各公司會因營運、生產、銷售與提供服務等許多原因，而去持有相當比例的不動產，其為資產組成中很重要的一部份，會對公司的風險、資本使用效率及報酬有重要影響。此研究欲探討台灣公司持有不動產的情形對於公司與股東的風險及報酬有何影響，而結果是否因所處產業的不同而有重大差異，或是隨期間不同而有所改變，皆為本研究欲探討議題，藉以對公司不動產管理提出建議，此外還能有助於投資人更加了解公司持有不動產情形對其風險及報酬的影響，有助於投資人自身投資決策。本研究以1992年至2011年共計二十年期間台灣上市、櫃公司作為研究樣本，並以兩階段迴歸分析方法進行研究。
實證結果發現，就整體上市櫃公司而言，不動產因子會使公司股票出現超額報酬，並使股票波動率上升，而公司不動產增值部份會對公司超額報酬有所幫助；不動產因子對公司營運則有不利影響。當公司樣本特性為規模小、成長股或為新公司時，不動產因子對於超額報酬有顯著正向的影響。就產業來觀察，不動產因子對紡織纖維、觀光事業及貿易百貨有較不利之影響，對食品工業則有降低系統風險、有利於公司營運等好處，與其他產業結果較不同。因此公司持有不動產的程度是一項影響公司風險跟報酬的重要因子，會因景氣不同、公司特性不同以及不同的產業差異，而有不一樣的影響。

There are many reasons for companies to hold real estate, including for operating business, production, sales, and providing services. Previous researches show that corporate real estate (CRE) is an important part of company assets, and it will affect stock returns and risk of company. The main object of this study is to investigate the impact of changes in CRE on stock returns and risk of company in Taiwan. Moreover, this study analyzes how CRE affect toward different industry during each business cycle period. Then, we provide some suggestions to stockholders and managers. The data set from 1992 through 2011 in Taiwan stock market, the relationship between CRE and stock returns and risk are analyzed using two stage least squares regression model.
The empirical results show that, on average, higher CRE appears to be associated with higher abnormal return performance and higher total risk. On the other hand, CRE show negative impact on business operation such as lower adjusted return on assets and higher risk of bankruptcy. Furthermore, CRE factor is associated with higher abnormal return performance and higher firm value when company with small asset size, high P/E ratio or newly establish characters. Results also indicate that the impact of CRE on firm’s stock price and risk depend on industries, business cycle period, and firm characters. CRE show negative impact on Textile, Tourism, and Trading and Consumers' Goods Industry. In Food Industry, higher CRE factor is associated with lower system risk and positive impact on business operation.

目 錄
第一章 緒論 1
第一節 研究背景及動機 1
第二節 研究目的 2
第二章 文獻探討 4
第一節 不動產持有情況對公司價值之影響 4
第二節 產業及國家差異對公司不動產持有情況之影響 7
第三節 租賃與外部資源相關文獻 9
第四節 不動產持有程度對於公司資金成本之影響 10
第五節 不動產管理策略相關文獻 11
第六節 判別景氣相關文獻 13
第七節 其他相關文獻 14
第三章 研究方法 17
第一節 資料來源 17
第二節 實證變數定義 19
一、不同計算方法下的公司不動產持有程度變數 19
二、控制變數 20
第三節 研究工具 21
一、兩階段迴歸分析 21
二、景氣循環判斷 21
第四節 研究流程 22
第四章 實證結果分析 29
第一節 整體上市櫃公司不動產持有比例對公司風險及報酬之影響 29
一、含增值部分不動產持有比例對市場面因子之影響 29
二、含增值部分不動產持有比例對財報面因子之影響 30
三、不同不動產比例計算方法對於公司風險及報酬影響之比較 33
第二節 不同特性樣本下不動產對風險及報酬之影響比較 37
一、區分股票市場景氣 37
二、區分不動產市場景氣 40
三、區分槓桿程度 42
四、區分公司規模大小 44
五、區分公司型態為成長股或權值股 46
六、區分公司型態為老公司或新公司 48
第三節 公司不動產持有對風險及報酬之影響是否因產業別差異而有不同 50
第五章 結論與建議 53
第一節 結論 53
第二節 對公司投資人和經營者的建議 55
參考文獻 56

Ali, Z., McGreal, S., Adair, A., & Webb, J. R. (2006). Corporate Real Estate Strategy in the U.K. and Malaysia. Journal of Corporate Real Estate, 8(4), 168-177.
