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應用共同邊界投入距離函數探討西歐國家銀行業之生產力變動林思樺 Unknown Date (has links)
過去十幾年間歐洲金融市場經歷了一系列的變革,歐盟的形成促使歐洲市場朝一元化方向邁進。透過歐盟的整合,在1990年間,可以發現歐洲金融市場已經和過去大不相同了,各成員國金融市場的特徵越來越相近。因此各國的生產技術、技術效率及其變動便成為一有趣且重要的議題。
在進行跨國生產效率比較時,當廠商面對不同的技術集合,將因衡量基準不一致,而無法相互比較。無論是在各國邊界或共有邊界(common frontier)基礎下進行比較,都可能會高估或低估個別廠商的效率值。故本研究使用Rao(2006)共同邊界 (metafrontier)的概念,使用共同邊界生產函數的估計架構。並引入麥氏生產力指數,即可衡量各廠商生產力之跨期動態變動過程,且引用陳谷劦與楊浩彥(2008)拆解共同邊界麥氏生產力指數,以了解生產力變動的來源。
實證結果發現多數環境變數都達到顯著水準,然而,各國環境變數的係數符號沒有一致為正或為負,故無法明確推論這五項環境變數對於技術無效率一致的影響方向。TE*於樣本期間下滑的速度更甚於TEK,顯示TGR下降的趨勢加速了共同邊界下技術效率的退步。平均RTS值各年皆很接近一,也就是已很接近固定 (最適) 規模報酬。研究期間GMPI與MMPI於多數年間變動方向不一致,從GMPI與MMPI的歧異性,說明忽略各群組技術水準的差異對效率比較影響的嚴重性。因為潛在技術變動上升幅度剛好抵銷技術追趕下降幅度,使得技術缺口比率變動全部樣本期間的平均值恰等於一。綜而言之,各國技術變動均呈現穩定成長或平穩的走勢,顯示西歐銀行業的技術改變是較穩定漸進的。亦可看出各年生產力變動是來自於各要素微幅的波動,沒有哪一項成份強烈得支配著生產力變動的現象。若以MMPI平均值作為西歐國家的分組依據,發現這15個樣本國家可分成六個組,其中一組包含歐洲北部的六個國家,另一組則為法國與德國,由此可見地域與經貿關係在生產技術交流扮演了重要的角色。
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銀行產業經營效率與生產力分析王凱平 Unknown Date (has links)
在經濟體系中,銀行佔有很重要的地位,他能讓資金有效率的配置到需要的地方,活絡經濟體系內資金的流通。因此,銀行業表現的好壞對於經濟體系的發展有著重大的影響。
在衡量銀行的經營績效時,外在環境、營運狀態的差異,有可能影響到銀行管理者在生產過程中的決策以及對於投入的控制能力,進而影響了銀行真實的效率值,我們稱為管理效率(managerial efficiency)。此外,逾期放款是銀行生產過程中不可避免的非意欲產出(undesirable output)在衡量時有必要將之列入考量。
我們採用四階段DEA分析方法以及Seiford(2002)的概念,將逾放比率視為非意欲產出。採取本國一般銀行民國八十八年至九十一年共四年的資料進行分析。本文的研究目的如下:
1. 探討各銀行間的經營表現,推究其無效率來源是因為純技術效率或是規模效率,並建議銀行是否應該擴大規模、維持或降低營業規模來增加經營效率。
2. 比較加入非意欲產出之後的效率值是否有顯著不同。
3. 推估各銀行的管理效率,探討銀行業的效率表現和管理效率之間的關係。
實證結果如下:
1. 台灣官股銀行無效率的主因為規模無效率。其他民營銀行無效率的主因為技術無效率。
2. 銀行產業的管理效率會受到景氣波動的影響。外生操作環境的不同在整個產業面對負向衝擊時,會有不同的表現。
3. 在景氣不佳時,銀行的管理效率會有被低估的現象;景氣活絡時則管理效率有被高估的情況。
4. 加入逾放比率為非意欲產出之後,整個銀行產業會受到經濟環境的波動影響。
5. 加入逾放比率與調整外生環境後,能夠更真實的表現出銀行的經營績效。
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台灣國際觀光旅館生產力研究黃雅娟, HUANG,YA-CHUAN Unknown Date (has links)
近年來,隨著經濟發展、國民所得提升,再加上政府政策的協助推廣,刺激了國內觀光旅遊市場之需求,造成業者競相投入此一產業。然而,在市場競爭日益激烈的環境下,國際觀光旅館的需求卻未明顯地成長,呈現出供過於求的狀態。面對這種情形,為求國際觀光旅館之永續經營與成長,惟有追求生產力的不斷提升。因此,國際觀光旅館生產力變動的情形值得做進一步地探討。本文以1997-2002年台灣國際觀光旅館之整合資料,首先利用Malmquist生產力指數衡量歷年生產力變動之情形;然後,以Bootstrap信賴區間法加以檢定,藉以瞭解Malmquist生產力指數是否有顯著成長或衰退的現象發生。由Malmquist生產力指數評估結果發現:就整個研究期間而言,生產力及效率皆略為提升;但生產技術則呈現微幅下降。此外,若進一步將國際觀光旅館區分為不同經營型態時,其結果顯示:整體期間連鎖經營型態之國際觀光旅館,不論是在生產力、技術或效率變動,皆優於非連鎖經營型態之國際觀光旅館。由Bootstrap信賴區間法之檢定結果發現:在利用Bootstrap信賴區間法檢定Malmquist生產力指數後,其結果可能截然不同。因此,單憑一個Malmquist生產力指數就輕易斷言生產力提升、不變或衰退,可能會發生誤判的情形。
