本研究主要探討都市更新對建設公司績效之影響，以2010年至2019年共40家上市建設公司為研究對象，並以營運績效、償債能力、股票報酬表現及風險等四大面向進行分析。研究結果顯示因都市更新辦理過程須不斷協商取得相關權利人同意，政府審議時間冗長增加不確定性，加上地主不信任等因素，使得辦理都市更新對大型上市建設公司營收成長呈現顯著負向關係；另辦理都市更新之建設公司歷經前期地主整合繁複過程，將超前部署資金投入計畫及各項可能突發狀況之因應準備等，因而負債比例上升；在對建設公司價值及股票報酬表現方面為負向關係，對其風險則無影響。;This research investigates the impact of urban renewal on the performance of construction companies and focuses on operating performance, solvency, stock performance, and firm risk, respectively. The research results show that during the process of urban renewal, due to the obligation to negotiate with the landlords, the long time taken for the governmental approval, and the distrust resulting from the landlords, the profit growth of large construction companies has a negative impact. Alternatively, the construction company that handles the urban renewal knows the complex process of the landlord integration in the early stage; therefore, they will prepare funding plan in advance for the various unexpected situations. As a result, the debt ratio would increase, and the firm value and the stock performance would decrease.