Ali, Z., McGreal, S., Adair, A., & Webb, J. R. (2008). Corporate Real Estate Strategy:A Conceptual Overview. Joumal of Real Estate Literature, 16(1), 3-21.
Ali, Z., McGreal, S., Adair, A., & Webb, J. R. (2008). Corporate Real Estate Strategy: the Malaysian Perspective. Joumal of Real Estate Literature, 16(1), 35-58.
Ali, Z., McGreal, S., Adair, A., Webb, J. R., & Roulac, S. E. (2008). Corporate Real Estate Strategies and Financial Performance of Companies. Journal of Property Research, 25(3), 241-267.
Ambrose, B. W. (1990). Corporate Real Estate's Impact on the Takeover Market. The journal of Real Estate Finance and Economics, 3, 307-322.
Altman, E. I. (1968). Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy. The Journal of Finance, 23(4), 589-609.
Apergis, N., Sorros, J., Artikis, P., & Zisis, V. (2011). Bankruptcy Probability and Stock Prices: The Effect of Altman Z-Score Information on Stock Prices Through Panel Data. Journal of Modern Accounting and Auditing, 7(7), 689-696.
Brounen, D., & Eichholtz, P. (2005). Corporate Real Estate Ownership Implications: International Performance Evidence. The Journal of Real Estate Finance and Economics, 30(4), 429-445.
Brounen, D., Dijk, M. V., & Eichholtz, P. (2008). Corporate Real Estate and Corporate Takeovers: International Evidence. Journal of Real Estate Research, 30(3), 293-313.
Barlow, N., & Lawson, E. (1990). Real Estate's Vital Role in Corporate Finance. Journal of Corporate Accounting and Finance, Summer, 361-365.
Beaver, W. H. (1966). Financial Ratios as Predictors of Failure. Journal of Accounting Research, 4(3), 71-111.
Brounen, D., Colliander, G., & Eichholtz, P. (2005). Corporate real estate and stock performance in the international retail sector. Journal of Corporate Real Estate, 7(4), 287-299.
Burt, A. (1990). Real Estate Issues in Corporate Relocation in Western Europe. The International Executive, July-August, 24-28.
Cheong, K., & Kim, C. S. (1997). Corporate Real Estate Holdings and the Value of the Firm in Korea. Journal of Applied Corporate Finance, 3(1), 39-50.
Deng, Y., & Gyourko, J. (1999). Real Estate Ownership by Non-Real Estate Firms: An Estimate of the Impact on Firm Returns. Zell/Luie Center Working Paper, 321.
Gibler, K., & Black, R. T. (2004). Agency Risks in Outsourcing Corporate Real Estate Functions. Journal of Real Estate Research, 26(2), 137-160.
Gr‥onlund, T., Louko, A., & Vaihekoski, M. (2008). Corporate Real Estate Sale and Leaseback Effect: Empirical Evidence from Europe. Journal of Real Estate Research, 14(4), 820-843.
Hsieh, C., & Peterson, J. D. (2000). Book Assets, Real Estate, and Returns on Common Stock. Journal of Real Estate Finance and Economics, 21(3), 221-233.
Hill, M. (2002). Financing corporate real estate: The impact of corporate real estate in the shareholder value equation. Briefings in Real Estate Finance, 2(4), 313-325.
Hossari, G., & Rahman, S. (2005). A Comprehensive Formal Ranking of the Popularity of Financial Ratios in Multivariate Modeling of Corporate Collapse. Journal of American Academy of Business, Cambridge, 6(1), 321-327.
Johnson, L., & Keasler, T. (1993). An Industry Profile of Corporate Real Estate. Journal of Real Estate Research, 8(4), 455-473.
Jewell, J. J., & Mankin, J. A. (2011). What is Your ROA? An Investment of The Many Formulas for Calculating Return on Assets. Academy of Educational Leadership Journal, 15, 79-91.
