| dc.contributor.advisor | 張金鶚 | zh_TW |
| dc.contributor.author (Authors) | 章定煊 | zh_TW |
| dc.creator (作者) | 章定煊 | zh_TW |
| dc.date (日期) | 2005 | en_US |
| dc.date.accessioned | 18-Sep-2009 16:09:25 (UTC+8) | - |
| dc.date.available | 18-Sep-2009 16:09:25 (UTC+8) | - |
| dc.date.issued (上傳時間) | 18-Sep-2009 16:09:25 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0088257501 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/35829 | - |
| dc.description (描述) | 博士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 地政研究所 | zh_TW |
| dc.description (描述) | 88257501 | zh_TW |
| dc.description (描述) | 94 | zh_TW |
| dc.description.abstract (摘要) | 建設公司的產業發展，並不可以單純的以經濟活動的一環來看，它也是家與生活場合的提供者。但是，在市場上所見到仍是一案建商的活躍，而績優建商卻相對委屈。問題的根源是，在資本市場大家無法分辨建設公司的好壞，資源無法有效流向好的建設公司，自然在市場上就發生劣幣驅逐良幣的現象。但是，在國內建設公司特有的經營環境，使得建設公司財務報表的功能性大幅受限，進而使其誘導資源的能力也相對降低。本論文之主要目的，即是分析建設公司之經營特性，分析其持有土地、在建工程與待售成屋存貨之經濟意涵與會計處理上之問題。同時，透過四個實證研究，提出建設公司存貨持有對建設公司財務報表影響之相關結論與建議，希望能解決部分目前對建設公司財務報表解讀困境與促進對建設公司之瞭解。本文主要內容，由四個實證研究所構成，分述如下。第一個實證研究為以國泰建設為例，透過時間序列之共積(cointegration)模型，分析養地型建設公司財務報表之長期結構。研究結果發現，土地、在建工程與待售成屋三種存貨間存在長期穩定關係；此外，土地存貨持有率與毛利率長期間呈現負相關，顯示土地存貨持有，利潤率呈現上有不利的影響。實證結果也發現土地存貨持有率與負債比率，長期間呈現負相關，顯示建設公司將在財務結構較健全時進行土地持有。第二個實證研究為透過資料包絡法(Data Envelopment Analysis;DEA)建構建設公司之績效指標，並利用Tobit迴歸分析比較績效指標與房地產投資開發變數之關連性。研究結果發現，建設公司有能力購入土地進行策略性等待，可以帶動績效指標上升；待售成屋存貨與在建工程存貨就如同預期，與績效指標呈現負相關。該部分實證結果顯示，分析建設公司之績效時，應考慮其存貨構成項目與其背後策略意涵，分析才會周延。至一般常用財務績效指標方面，結果不是完全無法掌握土地開發變數，就是在待售成屋存貨此項土地開發變數方面，與本文建構績效指標的符號方向相反，顯示有進一步探討空間。第三個實證研究為透過Malmquist生產力指數，進一步計算績效指標之跨期變動，並以拔靴複製法(bootstrap)進行檢定不同土地持有策略對生產力、效率與技術變動影響為何。實證結果顯示，在房地產景氣之起跌階段，生產力均無顯著變化。在房地產景氣之續跌階段，長期大量持有土地之建設公司效率提升；短期大量持有土地之建設公司，產生技術退步。在房地產景氣之探底階段，建設公司為了在訴求高品質之推案以迴避景氣壓力，所以，全體建設公司均發生技術進步。至房地產景氣上升階段，一般性購屋需求大增，建設公司推案以量取勝，此時全體建設公司均發生技術退步現象，但不影響其生產力。第四個實證研究，針對建設公司業績具有高度隨機性之特性進行研究。利用三階段DEA可以同時調整環境變數與隨機性之特性，深入探討建設公司之純粹技術效率。實證結果發現在一階段DEA中，低持有土地的效率值較好，但是，在三階段DEA則未達顯著水準。成屋存貨持有率與在建工程成有率在一階段DEA都未達顯著水準。在三階段DEA調整環境因素與隨機性後，結果發現，即使房地產景氣上升，擁有待售成屋存貨與在建工程之建設公司仍是效率不利。綜合以上的結論，本文認為目前財務報表分析重點往往置於損益表之上，財務報表使用者非常關心當期損益，但是基於建設公司的營運特性與會計原則特性，透過當期損益根本難以掌握建設公司未來動態。所以，觀察重點應該重回資產負債表之上，尤其是房地產相關存貨的結構與土地持有策略。同時也必須留意景氣變化對建設公司造成的影響，並調整隨機性對其財務報表數字之表達。 | zh_TW |
| dc.description.abstract (摘要) | Construction companies (developers) play a key role in the housing market. However, one-case companies but good performing companies dominate the real estate market. Homebuyers and investors are not able to tell which companies have good quality from their financial reports. Consequently, capitals can not support good companies. The main purpose of this dissertation is to analyze construction companies’ operation, financial report, and economic senses. This dissertation employs four essays to figure out the relation between financial report and land holding and development and to propose some suggestions for solving some dilemmas about construction companies’ financial analysis.The first essay tries to find out the relation between financial structure ratios and real estate related inventory ones. Empirically, we find that there is strong relation between these ratios in the long run. We also find there is a negative relation between