之間的顯著關係，\\r 但經流動資產修正市場價值後的C-P Tobin’s q則具有相當強的係數值與顯著關係，經\\r 研判與建設公司流動資產之高存貨比率有關，影響市場價值指標甚鉅；另外，土地訊\\r 息效果中的交易次數，對上市櫃建設公司之股票報酬率，亦有相當顯著的影響。
    In real estate space market, development companies are the suppliers and creators of new floorspaces that fulfilling the demand of various users and investors. However, property development requires large capital inputs, thus small investors can hardly involve development projects directly. Under this circumstance, indirect channels such as the listed real estate development companies in pubic market became a convenient and reachable place. Nevertheless, investors face complex characteristics and performance information of these companies. Thus, how to validating these information became crucial for investment decision making. There are three major concerns in this research: the effective financial ratios, the market value index that measures the expectation and intellectual capital from the market (Tobin’s q), and the information effects of land transactions. Using factor analysis, panel data regression and other statistical tests, this paper examines the effects of these variables with stock returns for the listed real estate development companies in Taiwan. The results show that for financial ratios, only the profitability factor is significant with seasonal stock return. And the L-R Tobin’s q is not relevant, but the short-term capital adjusted C-P Tobin’s q is highly positive significant to stock returns. This may suggests that the stock amount will affect the value of development companies significantly. And the announcement of land transactions for listed real estate companies is also with positive significant effect to stock returns.
    Relation: 臺灣土地研究, 14(2), 1-38
    Journal of Taiwan land research
    Data Type: article
    Appears in Collections:[臺灣土地研究 TSSCI] 期刊論文

    Files in This Item:

    File Description SizeFormat
    14(2)-1-38.pdf1177KbAdobe PDF2531View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback