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題名：上市櫃建設公司土地投資與開發策略對經營績效影響之探討
書刊名：住宅學報
作者：章定煊
作者(外文)：Chang, Ding-hsuan
出版日期：2005
卷期：14:1
頁次：頁41-65
主題關鍵詞：建設公司；績效評估；土地開發；資料包絡法；Real estate company；Performance evaluation；Land development；Data envelopment analysis
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(9) 博士論文(3) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:9
  • 共同引用共同引用:19
  • 點閱點閱:78
土地投資與開發是建設公司之核心業。所以，本文主要利用建設公司必須控制財務風的特性，以資料包絡法(Data Envelopment Analysis, DEA)建構臺灣上市櫃建設公司在相對經濟效率概念下之績效指標，進而探索建設公司的土地投資及開發與績效指標之關連性。研究結果顯示，建設公司若購入土地進行策略性等待，可帶動績效上升，與實質選擇權理論相節。待售成屋存貨及建工程存貨將促使本文建構之績效指標下降，顯示此存貨增加為建設公司開發個案去化能力不佳與工程進度落後，並非策略性等待。比較常用績效指標與本文建構之績效指標，在士開發變數方面，是否購地與在建工程存貨兩種結果符號方向一致；但在考慮待售成屋存貨時的符號方向相反，此差異可能原因是常用績效指標主要用意為反映已實現之經營成果，但對於建設公司土地指資開發行為的追蹤稍有不足。所以，運用一般常用績效指標判斷建設公司土地投資經營狀況，仍須有更多的資訊加以輔佐，以免誤判。
The core business for a real estate company in Taiwan is usually land investment and development. This paper puts risk control in consideration, employs Data Envelopment Analysis (DEA) to calculate the efficiency of the listed real estate development firms in Taiwan, and try to determine the factors which cause the inefficiency of those firms. The results show companies which exercise buy-and-hold strategy for land have better performance and the results also conform to real option theory. Whereas the companies which own buildings or houses for sale, as well as with construction in process, are losers in the markets. The results for the latter companies also suggest those companies are forced to hold the properties, which is definitely not a marketing strategy. By using commonly used indices and DEA indices, the results are the same-the land purchasing decision and the costs for construction in progress go in the same direction. However, the directions of houses for sale and land inventory are the opposite. Therefore, we can conclude that more information required when evaluating the performance of real estate companies.
期刊論文
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22.敬永康(1999)。營建業巧裝術大破解－藉助建案別分析、告別完工百分比法之操縱。貨幣觀測與信用評等，20，21-34。  延伸查詢new window
23.Anderson, Randy I.、Lewis, Danielle、Zumpano, Leonard V.(2000)。X-Inefficiencies in the Residential Real Estate Market: A Stochastic Frontier Approach。Journal of Real Estate Research，20(1)，93-103。  new window
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會議論文
1.章定煊、張金鶚(2001)。上市櫃建設公司績效影響評估與影響因素探討。2001年中華民國住宅學會第十屆年會。  延伸查詢new window
2.王健安(1998)。以實質選擇權模式的觀點評估都市空地開發的決策。0。  延伸查詢new window
3.王健安(1999)。從等待價值與融資限制的觀點探討不動產投資開發的決策過程。0。  延伸查詢new window
4.陳冠華、張金鶚、林秋瑾(1999)。不確定市場下廠商投資行為之研究。0。  延伸查詢new window
5.章定煊、張金鶚(2000)。從財務特徵分析建設公司投資土地之意向－以國泰建設與國揚建設為例。0。  延伸查詢new window
6.廖咸興、張衛華(1997)。上市公司不動產相關資訊宣告對公司股價影響之實證研究。0。new window  延伸查詢new window
7.顏雅琴、章定煊(2005)。政治循環與土地開發風險評估－實質選擇權之修正。0。241-248。  延伸查詢new window
研究報告
1.Coelli, T.(1996)。A Guide to DEAP Version 2.1: A Data Envelopment Analysis (Computer) Program。Armidale：Department of Econometrics, University of New England。  new window
2.張金鶚(1991)。建築投資業與建築經理公司管理制度之研究。臺北市。  延伸查詢new window
3.林祖嘉(2000)。臺灣地區空屋與餘屋問題及對策之研究。中華民國住宅學會。  延伸查詢new window
4.國立中興大學都市計劃研究所(1987)。房屋建築業調查報告。臺北市。  延伸查詢new window
學位論文
1.呂光曜(1994)。台灣建築投資業財務績效評估之研究(碩士論文)。國立中興大學。  延伸查詢new window
2.施旻孝(1998)。上市建設公司營運績效評等之研究，0。  延伸查詢new window
3.朱冠倫(1996)。臺灣地區非金融業股票上市公司財務比率與經營績效之研究，0。  延伸查詢new window
4.蔡瑞生(2001)。我國上市、上櫃營造公司經營績效評估：資料包絡分析模式（DEA）之應用，0。  延伸查詢new window
5.鄭惠嘉(2005)。土地增值稅減半徵收政策對建設公司成本與技術效率影響之研究，0。  延伸查詢new window
圖書
1.Coelli, T.、Prasada Rao, D. S.、Battese, G. E.(2005)。An introduction to efficiency and productivity analysis。Boston, MA：Norwell：Kluwer。  new window
2.Fried, H. O.、Lovell, C. A. K.、Schmidt, S. S.(1993)。The Measurement of Productive Efficiency: Techniques and Applications。Oxford University Press。  new window
3.Dixit, Avinash K.、Pindyck, Robert S.(1994)。Investment Under Uncertainty。Princeton University Press。  new window
4.Maddala, G. S.(1983)。Limited-dependent and Qualitative Variables in Econometics。Cambridge University Press。  new window
圖書論文
1.McCarty, T. A.、Yaisawarng, Suthathip(1993)。Technical efficiency in New Jersey school districts。The Measurement of Productive Efficiency: Techniques and Applications。Oxford University Press。  new window
 
 
 
 
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