land inventory ratio and gross profit rate. Finally, an option of buy-and-hold strategy for land will be exercised under a healthy financial structure.Under considering risk control, the second essay employs Data Envelopment Analysis (DEA) to calculate the efficiency of the listed real estate development firms in Taiwan and to discriminate the factors which cause the inefficiency of those. The results show companies which exercise buy-and–hold-land strategy for land have better performance and it can conform to real option theory. The market beats the companies which own buildings or houses for sale as well as constructions in process. By comparing traditional performance indices and DEA indices, the land purchasing decision and the costs for construction in progress go in the same direction. However, the direction of houses for sale and that of land inventory are the opposite. Therefore, the conclusion is that more information is required when we evaluate the performance of real estate companies.The third essay tries to use Malmquist productivity index combine some financial ratios and bootstrapping method to test productivity, efficiency, and technical change of listing real estate companies. At the beginning of a recession, there was no significant productivity change for both companies which hold long-term mass lands(LTML) or short-term ones(STML). For an extension of this period, efficiency improvement and productivity enhancement occur to LTML and technical regress to STML. When the economy hits the bottom, technical progress occurs to both but productivity enhancement occurs only to STML because of huge financial pressures upon LTML. At the period of a recovery, mass-production oriental policy causes technical regress for all companies.Based on the highly stochastic attribute of construction companies operation, the fourth essay applies a three-stage DEA procedure to calculate pure managerial efficiency. We find that the pure managerial efficiency of companies which holding existing houses and construction in progress is at disadvantage. But there is no significant evidence that buy-and-hold-land strategy will lower pure managerial efficiency.From the above four essays, we conclude that financial report analyst should pay more attention to real estate related inventory rather than income statement. We also suggest that more information for land holding, construction in progress, and existing houses should be required. | en_US |
| dc.description.tableofcontents | 謝誌 I摘要 Ⅱ圖目錄 Ⅷ表目錄 Ⅷ第一章 緒論 1第一節 研究動機與問題 1第二節 建設公司營運特性分析 3第三節 研究課題與目的研究方法 6第四節 研究限制 8第二章 文獻回顧 9第一節 持有土地開發存貨之實質選擇權意涵 9第二節 建設公司財務特性分析 11第三節 建設公司經營績效之文獻回顧 12第三章 養地型建設公司長期財務結構與土地開發變數之分析 14第一節 財務結構與土地開發之問題分析 14第二節 建設公司經營特性與會計問題分析 16第三節 實證資料說明 20第四節 實證結果與分析 22第五節 小結 30第四章 建設公司土地投資開發與績效之分析 32第一節 土地投資開發與績效衡量問題分析 32第二節 建設公司績效指標構成分析 34第三節 敏感度分析與Tobit迴歸分析 41第四節 實證結果 43第五節 小結 54第五章 建設公司土地投資與生產力之分析 57第一節 建設公司經營特性下之生產力分析 57第二節 研究方法 61第三節 實證結果 70第四節 小結 78第六章 三階段資料包絡法下之建設公司效率評估 80第一節 建設公司業績之隨機性與效率評估 80第二節 樣本與變數說明 85第三節 實證結果 87第四節 小結 92第七章 結論與後續研究方向 93第一節 研究結論 93第二節 後續研究方向 97參考文獻 98附錄 107附錄一：Malmquist求解模式 107附錄二：拔靴複製法信賴區間建立與修正誤差拔靴複製模型計算方法 108 | zh_TW |
