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| Title: | 台灣上市櫃公司房地產價值對借款與投資決策之影響
The Influence of Corporate Real Estate value on Borrowing and Investment Decisions |
| Authors: | 張家銘 |
| Contributors: | 陳明吉
張家銘 |
| Keywords: | 公司房地產
公司投資
公司借款
研發支出
Corporate real estate
Corporate investment
Corporate loans
R&D |
| Date: | 2018 |
| Issue Date: | 2018-07-17 11:24:13 (UTC+8) |
| Abstract: | 房地產佔有企業資產很大一部份，且為銀行借款之主要抵押擔保品，企業房地產價值提昇將能增加其借款能力，近一步，增加的借款將緩解企業融資約束，提升企業投資，這種傳導機能即為抵押渠道，抵押渠道會對公司的價值及風險產生重大影響，對公司管理階層而言，房地產價格下跌可能導致其無法獲能足夠銀行貸款，須尋求其它融資方式，此外，管理階層與投資人也需考量房價與企業價值之關聯，房地產價格上漲可能使企業更容易獲得外部融資，企業也可能因此出現投資效率低下的過度投資傾向，房價下跌則可能使企業投資不足。另一方面，從總體經濟角度，抵押渠道也有擴大景氣循環的效果，房地產價格大幅上漲會造成企業投資支出增加，並導致經濟過熱，房地產價格下跌會造成企業投資支出下降，進一步增加經濟衰退風險。
本研究欲探討台灣上市櫃公司房地產市價變動對公司投資支出、借款、研發支出之影響，並區分上市櫃公司為大公司與小公司，探討規模不同是否會使結果出現差異，藉此，本研究有助於我國企業管理者與投資人理解房地產價值對融資決策與投資決策之影響，以及幫助我國政策制定者理解房地產政策對企業衝擊之個體傳導機制。本研究以2005年至2012年期間台灣上市櫃公司作為研究樣本，並以縱橫資料二維固定效果模型進行研究。
實證結果發現，對我國上市櫃公司而言，公司房地產價格與公司借款以及投資支出具有正向關係，公司房地產價格能顯著影響其借款以及投資支出，然而，公司房地產價格對公司研發支出並沒有顯著影響。進一步根據公司規模，將我國上市櫃公司區分為大公司與小公司，會發現大公司房地產價格與公司研發支出具有正向關係，大公司房地產價格能顯著影響其研發支出，然而，不同規模之公司，房地產價格對公司借款、投資支出、研發支出之影響並沒有顯著差異。
Real estate is the main collateral for bank loans. An increase in the value of corporate real estate will increase its borrowing capacity. Further, increased borrowing will ease corporate credit constraints and enhance corporate investments. The mechanism is known as collateral channel. Collateral channel affects borrowing as well as investment decisions of companies. Hence, management and investors need to consider the relationship between house prices and corporate value. In addition, the government needs to take into consideration that collateral channel amplify economic cycle. Business downturns will deteriorate real estate values, thus reducing corporate debt capacity and depressing corporate investment, which will amplify the downturn, and vice versa.
The object of this study is to investigate the impact of changes in companies’ real estate value on investment, loan, and R&D of companies in Taiwan. Moreover, this study analyzes the effect of differences in firm size. Then, we provide suggestions to managers and government. The data set from 2005 to 2012 in Taiwan stock market and we use two-way fixed effects model to analyze.
The empirical results show that the increase in companies’ real estate value increases the company’s loan as well as investment. However, there is no significant impact of companies’ real estate value on companies’ R&D. Furthermore, according to the companies’ size, the companies are divided into big firms and small firms. The increase in big firms’ real estate value increases the big firms’ R&D. Nevertheless, there is no significant difference between big firms and small firms for the impact of changes in real estate value on investment, loan, and R&D. |
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| Description: | 碩士
國立政治大學
財務管理學系
105357006 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0105357006 |
| Data Type: | thesis |
| DOI: | 10.6814/THE.NCCU.Finance.018.2018.F07 |
| Appears in Collections: | [財務管理學系] 學位論文
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