- 學位論文
影響印尼房地產上市公司盈利能力的因素
Factors Affecting the Profitability of Indonesian Real Estate Publicly-listed Companies
摘要
本文為研究印尼大、中、小型房地產公司的盈利能力與八項特定因素之相關性，其八項因素包含應收帳款天數、存貨天數、應付帳款天數、公司規模、流動比率、負債比率、銷售成長以及有形資產。本研究採用多元線性回歸模型(最小平方法、固定效應模式及隨機效應模式)分析2010年至2014年印尼證券交易所中47間上市房地產公司與這八項因素的相關性。 本文實證結果發現，應收帳款天數與盈利能力呈負相關，但是對於中型的房地產公司沒有影響。小型房地產公司的存貨天數與盈利能力呈負相關，但是相反的大型公司呈現正相關，因為大型公司具有較多的流動資產可以運用。公司規模和銷售成長在大型極小型的房地產公司與盈利能力呈現正相關。儘管這些結果傾向對於大公司有影響，本文提出增加總資產提升水平以及銷售非生產性固定資產將導致更多的盈利。此外，流動比率在大型房地產公司呈正相關而在小型房地產公司呈現負相關。最後，有形資產與盈利能力在大型房地產公司呈負相關，而相反的是中型房地產公司呈現正相關。 本研究認為，有形資產有利於中等規模的公司，因為它們可以作為抵押品的銀行貸款，這有助於該公司擴大和創造更多的利潤，並能幫助房地產經理人不斷擴大在印尼市場的盈利能力。本研究同時也提供了提高極大化盈利能力的適當控制因素。
並列摘要
The research studies the relationship between eight firm-specific factors on the profitability of large-, medium-, and small-scale real estate Indonesian companies. The data used forty-seven real estate companies listed in the Indonesian Stock Exchange from 2010 to 2014. The study used multiple linear panel regression models, namely, ordinary least squares (OLS), fixed effects (FE) and random effects (RE) in examining the effect on the return on asset of firm-specific factors, which include: number of days account receivables, number of days inventory, number of days of account payable, size of the company, current ratio, debt ratio, sales growth, and tangibility. Empirical findings show that the number of days account receivable has negative relationship with profitability, but it has no effect on medium-size Indonesian real estate companies. The factor number of days inventories has negative relationship in small-size companies, but the inverse is true for large companies, because large real estate firms have more liquid assets that covers maintenance costs related to real estate inventories. Size and sales growth have positive relationship on profitability for both large and small Indonesian real estate firms. Although these findings, particularly the size variable is intuitive for large companies, but for smaller firms, the paper posits that increasing total assets base to an optimized level, and selling unproductive fixed assets will lead to more profitability. On one hand, current ratio has positive relationship in large companies, while a negative relationship was found in small companies, because of the lower current asset base usually being experienced by smaller real estate firms. Lastly, tangibility has negative relationship with profitability for large companies, while the opposite is true for medium-sized real estate firms. This study thinks that tangible assets benefits medium-sized companies, because they can serve as collaterals for bank loans, which helps the company to expand and create more profits. Findings of this research are strong in using two panel regression models, and can help real estate managers have a general perspective regarding determinants of profitability in the expanding Indonesian market. This study also provides fresh perspectives in creating suitable strategies to controlling factors that maximizes profitability.
參考文獻
延伸閱讀
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