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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/81115
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/81115


    Title: 臺灣壽險業投資不動產決定因素與績效表現之研究
    Real Estate Investment Decision Factor and Performance for the Taiwan Life Insurance Industry
    Authors: 黃孝民
    Contributors: 屠美亞
    Twu, Mia
    黃孝民
    Keywords: 壽險業資金運用
    不動產投資
    建設公司
    追蹤資料回歸
    事件研究法
    Life Insurance Company
    Real Estate Investment
    Construction Company
    Panel Data
    Event Study
    Date: 2015
    Issue Date: 2016-02-03 11:17:25 (UTC+8)
    Abstract: 受到政府禁令、房價所得比達 8.41 倍以及房價租金比達全球之冠 64 倍的情況下,壽險業投資不動產是否具有比較利益值得深思,而鑒於不動產具有資訊不對稱的問題,是否壽險業者與建設公司的異業結盟會提升不動產投資的報酬亦為本研究探討的主題之一。本研究以追蹤資料回歸、事件分析法以及研究結果發現具有建設公司關係企業之壽險業者顯著具有較高的不動產投資比重,且不動產實際投資確實較不具建設公司關係企業之壽險業者報酬高。此外具有建設公司關係企業之壽險業者普遍有規模較大的趨勢,但在經營能力與獲利能力上卻無顯著突出。但無論有無建設公司關係企業之壽險業者在購買不動產時,市場皆無正面的反應,事件分析法顯示有無建設公司關係企業之壽險業者在累積異常報酬上皆具有顯著負報酬,此結果代表市場認為壽險業者投資於臺灣不動產並無超額報酬。但有建設公司關係企業之壽險業者在投資不動產時的股價反應較無建設公司關係企業之壽險業者來的好,顯示投資人仍認為具建設公司關係企業對於投資不動產有相對優勢。
    In the circumstance of both price to rent ratio and price to income ratio have peaked at 8.41x and 64x, government prohibited Taiwan Life Insurance Company from real estate investment and implemented the law of registering the actual selling price of real estate, try to lower the house price and mitigate the problem of information
    asymmetry. The rising question about Taiwan Life Insurance Company real estate investment performance and will the affiliation between life insurance and construction Company mitigate the problem of information asymmetry and further rising the return of real estate investment is the issues of the article. First, we provides the evidence that Taiwan Life Insurance Company would have higher real estate investment proportion and higher return when affiliated with Construction Company. Second, we find that Taiwan Life Insurance Company affiliated with Construction Company tend to have larger total asset than don’t affiliated with Construction Company. But the total asset turnover and return on equity show no evidence higher than don’t affiliate with Construction Company. Finally, the event study show negatively cumulative average return (CAR) when Life Insurance Company investing in real estate, but the Life Insurance Company affiliated with Construction Company will have higher CAR than not affiliated with.
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    Description: 碩士
    國立政治大學
    財務管理研究所
    102357035
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0102357035
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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