金融風暴前後結構、效率與生產力差異比較-台灣不動產產業之實證

The Comparison of Efficiency and Productivity during Pre- and Post- Financial Crisis- The Empirical Study of Taiwanese Real Estate Industry

游子賢(Tzu-hsien Yu)

指導教授 ： 劉定焜 ； 洪志興

朝陽科技大學/管理學院/財務金融系/碩士(2013年)

摘要

國內不動產業向來素有經濟火車頭之稱，惟近年來國內不動產業不但面臨經濟不景氣之威脅，更因全球化之關係得與來自國際不動產業進行全球之競爭，故如何提昇國內不動產業之競爭力，如何研擬適當有效之管理策略確實有深入探討之必要。
不動產業的發展是國家經濟競爭力重要指標之一，也是最受到景氣循環影響的產業，不動產業與其他產業間有著密切的關聯，例如鋼鐵業、水泥業、金融業等，但與營建業最為息息相關。由於前幾年因金融風暴關係，無論個人、企業與法人，不再把金融商品當作唯一的投資工具。而不動產具有唯一性、稀少性及地區性等特性，導致近年來房價高漲，迫使政府祭出一連串打房政策，例如在民國100年6月實施奢侈稅以及101年8月的實價申報登錄，除受到政府政策的影響，同時面臨景氣低迷的雪上加霜。又因不動產公司的產品施工期長短不一，以及產品具有多種特殊性，使得在入帳方式、行銷方法或經營模式上，與一般企業有極大差異，因影響不動產產業的營運與績效的變數眾多，所以建構完整有效評估不動產公司績效衡量模式與指標具有其價值與必要性。
有鑑於過去文獻多半採較短期間或未考量多元變數。因此，本文建構2003年第一季到2012年第三季，共39季台灣上市(櫃)不動產產業之資料。首先，本研究運用產業經濟學之S-C-P (structure-conduct-performance) 理論探討不動產業結構、行為與績效。不動產廠商由於入帳時點不穩定，盈餘與銷貨收入經常呈現暴起暴落之特性，據以衡量績效容易產生扭曲，要透過傳統方式衡量經營績效，甚至找出管理上的盲點，有相當困難度存在。故應由投入資源與產出的相關性進行績效指標架設。本文將根據不動產產業之經營特性，建立不動產業之績效指標，利用Charnes, Cooper, and Rhode (1978,1981) 以及Banker, Charnes, and Cooper (1984) 之多投入與多產出的資料包絡分析法 (data envelopment analysis, DEA)，並且採用Fare et al.(1989) 提出跨期的麥氏生產力指數 (Malmqusit productivity index, MPI) 進行不動產業生產力以及相對效率之評估。
與過去文獻不同之處，在於本文採用績效多元變數進行研究，進一步將總公司設立區域予以劃分，並且針對金融風暴前後之差異進行比較。另外，亦將實價登錄與奢侈稅之衝擊納入本文實證中予以探討。實證結果可提供各家廠商，根據其目前的經營效率與生產力變動，擬定合適的經營策略與方針外，在面臨全球化的新局面下，爲提昇國內不動產產業之競爭力，以達永續經營之目標，本研究另依據實證分析結果，提出下述提昇國內營造業總體競爭力之經營與管理策略，俾作為政府擬定產業政策之參考，以及投資大眾決策擬定與後續研究者具價值之參考。

關鍵字

不動產業 ； 結構-行為-績效 ； 金融風暴 ； 資料包絡分析法 ； 麥氏生產力指數

並列摘要

The domestic real estate industry is known as the locomotive of the economic. Unfortunately, these years the domestic real estate industry is facing economic depression. More than that, it’s facing international real estate global competition. It is necessary to research how to increase the competitive of domestic real estate, and how to formulate the efficacious management strategy.
The development of real estate industry is an important indicator of national economic competitive and it is most easily affected by business cycles. Real estate is closely allied to other industries. For example: steel industry, cement industry, financial sector, etc. But it is the most closely related with construction industry. Therefore, the domestic real estate industry is called, “locomotive of the economic”. Couple years ago due to financial crisis; no matter individual enterprise and legal, it no longer takes financial goods as the only investment instrument because of the real estate having uniqueness, scarcity, and regional etc. It resulted the price of house mark up in last several years. The government implemented a series of blast real estate speculation policies, like implementing Luxury Tax on June 2011 and Actual Selling Price Property Value Reporting on August 2012. It causes the real estate industry to face the effect of the government policy and makes the economic slump even worse. Also due to the different length of the building period and the product has many particularities, it makes the real estate industry that has each different accounted method, marketing method, and business model with general enterprise. Therefore, there are so many variations that would affect operation and performance. The structure’s completed and effective performance model and index can evaluate the real estate industry company which makes it valuable and essential.
To consider the past literatures, most of them adopt the shorter period or do not take into account the multi- variants. Therefore this paper constructs the data from 2003-2012 third quarters the total 39 quarters of Taiwanese public and over-the-counter companies in real estate industry. First, this paper uses the theory of S-C-P to discuss the structure and conduct. Due to the firms of real estate industry is not stable with timing of account and revenue reveals the character of up and down. Hence this paper will consider the characters of real estate to construct the index of performance by data envelopment analysis, and make malmqusit productivity index to evaluate the relative efficiency and productivity.
The difference with this paper and past literature is research methods. This paper uses multi- variants to study and compare. Further this paper separates the regions, then comparison of efficiency and productivity during pre- and post- financial crisis. Besides, the impacts of actual selling price property and luxury taxation will be detected in the empirical model. The empirical results could provide every company to formulate suitable management strategy by their business performance and the change of productivity, in order to promote competitive of domestic real estate industry to accomplish sustainable management. According to the other empirical results that we provide enhance the domestic construction industry overall competitiveness of business and management strategies, intended to serve as a government industrial policy reference, the investors to make decisions, and develop valuable reference for future researchers.

並列關鍵字

data envelopment analysis ； malmqusit productivity index ； financial crisis ； real estate industry ； structure-conduct-performance

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