| dc.format.extent | 47355 bytes | - |
| dc.format.extent | 75710 bytes | - |
| dc.format.extent | 96610 bytes | - |
| dc.format.extent | 76290 bytes | - |
| dc.format.extent | 227394 bytes | - |
| dc.format.extent | 137998 bytes | - |
| dc.format.extent | 195992 bytes | - |
| dc.format.extent | 279852 bytes | - |
| dc.format.extent | 228781 bytes | - |
| dc.format.extent | 180581 bytes | - |
| dc.format.extent | 118888 bytes | - |
| dc.format.extent | 177408 bytes | - |
| dc.format.extent | 88252 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0088257501 | en_US |
| dc.subject (關鍵詞) | 建設公司 | zh_TW |
| dc.subject (關鍵詞) | 土地投資開發 | zh_TW |
| dc.subject (關鍵詞) | 資料包絡法 | zh_TW |
| dc.subject (關鍵詞) | Malmquist生產力指數 | zh_TW |
| dc.title (題名) | 上市（櫃）建設公司財務結構與效率衡量之研究--土地持有與開發觀點檢視 | zh_TW |
| dc.title (題名) | Listed Real Estate Companys’ Financial Structure and Efficiency Measurement: Aspects of Land Holding and Developing | en_US |
| dc.type (資料類型) | thesis | en |
| dc.relation.reference (參考文獻) | 王健安(1998a)，「以實質選擇權模式的觀點評估都市空地開發的決策」，第一屆世界華人房地產研討會論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 王健安(1998b)，「資本投資計畫評核術的一個新觀念—實質選擇權之理論與實證方法的文獻回顧」，台灣土地金融季刊，35:75-98。 | zh_TW |
| dc.relation.reference (參考文獻) | 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」，中華民國住宅學會第八屆年會研討會論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 王建安、張金鶚、林秋瑾(1995)，「房地產景氣與總體經濟景氣之關係」，1995年中華民國住宅學會第四屆年會論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 中興都研所(1987)，房屋建築業調查報告。 | zh_TW |
| dc.relation.reference (參考文獻) | 合作金庫調查研究室(1994)，產業經濟，158:10-66。 | zh_TW |
| dc.relation.reference (參考文獻) | 朱冠倫(1996)，「台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，未出版碩士論文」，中興大學企管研究所。 | zh_TW |
| dc.relation.reference (參考文獻) | 呂光耀(1993)，「台灣建築投資業財務績效評估之研究」，未出版碩士論文，中興大學企管研究所。 | zh_TW |
| dc.relation.reference (參考文獻) | 林育聖、張金鶚(2003)，「建商訂價行為之研究—探討不同類型建商訂價行為之差異」， 2004年中華民國住宅學會第十一屆年會學術研討會論文集。 | zh_TW |
| dc.relation.reference (參考文獻) | 林秋瑾、王健安、張金鶚(1997)，「房地產景氣與整體經濟景氣於時間上領先、同時、落後關係之研究」，國家科學委員會人文及社會科學類研究彙刊，7(1):35-56 | zh_TW |
| dc.relation.reference (參考文獻) | 林振宏(2004)，「台灣營建業企業財務危機應用存活分析法之研究」，未出版碩士論文，國立高雄第一科技大學財務管理所。 | zh_TW |
| dc.relation.reference (參考文獻) | 林祖嘉(2000)，台灣地區空屋與餘屋問題及對策之研究，臺灣土地銀行委託研究計畫。 | zh_TW |
| dc.relation.reference (參考文獻) | 尚瑞國、林森田 (1997)，「臺灣三七五減租政策實施前後農場經營效率之比較研究」，人文及社學研究彙刊，7( 4):514-530。 | zh_TW |
| dc.relation.reference (參考文獻) | 胡志堅、黎漢林(2004)，「以資料包絡法與投資報酬率法評估產業績效—以台灣IC設計業為例」，工業工程學刊，21(4):369-383。 | zh_TW |
| dc.relation.reference (參考文獻) | 洪裕勝、沈宜蒨(2002)，「建設公司在不同推案策略下之財務績效研究」，台灣土地金融季刊，152:57-85。 | zh_TW |
| dc.relation.reference (參考文獻) | 洪維廷與尚瑞國(2005)，,「台灣地區上市櫃建設公司純粹管理效率評估：四階段資料包絡法之應用」，建築學報，53:1-20。 | zh_TW |
| dc.relation.reference (參考文獻) | 施旻孝(1998)，「上市建設公司營運績效評等之研究」，未出版碩士論文，政治大學地政研究所。 | zh_TW |
| dc.relation.reference (參考文獻) | 施旻孝、林秋瑾與張金鶚(1999)，「上市建設公司營運績效之研究」，1999年中華民國住宅學會第八屆年會學術研討會論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 信義房地產企劃室(1997)，1997台灣地區房地產產業年鑑，台灣、台北。 | zh_TW |
| dc.relation.reference (參考文獻) | 高強、黃旭男、Sueyoshi，2004，管理績效評估—資料包絡分析法，華泰出版社、台北。 | zh_TW |
| dc.relation.reference (參考文獻) | 許坤錫(1995)，「我國營建業財務報表之比較與分析」，會計研究月刊，120:110-114。 | zh_TW |
