本研究以2009到2017年台灣上市營建類股公司作為研究樣本，在控制董事會結構、財報變數、與其他變數下，來探討這些公司不動產持有與其公司績效的關係，並獲致以下重要的研究發現。其一、本研究發現不動產商的存貨及投資性不動產持有比率高，其會計財報的績效而言表現不差，亦為呈正向影響；然而市場價值的影響卻為負向。其成因可能是投資大眾對不動產未來的看法並非樂觀，反應在此股價上面，是以對公司價值的影響反而呈負向。其二、上述現象似乎也反映在淨利率對會計績效與市場績效的影響，亦為淨利率對ROA的影響是正向，而其反應在Tobin’s q反而是負向的，但若是資產周轉率高的企業，對會計績效與市場績效皆成正向影響，此似乎顯示資產存貨周轉率高的企業，將有裨益其績效的提升。其三，本研究亦發現經理人持股比率高的公司，其會計績效與市場績效都較為優異。說明經理人對公司運作與前景相當地清楚，此表示經理人似乎不會與自已的荷包過意不去。

By utilizing the TWSE-listed construction firms over the data period 2009-2017 as our sample, we explore whether these firms with higher inventory or real estate over total assets would have higher firm performance, and then reveal the following impressive findings. First, we reveal that the firms with the higher either inventory or real estate over total assets would have higher accounting performance (i.e. ROA) instead of market performance (Tobin’s q). We infer that investors might not be optimistic for the prospect of real estate, thereby, reflecting their share prices and declining firm value. Second, the above phenomena are shown in the effect of net profit ratio on market performance. That is, the positive effect of inventory (real estate) on ROA, but the negative effect of inventory (real estate) on Tobin’s q. In addition, we shown that the firms with higher asset turnover ratio would have higher accounting and market performance, indicating the business turnover would be beneficial for their firm performance Third, we also disclose that these firms with higher managers’ shareholding ratio would have better both accounting performance and market performance, indicating that managers familiar with their enterprise might not invest their money without concerning rewards.

目錄
目錄	I
圖目錄	III
表目錄	IV
第一章、緒論	1
第一節、研究背景與動機	1
第二節、研究目的	3
第三節、研究流程	4
第四節、研究架構	5
第二章 文獻探討	6
第一節、	公司績效方面的相關文獻	6
第二節、不動產庫存方面的相關文獻	8
第三節、公司績效與公司治理和財報方面的相關文獻	10
第四節、公司績效與不動產庫存的相關文獻	11
第三章、研究假說與方法	12
第一節、研究資料與變數	12
第二節、研究假說與模型	17
第三節、研究方法	18
第四章、實證結果	20
第一節、敘述統計量	20
第二節、多元迴歸分析模型	21
第三節、多元迴歸分析模型	22
第四節、Petersen迴歸分析模型	24
第五章、結論與建議	26
第一節、研究結論	26
第二節、管理與財務意涵	28
第三節、研究限制與建議	29
參考文獻	30

 
圖目錄
圖1-1營建業營業氣候測驗點與營建業廠商對景氣判斷的變化趨勢圖	1
圖1-2國內工業地產(工業土地、廠房、廠辦)交易與縣市分布情況圖	2
圖1-3研究流程圖	4
 表目錄
表4-1敘述統計量	19
表4-2共線性VIF檢驗	20
表4-3多元迴歸模型分析	21
表4-4 Petersen迴歸模型分析	23

