近來，台灣的建案不斷的增加，使得2010年政府所公佈的空屋率達到了台灣歷史新高，驚人的19.7%。在土地容量有限的台灣之上，越來越多的建設公司以及建案，將會使產業競爭大幅度的提高。因此，這些建設公司的實際營運績效為何，就是個令人感興趣的議題。本研究以經濟附加價值(EVA, Economic Value Added)及經濟附加價值動能(EVA Momentum, Economic Value Added Momentum)作為衡量台灣建設公司之財務績效的實際指標，來探討台灣建設公司近二十年來情形以及現況，並且探討實際影響台灣建設公司的財務因子，再將之與他產業做一比較。更且，為得知台灣建設公司進入市場的動機，本研究亦探討了房地產景氣循環指標以及建設公司財務績效的因果關係。

The number of building projects in Taiwan has rapidly increased each year, and the vacancy rate has reached a peak at 19.7%, an astonishing number. Therefore, this study examines the financial performance of property firms who execute building projects by calculating their Economic Value Added (EVA) and Economic Value Added Momentum (EVA Momentum). In addition, because numerous financial factors may affect EVA, this study examines how these factors influence the EVA of property firms to ascertain which factors are relevant. Furthermore, this study monitors the EVA of these firms to determine their relationship with the property cycle index to establish whether a causality exists between them.

Abstract (Chinese)………………………………...….ii
Abstract (English)………………….………....………iii
Contents………….……………………………………iv
Figure contents………………………………….........vi
Table contents…………...........……………………...vii
Chapter 1: Introduction………………………...……..1
Chapter 2: Literature Review….…………….....…….4
2.1 Development and characteristics of EVA and EVA momentum….........................................................……4
2.2 Financial performance of property firms……………….................………………….……...7
2.3 The factors which may influence the financial performance of property firms....................................9
2.4 Property cycle……………............……………...10
Chapter 3: Research Design………….......……….12
3.1 Data…………………………….………………..12
3.2 Methodology……………….……………………12
3.2.1 EVA……………………………………….…….12
3.2.2 EVA momentum…...……….............….……..14
3.3 Regression Design……………………….…....17
3.3.1 The financial factors of EVA……..…….……17
3.3.2 Causality between EVA of property firms and property cycle indexes…….........................................17
Chapter 4: Results of EVA and EVA momentum...19
4.1 Financial performance of property firms in Taiwan……………….............................…….….…….19
4.2 EVA-momentums of property firms…….…….24
Chapter 5: Results of the influence of financial factors to EVA………………............................................……..31
5.1 Results of overall sample period of 1992–2011 of property firms………….........................................…...31
5.2 Difference between the property firm results of 1992–2001 and 2002–2011.................................….34
5.3 Comparison with other main industries in Taiwan………………………............................…..….37
Chapter 6: Results of the causality between EVA and property cycle index……….........................................40
Chapter 7: Conclusion……….. …………….……...45
References……………………..........….……………47
Appendix………….…………………….……………..50

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