| dc.relation.reference (參考文獻) | 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」，中華民國住宅學會第九屆年會學術研討會論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 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」，中華民國住宅學會第十屆年會學術研討會論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 章定煊、張金鶚(2002)，「上市櫃建設公司土地投資與開發對經營績效影響之探 討」，台灣經濟學會2002年年會研討會論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 章定煊、張金鶚(2003)，「上市建設公司養地行為、成屋持有與財務比率關聯之研究—實質選擇權觀點之分析」，2004年中華民國住宅學會第十一屆年會學術研討會論文集。 | zh_TW |
| dc.relation.reference (參考文獻) | 章定煊，2005，「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」，住宅學報，14：1，41-66。 | zh_TW |
| dc.relation.reference (參考文獻) | 張金鶚(1991)，建築投資業與建築經理公司管理制度之研究，內政部營建署委託研究計畫。 | zh_TW |
| dc.relation.reference (參考文獻) | 陳東昇(1995)，金權城市，巨流出版社，台北。 | zh_TW |
| dc.relation.reference (參考文獻) | 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」，中華民國住宅學會第八屆年會研討會論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 國泰建設，2004，國泰房地產指數季報，2：4。 | zh_TW |
| dc.relation.reference (參考文獻) | 敬永康(1999)，「營建業巧裝術大破解—藉助個案別分析、告別完工百分比法之操縱」，貨幣觀測與信用評等，20 :21-34。 | zh_TW |
| dc.relation.reference (參考文獻) | 彭建文、張金鶚，林恩從 (1998) ，「房地產景氣對生產時間落差之影響」，經濟論文叢刊， 26( 4):409-429。 | zh_TW |
| dc.relation.reference (參考文獻) | 彭雲宏、廖佳雯、陳淑如(1999) ，「營建業上市公司代理問題之初步探討」，建築學報，28:1-14。 | zh_TW |
| dc.relation.reference (參考文獻) | 楊宗憲(2003)， 「住宅市場之產品定位分析–建商推案行為之研究」，住宅學報，12(2):123-137。 | zh_TW |
| dc.relation.reference (參考文獻) | 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」，未出版碩士論文，中山大學企業管理研究所。 | zh_TW |
| dc.relation.reference (參考文獻) | 廖咸興、張衛華(1997)，「上市公司房地產相關資訊宣告對公司股價影響之實證研究」，中華民國住宅學會第六屆年會學術研討會論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 鄭秀玲、劉育碩(2000)，「銀行規模、多角化程度與經營效率分析：資料包絡法之應用」，人文及社會科學集刊，12:103-148。 | zh_TW |
| dc.relation.reference (參考文獻) | 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」，未出版碩士論文，政治大學會計研究所。 | zh_TW |
| dc.relation.reference (參考文獻) | 謝定亞、林思瑢(2001)，財務指標應用於建設業績效評估之比較，營建管理季刊，46：42-49。 | zh_TW |
| dc.relation.reference (參考文獻) | 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」，2005年房地產經營與管理實務學術研討會論文集，241-248。 | zh_TW |
| dc.relation.reference (參考文獻) | Abarbanell,J. S., and B. J. Bushee(1997),”Fundamental Analysis, Future Earnings, and Stock Price”, Journal of Accounting Research,35(1):1-24. | zh_TW |
| dc.relation.reference (參考文獻) | Atkinson, S. E., and P. W. Wilson(1995),”Comparing Mean Efficiency and Productivity Scores from Small Samples: A Bootstrap Methodogy”, The Journal of Productivity Analysis, 6:137-152. | zh_TW |
| dc.relation.reference (參考文獻) | Anderson, R. I., R. Fok , L. V. Zumpano, and H. W. Elder (1998),”Measuring the Efficiency of Residential Real Estate Brokerage Firms: An Application of the Data Envelopment Analysis”, Journal of Real Estate Research,16(2),139-168. | zh_TW |
| dc.relation.reference (參考文獻) | Anderson, R. I., D. Lewis, and T. M. Springer(2000),”Operating Efficiencies in Real Estate: A Critical Review of the Literature”, Journal of Literature Review,8,3-18. | zh_TW |
| dc.relation.reference (參考文獻) | Anderson, R. I., D. Lewis, and L. V. Zumpano(2000),”X-inefficiencies in the Residential Real Estate Market: A Stochastic Frontier Approach”, Journal of Real Estate Research,20(1),93-103. | zh_TW |
