臺灣上市櫃公司不動產持有程度之影響因素

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賴語晟(Yu-Cheng Lai) 查詢紙本館藏

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財務金融學系

論文名稱

臺灣上市櫃公司不動產持有程度之影響因素
(The determinants of the degree of corporate real estate holdings: Evidence in Taiwan)

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摘要(中)

本研究主要探討營運風險及營運效率對於企業不動產持有程度之影響，以 2009 年至 2020 年台灣上市櫃公司資料為樣本，採用普通最小平方法進行多元迴歸分析。實證結果顯示，首先就營運風險層面而言，獲利能力愈穩定 (不穩定) 的企業持有愈多（少）的不動產。其次，共同考量獲利能力的穩定程度與營運槓桿度，發現當企業所承受之營運風險與營運槓桿均較低 (高) 時，持有較多（少）的不動產。此外，上述營運風險較高的企業，傾向以租賃不動產提供產品或服務的產能，以避免持有不動產的高額成本。最後，就營運效率而言，實證分析顯示不動產週轉率較佳 (差) 的企業，傾向於持有較少 (多) 不動產；這可能隱含公司的經理人未必專精於不動產管理，且可能依據自身利益而持有不動產。本研究遵循Zhao & Sing (2016) 的理論模型，在額外考量營運槓桿度與不動產營運效率之影響後，實證結果與 Zhao & Sing (2016) 以美國公開發行公司為實證對象的結果一致，亦即穩定的營運現金流增進企業不動產持有程度。

摘要(英)

This thesis explores how operating risk and operating efficiency affect the degree of corporate real estate holdings by conducting an ordinary least square regression analysis by using a sample of Taiwan Stock Exchange (TWSE) listed companies from 2009 to 2020. The empirical results indicate four main findings as follows. First, in terms of the degree of operating risk, firms with more stable profitability tend to hold more corporate real estate assets. Second, considering both the stability of profitability and the degree of operating leverage (DOL), firms are likely to hold more real estate assets when their profits are more stable and have lower DOL as well. Third, by considering real estate holdings as an input to provide production or services, firms with higher operating risks tend to employ more leases than real estate holdings, probably to avoid the high transaction costs that the latter may incur. Fourth, firms with better operating efficiency, i.e., as measured by using the real estate turnover ratio, tend to hold less real estate assets. This counter-intuitive result may imply that (i) Corporate executives may not be able to effectively manage corporate real estate holdings as that may be beyond their professional knowledge and skills; or (i) For optimal real estate holdings, there could exist conflict of interests between executives and shareholders. To sum up, this study employs the theoretical model developed Zhao & Sing (2016) by using the sample of TWSE-listed firms, and considers additional factors such as DOL and operating efficiency, resulting in empirical findings consist with that of Zhao & Sing (2016), which use data drawn from the publicly listed U.S. companies to test their hypotheses. In other words, both studies find that steady profitability is essential for firms to hold more real estate assets.

關鍵字(中)

★ 公司不動產持有程度
★ 營運風險
★ 營運效率
★ 租賃

關鍵字(英)

★ Corporate real estate holdings
★ Operating risk
★ Operating efficiency
★ Lease

論文目次

中文摘要 i
ABSTRACT ii
誌謝 iv
目錄 v
一、緒論 1
1-1 研究背景與動機 1
1-2 研究目的 4
1-3 論文架構 7
1-4 研究流程 8
二、文獻回顧及假說設立 9
2-1文獻回顧 9
2-1-1 公司不動產持有量定義 9
2-1-2 公司不動產持有之相關文獻 11
2-1-3 Zhao & Sing (2016) 及與之相關文獻 12
2-2 研究假說 14
2-2-1 營運現金流穩定度與不動產持有比率 14
2-2-2 營運現金流穩定度及營運槓桿度交互效果與不動產持有比率 14
2-2-3 不動產周轉率與不動產持有比率 15
三、樣本資料及研究方法 17
3-1 樣本資料 17
3-2 變數定義 18
3-2-1 被解釋變數 18
3-2-2 主要解釋變數 19
3-2-3 控制變數 21
3-3 實證模型 27
四、實證結果 34
4-1 敘述統計分析 34
4-2 相關係數矩陣 36
4-3 迴歸分析結果 40
4-3-1 營運風險及營運效率與不動產持有比率 40
4-3-2 其他不動產持有程度之衡量變數 46
4-3-3 產業差異下不動產持有程度之影響因素 49
4-3-4 資本密集度差異下不動產持有程度之影響因素 53
4-3-5 不同倒閉風險程度下不動產持有程度之影響因素 56
4-4 穩健性測試 61
4-4-1 不動產持有總額變化量之影響因素 61
4-4-2 其他衡量營運風險與營運效率之替代變數 64
4-4-3 納入營運槓桿度為負之企業探討不動產持有程度之影響因素 67
4-4-4 採用其他計算方式衡量營運現金流穩定度 69
五、結論 71
5-1 研究結論 71
5-2 研究建議 72

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指導教授

李丹(Tan Lee)

審核日期

2022-6-30

推文