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題名 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
作者 張家銘
貢獻者 陳明吉
張家銘
關鍵詞 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
日期 2018
上傳時間 17-Jul-2018 11:24:13 (UTC+8)
摘要 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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描述 碩士
國立政治大學
財務管理學系
105357006
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0105357006
資料類型 thesis
dc.contributor.advisor 陳明吉zh_TW
dc.contributor.author (Authors) 張家銘zh_TW
dc.creator (作者) 張家銘zh_TW
dc.date (日期) 2018en_US
dc.date.accessioned 17-Jul-2018 11:24:13 (UTC+8)-
dc.date.available 17-Jul-2018 11:24:13 (UTC+8)-
dc.date.issued (上傳時間) 17-Jul-2018 11:24:13 (UTC+8)-
dc.identifier (Other Identifiers) G0105357006en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/118695-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理學系zh_TW
dc.description (描述) 105357006zh_TW
dc.description.abstract (摘要) 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。		zh_TW
dc.description.abstract (摘要) 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.		en_US
dc.description.tableofcontents 第一章 緒論 1
     第一節 研究背景 1
     第二節 研究目的 3
     第三節 研究流程 4
     第二章 文獻探討 5
     第一節 景氣循環與抵押渠道 5
     第二節 企業房地產價值與借款 7
     第三節 融資約束與企業投資支出 8
     第四節 企業房地產價值與投資支出 9
     第五節 企業房地產價值與研發支出 11
     第六節 企業規模差異與房地產抵押渠道 12
     第三章 研究方法 14
     第一節 資料來源 14
     第二節 企業房地產資產市場價值計算 15
     第三節 實證變數定義 17
     第四節 研究工具 19
     第五節 研究假設與計量模型設定 21
     第四章 實證結果分析 28
     第一節 敘述性統計分析 28
     第二節 公司房地產價值與借款 29
     第三節 公司房地產價值與投資支出 31
     第四節 公司房地產價值與研發支出 33
     第五節 不同規模下公司房地產價值與借款 35
     第六節 不同規模下公司房地產價值與投資支出 38
     第七節 不同規模下公司房地產價值與研發支出 41
     第五章 結論與建議 44
     參考文獻 46		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0105357006en_US
dc.subject (關鍵詞) 公司房地產zh_TW
dc.subject (關鍵詞) 公司投資zh_TW
dc.subject (關鍵詞) 公司借款zh_TW
dc.subject (關鍵詞) 研發支出zh_TW
dc.subject (關鍵詞) Corporate real estateen_US
dc.subject (關鍵詞) Corporate investmenten_US
dc.subject (關鍵詞) Corporate loansen_US
dc.subject (關鍵詞) R&Den_US
dc.title (題名) 台灣上市櫃公司房地產價值對借款與投資決策之影響zh_TW
dc.title (題名) The Influence of Corporate Real Estate value on Borrowing and Investment Decisionsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 王彥超，(2009)。融資約束、現金持有與過度投資。金融研究，第7期，121-133。
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dc.identifier.doi (DOI) 10.6814/THE.NCCU.Finance.018.2018.F07-