| dc.relation.reference (參考文獻) | Anderson, R. I., T. M. Springer, R. Fok, and J. Webb(2002),” Technical Efficiency and Economies of Scale: A Non-parametric Analysis of REIT Operating Efficiency”, European Journal of Operational Research, 139( 3), 598-612. | zh_TW |
| dc.relation.reference (參考文獻) | Ball, R.,and P. Brown(1968), “An Empirical Evaluation of Accounting Income Numbers”, Journal of Accounting Research,6:159-178. | zh_TW |
| dc.relation.reference (參考文獻) | Banker, R. D., A. Charnes , W. W. Cooper, J. Swarts, and D. Thomas(1989),”An Introduction to Data Envelopment Analysis with Some of its Models and Their Use”,Research in Government and Nonprofit Accounting,5:125-163. | zh_TW |
| dc.relation.reference (參考文獻) | Banker, R. D. (1992), “Selection of Efficiency Evaluation Models”,Contemporary Accounting Research, 1: 343-355. | zh_TW |
| dc.relation.reference (參考文獻) | Bers, M., and T. M. Springer(1997),”Economics of Scale for Real Estate Investment Trust”, Journal of Real Estate Research,14(3),275-290. | zh_TW |
| dc.relation.reference (參考文獻) | Bers, M., and T. M. Springer(1998),”Sources of Scale Economics for REITs”, Real Estate Finance,14(4),47-56. | zh_TW |
| dc.relation.reference (參考文獻) | Brounen, D., P. M. A. Eichholtz, and P. M. Kanters(2000), The Effect of Property Development on the Performance of REIT’s, Real Estate Finance, 16(4): 17-22. | zh_TW |
| dc.relation.reference (參考文獻) | Bjurek, H.(1996),”The Malmquist Total Factor Productivity Index”, Scandinavian Journal of Economics, 98:303-313. | zh_TW |
| dc.relation.reference (參考文獻) | Callen, J. L., and H. Falk (1993), “Agency and Efficiency in Nonprofit Organizations: the Case of "Specific Health Focus" Charities”, The Accounting Review ,68(1): 48-65. | zh_TW |
| dc.relation.reference (參考文獻) | Capozza, D. R., and G. A. Sick (1994), ”The Risk Structure of Land Market”, Journal of Urban Economics, 35, 297-319. | zh_TW |
| dc.relation.reference (參考文獻) | Caves, D. W., L. R. Christensen, and W. E. Diewert (1982),”The Economic Theory of Index Numbers and the Measurement of Input, Output, and Productivity”, Econometrica, 50: 1393-1414. | zh_TW |
| dc.relation.reference (參考文獻) | Caves, R. E., (1980),”The Relative Efficiency of Public and Private Firms in a Competitive Environment: The Case of Canadian Railroads”, Journal of Political Economy, 88:.958-976 | zh_TW |
| dc.relation.reference (參考文獻) | Charnes, A., W. Cooper, A. Y. Lewin, and L. M. Seiford (1997), Data Envelopment Analysis: Theory, Methodology and Applications, Boston: Kluwer Academic Publishers. | zh_TW |
| dc.relation.reference (參考文獻) | Cooper, W. W., L.M. Seiford, and K. Tone(2000),Data Envelopment Analysis:A Comprehensive Text with Models, Application, References and DEA-Solver Software,Kluwer Academic Publishers. | zh_TW |
| dc.relation.reference (參考文獻) | Charnes, A., and W. W. Coope(1962),“Programming with Linear Fractional Functions”, Naval Research Logistics Quarterly, 9, 181-185. | zh_TW |