1.	Akbar, S., Poletti-Hughes, J., El-Faitouri, R., & Shah, S. Z. A. (2016). More on the relationship between corporate governance and firm performance in the UK: Evidence from the application of generalized method of moments estimation. Research in International Business and Finance, 38, 417-429.
2.	Al Dalayeen, B. (2017). Working capital management and profitability of real estate industry in jordan: An empirical study. Journal of Applied Finance and Banking, 7(2), 49-57.
3.	Andreou, P. C., Louca, C., & Panayides, P. M. (2016). The impact of vertical integration on inventory turnover and operating performance. International Journal of Logistics Research and Applications, 19(3), 218-238.
4.	Bajari, P., Chernozhukov, V., Hortaçsu, A., & Suzuki, J. (2019, May). The impact of big data on firm performance: An empirical investigation. In AEA Papers and Proceedings (Vol. 109, pp. 33-37).
5.	Belderbos, R., Carree, M., & Lokshin, B. (2004). Cooperative R&D and firm performance. Research Policy, 33(10), 1477-1492.
6.	Bennett, B., Bettis, J. C., Gopalan, R., & Milbourn, T. (2017). Compensation goals and firm performance. Journal of Financial Economics, 124(2), 307-330.
7.	Bhatia, S., & Barwal, N. (2015). Study of efficiency of working capital management practices and the effect on the profitability of the firm: a study of real estate sector of india. Indian Journal of Accounting, 47(1), 167-181.
8.	Booth, M. (2000). How corporate real estate affects shareholder value. Journal of Corporate Real Estate, 2(1), 19-28.
9.	Brochet, F., Jagolinzer, A. D., & Riedl, E. J. (2013). Mandatory IFRS adoption and financial statement comparability. Contemporary Accounting Research, 30(4), 1373-1400.
10.	Brown, L. D., & Caylor, M. L. (2009). Corporate governance and firm operating performance. Review of Quantitative Finance and Accounting, 32(2), 129-144.
11.	Coulson, N. E. (1999). Housing inventory and completion. The Journal of Real Estate Finance and Economics, 18(1), 89-105.
12.	Engelen, A., Gupta, V., Strenger, L., & Brettel, M. (2015). Entrepreneurial orientation, firm performance, and the moderating role of transformational leadership behaviors. Journal of Management, 41(4), 1069-1097.
13.	Erhardt, N. L., Werbel, J. D., & Shrader, C. B. (2003). Board of director diversity and firm financial performance. Corporate Governance: An International Review, 11(2), 102-111.
14.	Eugene Baker III, H., & Kare, D. D. (1992). Relationship between annual report readability and corporate financial performance. Management Research News, 15(1), 1-4.
15.	Firmansyah, J., Siregar, H., & Syarifuddin, F. (2018). Does Working Capital Management Affect the Profitability of Property and Real Estate Firms in Indonesia?. Jurnal Keuangan dan Perbankan, 22(4). 694-706. 
16.	Glaeser, E., Huang, W., Ma, Y., & Shleifer, A. (2017). A real estate boom with Chinese characteristics. Journal of Economic Perspectives, 31(1), 93-116.
17.	Gordon, L. A., Loeb, M. P., & Tseng, C. Y. (2009). Enterprise risk management and firm performance: A contingency perspective. Journal of Accounting and Public Policy, 28(4), 301-327.
18.	Graham, E., Hall, W., & Schuhmann, P. (2007). Hurricanes, catastrophic risk, and real estate market recovery. Journal of Real Estate Portfolio Management, 13(3), 179-190.
19.	Huang, S. (2017). Inventory Investment, financial leverage and firm performance: Evidence from Chinese listed companies of real estate. 3rd International Conference on E-commerce and Contemporary Economic Development, 382-386.
20.	Kettani, O., & Oral, M. (2015). Designing and implementing a real estate appraisal system: the case of Québec Province, Canada. Socio-Economic Planning Sciences, 49, 1-9.
21.	Kouaib, A., & Jarboui, A. (2017). The mediating effect of REM on the relationship between CEO overconfidence and subsequent firm performance moderated by IFRS adoption: A moderated-mediation analysis. Research in International Business and Finance, 42, 338-352.
22.	Krainer, J. (2001). A theory of liquidity in residential real estate markets. Journal of Urban Economics, 49(1), 32-53.
23.	Lee, H. H., Zhou, J., & Hsu, P. H. (2015). The role of innovation in inventory turnover performance. Decision Support Systems, 76, 35-44.
24.	Lee, K. W., & Yeo, G. H. H. (2016). The association between integrated reporting and firm valuation. Review of Quantitative Finance and Accounting, 47(4), 1221-1250.
25.	Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The Journal of Finance, 72(4), 1785-1824.
26.	Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The Journal of Finance, 72(4), 1785-1824.
27.	Liow, K. H. (2006). Dynamic relationship between stock and property markets. Applied Financial Economics, 16(5), 371-376.
28.	Luo, X., Wang, H., Raithel, S., & Zheng, Q. (2015). Corporate social performance, analyst stock recommendations, and firm future returns. Strategic Management Journal, 36(1), 123-136.
29.	Ma, Y. , Meng, Q. and Liu, Y. (2016) Countermeasures for Implementing Strategy for Orderly Real Estate Destocking. American Journal of Industrial and Business Management, 6, 890-894.
30.	Mackinnon, G. H., & Al Zaman, A. (2009). Real estate for the long term: the effect of return predictability on long‐horizon allocations. Real Estate Economics, 37(1), 117-153.
31.	Martin, K. D., Borah, A., & Palmatier, R. W. (2017). Data privacy: Effects on customer and firm performance. Journal of Marketing, 81(1), 36-58.
32.	Mcguire, J. B., Sundgren, A., & Schneeweis, T. (1988). Corporate social responsibility and firm financial performance. Academy of Management Journal, 31(4), 854-872.
33.	Mehran, H. (1995). Executive compensation structure, ownership, and firm performance. Journal of Financial Economics, 38(2), 163-184.
34.	Miller, N., & Sklarz, M. (1986). A Note On Leaning Indicators Of Housing Market Price Trends. Journal of Real Estate Research, 1(1), 99-109.
35.	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.
36.	Nguyen, N. T. P., Nguyen, L. P., & Dang, H. T. T. (2017). Analyze the determinants of capital structure for Vietnamese real estate listed companies. International Journal of Economics and Financial Issues, 7(4), 270-282.
37.	Ott, S. H., Hughen, W. K., & Read, D. C. (2012). Optimal phasing and inventory decisions for large-scale residential development projects. The Journal of Real Estate Finance and Economics, 45(4), 888-918.
38.	Post, C., & Byron, K. (2015). Women on boards and firm financial performance: A meta-analysis. Academy of Management Journal, 58(5), 1546-1571.
39.	Saeidi, S. P., Sofian, S., Saeidi, P., Saeidi, S. P., & Saaeidi, S. A. (2015). How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction. Journal of Business Research, 68(2), 341-350.
40.	Simon, S., Sawandi, N., & Abdul-Hamid, M. A. (2018). A reassessment of the relationship between working capital management and firm performance: evidence from non-financial companies in Nigeria. Investment Management & Financial Innovations, 15(3), 249-266.
41.	Vafeas, N. (1999). Board meeting frequency and firm performance. Journal of Financial Economics, 53(1), 113-142.
42.	Vander Bauwhede, H., De Meyere, M., & Van Cauwenberge, P. (2015). Financial reporting quality and the cost of debt of smes. Small Business Economics, 45(1), 149-164.
43.	Wamba, S. F., Gunasekaran, A., Akter, S., Ren, S. J. F., Dubey, R., & Childe, S. J. (2017). Big data analytics and firm performance: Effects of dynamic capabilities. Journal of Business Research, 70, 356-365.
44.	Zhao, S. X., Zhan, H., Jiang, Y., & Pan, W. (2017). How big is China’s real estate bubble and why hasn’t it burst yet?. Land Use Policy, 64, 153-162.