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研究生:周俊緯
研究生(外文):Chun-WeiChou
論文名稱:公司不動產經營管理行為對經營績效的影響-以不動產顧問公司為例
論文名稱(外文):The Business Performance of Corporate Real Estate Management Behavior-Using Real Estate Service Company as Example
指導教授:楊澤泉楊澤泉引用關係
指導教授(外文):Ze-Quan Yang
學位類別:碩士
校院名稱:國立成功大學
系所名稱:企業管理學系碩博士班
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2012
畢業學年度:100
語文別:中文
論文頁數:89
中文關鍵詞:商業不動產經營管理行為超額報酬事件分析法主成份分析法
外文關鍵詞:commercial real estatebusiness management behaviorabnormal returnEvent StudyFactor Analysis
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  • 被引用被引用:2
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  • 下載下載:313
  • 收藏至我的研究室書目清單書目收藏:1
商業不動產經營管理對不動產公司是一項重要管理議題。過去也曾探討商業不動產經營績效之議題,本研究試圖針對過去研究發現的八種不動產經營管理類型變數中,萃取出針對不動產公司的經營管理變數。本研究採取事件分析法,並導入迴歸模型與主成份析針對不動產顧問公司宣告事件,分析是否產生超額報酬與累積超額報酬。
從研究結果發現,單一公司公開宣告事件無法產生超額報酬。七家受測公司中只有一家呈現顯著性超額報酬,且推測該公司同時受到多角化策略影響,故認定單一公司經營管理行為並沒辦法產生報酬效果。另外,本研究也發現,不動產顧問業全產業的宣告事件能夠產生超額報酬。七家公司對應的全產業估計值呈現正向反應,故本研究判斷在產業層面,不動產公司宣告事件對當日報酬產生正向影響。此外,針對單一公司的事件宣告無法帶動長期的正向報酬趨勢來說,檢測結果顯示並無顯著正向效果,同時發現在公司發佈一連串相同事件的情況下較可能產生累積超額報酬。最後一點結論為,不動產顧問業全產業之宣告事件無法造就正向累積超額報酬趨勢,因為七家公司中只有一家公司所對應的全產業估計值呈現不明顯正向報酬結果,故我們判斷不動產顧問業的經營管理型對於累積超額報酬並無顯著的影響。
The corporate real estate is one of important issue for the real estate company. Previous research focus on many kinds of business operation in corporate real estate field and try to find out each one has its own unique operation effect. This thesis discusses that including all kinds of business operation into a new measureable variable, which we call Corporate Real Estate Management Behavior . We can use it to measure the business performance of real estate service companies. The thesis adopts event study method and regression model. Also, factor analysis is applied to examine the regression results and data resources come from CRSP database. This thesis has four major findings. First, single firm of real estate service industry can't generate the abnormal return in announcement date. There is only one of seven firms has the significance abnormal return .0116(1.197). This result we had detected is also affected by diversified strategy in the light of factory analysis. Second, all real estate service industry can be found to generate the abnormal return of announcement date. Third, single firm of real estate service industry can't generate the cumulative abnormal return in a period of announcement date. There is only one firm that shows significance abnormal return and apparently it may be affected by a series of event. Fourth, all real estate service industry can’t drive the trend of cumulative abnormal return of announcement period. For the reason that, we conclude that real estate service firm and its industry both can’t generate the cumulative abnormal return.
目 錄
誌謝 I
摘要 II
英文摘要 III
目錄 IV
圖目錄 VI
表目錄 VII
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的與研究流程 4
第二章 文獻回顧 6
第一節 衡量不動產報酬 6
第二節 公司不動產經營策略 8
第三節 公司不動產經營與管理 9
第四節 總結 12
第三章 研究方法 13
第一節 研究假設與研究架構 13
第二節 變數操作性定義與衡量 15
第三節 研究設計 19
第四章 資料分析與研究結果 31
第一節 主成份分析 31
第二節 股價超額報酬分析 36
第五章 結論與建議 48
第一節 研究結論 48
第二節 研究建議 52
第三節 研究意涵 54
參考文獻: 56
附錄 60
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