| dc.relation.reference (參考文獻) | Charnes, A., W. W. Cooper, and E. Rhodes (1978), “Measuring the Efficiency of Decision-Making Units”, European Journal of Operational Research, 2, 429-444. | zh_TW |
| dc.relation.reference (參考文獻) | Chen, Y., and J. Zhu(2003), “DEA Models for Indentifying Critical Performance Measures”, Annals of Operations Research ,124(1), 225-244. | zh_TW |
| dc.relation.reference (參考文獻) | Coelli, T. (1996),”A Guide to Deap 2.1: A Data Envelopment Analysis(Computer) Program”, CEPA Working Paper. | zh_TW |
| dc.relation.reference (參考文獻) | Coelli, T., D.S.P. Rao, and G. E. Battese(1998),An Introduction to Efficiency and Productivity, Boston: Kluwer Academic Publishers. | zh_TW |
| dc.relation.reference (參考文獻) | Dickey, D. A., and W. A. Fuller (1979),” Distribution of Estimator for Autoregressive Time Series with a Unit Root”, Journal of American Statistical Association, 74: 427-431 | zh_TW |
| dc.relation.reference (參考文獻) | Diewert, W. E. (1976),”Exact and superlative index Number”,Journal of Econometric,4:115-145. | zh_TW |
| dc.relation.reference (參考文獻) | Diewert, W. E .(1978),”Superlative Index Number and Consistency in Aggregation”,Econometrica,46:883-900. | zh_TW |
| dc.relation.reference (參考文獻) | Diewert, W. E.(1981),”The Economic Theory of Index Number: A survey”, In Deaton, A.(Ed),Essay in Theory and Measurement of Consumer Behavior (in Honour of Richard Stone),Cambridge University Press, New York , 168-208. | zh_TW |
| dc.relation.reference (參考文獻) | Dixit, A. K., and R. S. Pindyck(1994), Investment under Uncertainty, Princeton University Press. | zh_TW |
| dc.relation.reference (參考文獻) | Efron,B.(1982),”The Jackknife, the Bootstrap, and the Other Resampling Plans”, Society for Industrial and Applied Mathematics,Philadelphia. | zh_TW |
| dc.relation.reference (參考文獻) | Erfon, B., and B. Tibshirani(1993),An Introduction to Bootstrap, New York: Chapman and Hall Press . | zh_TW |
| dc.relation.reference (參考文獻) | , R., S. Grosskopf, and C. A. K. Lovell(1985), The Measurement of Efficiency of Production, Kluwer Academic Publishers. | zh_TW |
| dc.relation.reference (參考文獻) | , R., S. Grosskopf, and W. Weber(1989),”Measuring School District Performance”, Public Finance Quarterly, 17, 409-428. | zh_TW |
| dc.relation.reference (參考文獻) | , R., and S. Grosskopf (1996), Intertemporal Production Frontiers: with Dynamic DEA. Kluwer Academic Publishers. | zh_TW |
| dc.relation.reference (參考文獻) | Fried, H. O., C. A. K. Lovell, and S. S. Schmidt (1993), The Measurement of Productive Efficiency: Techniques and Applications, London: Oxford University Press. | zh_TW |
| dc.relation.reference (參考文獻) | Fried, H. O., S. S. Schmidt, and S. Yaisawarng (1999),”Incorporating the Operating Environment into a Nonparametric Measure of Technical Efficiency”, Journal of Productivity Analysis, 12(3): 249-267. | zh_TW |
| dc.relation.reference (參考文獻) | Fried, H. O., C. A. K. Lovell, S. S. Schmidt, and S. Yaisawarng (2002),”Accounting for Environmental Effect and Statistical Noise in Data Envelopment Analysis”, Journal of Productivity Analysis, 17(1): 157-174. | zh_TW |
| dc.relation.reference (參考文獻) | Granger, C. W. J., and P. NewBold,(1974),”Spurious Regression and Econometric”, Journal of Econometric, 2(2):110-120. | zh_TW |