Kimbler, L. B., & Rutherford, R. C. (1993). Corporate Real Estate Outsourcing： A Survey of the Issues. Journal of Real Estate Research, 8(4), 525-540.
Liow, K. H. (1995). Property in corporate financial statements：The UK evidence. Journal of Property Research, 12(1), 13-28.
Liow, K. H. (1999). Corporate investment and ownership in real estate in Singapore： Some empirical evidence. Journal of Corporate Real Estate, 1(4), 329-342.
Liow, K. H. (2001). Real Estate and Corporate Valuation： An Asset Pricing Perspective. Managerial and Decision Economics, 22, 355-368.
Liow, K. H. (2004). Corporate Real Estate and Stock Market Performance. The journal of Real Estate Finance and Economics, 29(1), 119-140.
Laposa, S., & Charlton, M. (2001). European versus US corporations：A comparison of property holdings. Journal of Corporate Real Estate, 4(1), 34-47.
Miles, M., Pringles, J., & Webb, B. (1989). Modeling the Corporate Real Estate Decision. Journal of Real Estate Research, 4(3), 47-66.
Mead, S. (1974). Ownership of Real Estate As a Corporate Investment. The Journal of Accountancy, January, 42-54.
Nourse, H. O., & Roulac, S. E. (1993). Linking Real Estate Decisions to Corporate Strategy. Journal of Property Research, 8(4), 475-494.
Nelson, T. R., Potter, T., & Wilde, H. H. (2000). Real estate assets on corporate balance sheets. Journal of Corporate Real Estate, 2(1), 29-40.
Pittman, R. H., & Parker, J. R. (1989). A survey of corporate real estate executive on factors influencing corporate real estate performance. Journal of Real Estate Research, 4(3), 107-119.
Park, A., & Glascock, J. L. (2010). Corporate Real Estate and Sustainable Competitive Advantage. Joumal of Real Estate Literature, 18(1), 3-19.
Pollert, W. R., & Glickman, E. J. (2001). Optimizing Ohareowner Value from Corporate Real Estate Assets. Strategic Finance, April, 33-37.
Pagan, A. R., & Kirill, A. S. (2003). A Simple Framework for Analysing Bull and Bear Markets. Journal of Applied Econometrics, 18, 23-46.
Roulac, S. E., Adair, A., McGreal, S., Berry, J., Brown, L., & Heaney, G. (2002). Corporate Real Estate: A Profile of the Leading Companies in Ireland. Joumal of Real Estate Literature, 10(1), 95-107.
Roulac, S. E. (2003). Corporate-owned Real Estate Represents a Substantial Investment Universe. Journal of Real Estate Portfolio Management, 9(2), 167-178.
Redman, A. L., & Tanner, J. R. (1991). The Financing of Corporate Real Estatel：A Survey. Journal of Real Estate Research, 6(2), 217-240.
Seiler, M. J., Chatrath, A., & Webb, J. R. (2001). Real Asset Ownership and the Risk and Return to Stockholders. Journal of Real Estate Research, 22(1), 199-212.
Sing, T. F., & Sirmans, C. F. (2008). Does Real Estate Ownership Matter in Corporate Governance?. Journal of Property Research, 25(1), 23-43.
Sirmans, C. F. (1999). Governance Issues in Real Estate Investing: The Case of REITs, RICS. Research Conference, The Cutting Edge, University of Cambridge, Cambridge.
Tay, L., & Liow, K. H. (2006). Corporate Real Estate Management in Singapore: A Business Management Perspective. International Journal of Strategic Property Management, 10, 93-111.
Teoh, W. K. (1993). Corporate Real Estate Asset management：The New Zealand Evidence. Journal of Real Estate Research, 8(4), 607-623.
Tuzel, S. (2010). Corporate Real Estate Holdings and the Cross-Section of Stock Returns. Review of Financial Studies, 23(6), 2268-2302.
Yu, S. M., & Liow, K. H. (2009). Do retail firms benefit from real estate ownership?. Journal of Property Research, 26(1), 25-60.
Zeckhauser, S., & Silverman, R. (1983). Rediscover your company's real estate. Harvard Business Review, January/February, 111-117.