台灣營建業經營績效之研究

Abstract

本研究以我國上市上櫃營建業公司為實證對象，以產業經濟理論之市場結構－行為－績效（structure-conduct-performance, S-C-P）架構分析我國上市上櫃營建業之市場結構、廠商行為對其經營績效之影響。 本研究選取2003年至2010年間，我國33家上市上櫃公司為樣本，利用Stata10.0軟體，應用追蹤資料（Panel Data）迴歸模型，經檢定後，以隨機效果模式來進行迴歸分析。實證結果如下： 1.市場結構對經營績效之影響：廠商市場佔有率對經營績效每股盈餘、資產報酬率和股東權益報酬率皆為顯著正向的影響。資本密集度對績營績效每股盈餘、資產報酬率和股東權益報酬率則無顯著關係。2.廠商行為對經營績效之影響：廠商對土地存貨的配置行為在土地、土地－在建房地項目投入愈大，對其每股盈餘皆為顯著正向的影響；土地－待售成屋金額愈高則對其每股盈餘為顯著負向的影響；但三者對資產報酬率和股東權益報酬率皆無顯著關係。另負債比率對經營績效每股盈餘、資產報酬率和股東權益報酬率皆為顯著負向的影響，廣告密集度則皆為顯著正向的影響。至於員工人數、應收帳款週轉率和平均銷貨天數對績營績效則無顯著關係。

This study investigates the determinants of the performance of the estate construction firms in Taiwan. Applying the Structure - Conduct - Performance (S-C-P) approach, we estimate the influence of market structure and business conduct on operating performance of the estate construction firms. We verify with a sample of 33 firms from 2003 to 2010 and use Stata 10.0 software, panel data regression and random effect approach. Our major empirical findings are as follows: 1.Both the market share and advertisement density have significantly positive effect on EPS, ROA and ROE operating performance. 2.The debt ratio has significantly negative effect on EPS, ROA and ROE operating performance. 3.The land and land construction has significantly positive effect, while the land finished variable has significantly negative effect on the EPS.