| dc.relation.reference (參考文獻) | Greene, W. H.(1981),“On the Asymptotic Bias of the Ordinary Least Squares Estimator of the Tobit Model”, Econometrica, 49, 505-513. | zh_TW |
| dc.relation.reference (參考文獻) | Hayes, R. D. ,and J. A. Millar (1993),”A rejoinder to "Measuring Production Efficiency in a Not-for-profit Setting: an extension”, The Accounting Review ,68(1): 89-92 | zh_TW |
| dc.relation.reference (參考文獻) | Hewlett, C. A.(1999), “Strategic Planning for Real Estate Companies”, Journal of Property Management “, 64, 146-160. | zh_TW |
| dc.relation.reference (參考文獻) | Hylleberg, S., R. Engle, C. Granger, and B. Yoo(1990),”Seasonal Integration and Cointegration”,Journal of Econometric,44:215-238. | zh_TW |
| dc.relation.reference (參考文獻) | Jessen, M., and W. Meckling(1976),”Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics,3:305-360. | zh_TW |
| dc.relation.reference (參考文獻) | Johansen, S., (1988),”Statistical Analysis of Cointegration Vectors”, Journal of Economic Dynamics and Control, 12(2): 251-254. | zh_TW |
| dc.relation.reference (參考文獻) | Johansen, S., and K. Juselius (1990), Maximum Likelihood Estimation and Inference on Cointegration with Application to the Demand for Money, Oxford Bulletin of Economics and Statistics, 52(2): 169-210. | zh_TW |
| dc.relation.reference (參考文獻) | Johansen, S.(1991),”Estimation and Hypothesis Testing of Cointegration Vectors In Gaussian Vector Regression Models”,Econometrica,59:1551-1580. | zh_TW |
| dc.relation.reference (參考文獻) | Johansen, S. Mand K. Juselius, (1992), “Testing Structural Hypotheses in a Multivariate Cointegration Analysis of the PPP and the UIP for UK”, Journal of Econometrics, 53: 211-244. | zh_TW |
| dc.relation.reference (參考文獻) | Lewis, D., and R. I. Anderson(1999),” Residential Real Estate Brokerage Efficiency and the Implications of Franchising: A Bayesian Approach”, Real Estate Economics, 27(3), 543-560. | zh_TW |
| dc.relation.reference (參考文獻) | Lev B., and R. Thiagarajan,(1993),”Fundamental Information Analysis”, Journal of Accounting Research,31(2):190-215. | zh_TW |
| dc.relation.reference (參考文獻) | Maddala, G.S.(1983), Limited-Dependent and Qualitative Variables in Econometrics, 雙葉書廊. | zh_TW |
| dc.relation.reference (參考文獻) | Malmquist, S. ,(1953), “Index numbers and indifference surfaces”, Trabajos de Estatistica, 4:209-242. | zh_TW |
| dc.relation.reference (參考文獻) | Martzoukos S. H., and L.Trigeorgis(2002),” Financial and Real Options with Multiple Types of Rare Events” ,European Journal of Operational Research,136(3), 696-706. | zh_TW |
| dc.relation.reference (參考文獻) | McCarty, T. A., and S. Yaisawarng (1993), “Technical Efficiency in New Jersey School Districts,” in Fried et al., ed., The Measurement of Productive Efficiency: Techniques and Applications, Oxford University Press, 271-287. | zh_TW |
| dc.relation.reference (參考文獻) | Megginson, W. L., R. C. Nash, and V. R. Matthias(1994),”The Financial and Operating Performance of Newly privatized Firms: An International Empirical Analysis”, The Journal of Finance, 8: 23-50. | zh_TW |
| dc.relation.reference (參考文獻) | Mehrez, A. J. R. Brown, and M. Khouja(1992),”Aggregate Efficiency Measures and Sinpson`s Paradox”, Contemporary Accounting Research, 9(1): 329-342. | zh_TW |
| dc.relation.reference (參考文獻) | Mensah, Y. M., and S. H. Li (1993),”Measuring Production Efficiency in a Not-for-profit Setting: an Extension”, The Accounting Review, 68(1): 66-88. | zh_TW |
| dc.relation.reference (參考文獻) | O’connor M. C.(1973),On the Usefulness of Financial Ratios to Investors in Common Stock,The Accounting Review,48(4):239-352. | zh_TW |
| dc.relation.reference (參考文獻) | Ong, S. E. and Y. Y. Yong(2000), “Real Estate Exposure and Asset Intensity,” Journal of Real Estate Portfolio Management, 6, 27-35. | zh_TW |
| dc.relation.reference (參考文獻) | Perron, P.(1989),”The Great Crash,The Oil Price Shock, and the Unit Root Hypothesis”,Econometrica,57:1361-1401. | zh_TW |
| dc.relation.reference (參考文獻) | Pilateris, P., and B. McCabe(2003),”Constructor financial evaluation model(CFEM)”,Canadian Journal of Civil Engineering,30(3),487-499. | zh_TW |
| dc.relation.reference (參考文獻) | Seiford, L. M. (1996), “Data Envelopment Analysis: The Evolution of the State of the Art (1978-1995)”, Journal of Productivity Analysis, 9, 99-137. | zh_TW |
| dc.relation.reference (參考文獻) | Sexton, T. R. (1996), “The Methodology of Data Envelopment Analysis,” New Directions for Program Evaluation, 32, 7-29. | zh_TW |
| dc.relation.reference (參考文獻) | Shephard, R. W. (1970), Theory of Cost and Production Functions, Princeton, New Jersey: Princeton University Press. | zh_TW |
| dc.relation.reference (參考文獻) | Simar, L., and P. W. Wilson(1998), “Sensitivity Analysis of Efficiency Scores : How to Bootstrap in Nonparametric Frontier Model”, Management Science,44:49-61. | zh_TW |
| dc.relation.reference (參考文獻) | Simar, L., and P. W. Wilson(2000), “A General Methodology for Bootstrapping in Nonparametric Frontier Models “, Journal of Applied Statistics,27:779-802. | zh_TW |
| dc.relation.reference (參考文獻) | Tang , Y. H., and S. O. Ogunlana, (2003),”Modeling and Dynamic Performance of a Construction Organization”, Construction Management and Economics,21:127-136. | zh_TW |
| dc.relation.reference (參考文獻) | Titman, S.(1985),”Urban Land Prices under Uncertainty”, The American Economic Review, 75: 505-514. | zh_TW |
| dc.relation.reference (參考文獻) | Williams, J. T.(1991),”Real Estate Development as an Option”, Journal of Real Estate Finance and Economics, 4, 191-208. | zh_TW |
| dc.relation.reference (參考文獻) | Williams, J. T.(1993),”Equilibrium and Options on Real Assets”, The Review of Financial Studies, 6, 825-850. | zh_TW |
| dc.relation.reference (參考文獻) | Zumpano L. V., and H. W. Elder(1994),”Economics of Scope and Density in the Market for Real Estate Brokerage Services”, Journal of American Real Estate and Urban Economics Asscoiation,22(3),497-513. | zh_TW |
| dc.relation.reference (參考文獻) | Zumpano L. V. , H. W. Elder, and G. E. Crellin(1993),”The Market for Residential Real Estate Brokerage Services: Cost of Production and Economics of Scale”, Journal of Real Estate Finance and Economics,6,237-250. | zh_TW |