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實施IFRS對於歐洲銀行業之影響 / The influence of IFRS on banking industry in Europe翁珮珊, Wong, Pei Shan Unknown Date (has links)
本研究以歐洲銀行業為主要的研究對象,嘗試運用以Malmquist生產力指數法考量IFRS的實施是否會對企業整體構面產生影響。研究結果發現,IFRS實施的確會使企業整體構面產生變動,而其變動的來源主要是因企業之實值衡量標準改變所致。此外,Chow Test檢定也說明歐洲銀行業者在IFRS實施之前後於投資決策產生結構性之變異,而其餘各構面:盈餘波動、資金成本、資訊揭露成本、教育訓練成本和審計公費,則無發生結構性之改變。 / In this article we try to apply Malmquist indices to analyze whether the implementation of IFRS will have an influence on banking industry in Europe. The empirical tests reveal that implementation of IFRS does have an influence on banking industry as a whole. The influence can be referred to the change of substantial measuring standards on IFRS. In addition to Malmquist indices, the study also applies Chow Test to examine whether the structural changes have existed before and after implementation of IFRS. The test result shows that the investment decisions of banks have a significant structural change before and after mplementation of IFRS. In the other hand, the earning volatility cost of capital, disclosure cost, educational cost and audit fees do not illustrate a significant structural change.
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我國高等教育機構效率之衡量:跨期資料包絡分析張嘉倩 Unknown Date (has links)
我國高等教育體系自民國80年代以來經歷重大變遷,由於民間的訴求與教育主管當局眾多政策的施行,我國高等教育已邁向普及化與民主化,並朝追求卓越發展;然而近年來,高等教育體系面臨供需失衡、財務壓力、以及國內外激烈競爭等種種挑戰,提升經營績效以及生產技術因此非常重要。
本研究選取我國50所公私立大學校院作為研究對象,以83至92學年度作為研究期間,採用資料包絡分析法,計算出效率值以及Malmquist生產力指數,展現各大學校院10個學年度的經營績效以及生產力變動情形,並結合相關期間的高等教育政策,以了解十年來高等教育政策變遷與各大學校院經營效率及生產力變動之間的關聯性。
研究結果顯示,就效率值來看,公立大學校院與私立大學校院的技術效率均有所提升,顯示各大學校院的經營績效與資源使用均更有效率,而私立大學校院的效率值普遍上優於公立大學校院,表示公立大學校院仍有資源浪費的情形。就Malmquist生產力指數來看,總要素生產力的變動主要受效率前緣變動的影響,公立大學校院長期以來是有進步的,私立大學校院則相對退步,以致整體而言,我國高等教育體系自83學年度以來呈現生產技術退步的情況,亟待教育有關當局更深刻的省察與更深入的思考。
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台灣、日本、南韓筆記型電腦產業績效分析與比較廖國翔 Unknown Date (has links)
近年來台灣筆記型電腦產業,在廠商延續過去多年的擴張競爭力下,在產值與產量上皆有大幅度的成長。但也由於低價風潮的盛行與全球景氣蕭條,使得該產業的獲利大不如從前;加重了國內廠商經營的困境與競爭程度,此時惟有掌握經營績效之廠商才可維持競爭優勢;以因應高度的競爭環境。在此同時,南韓已從金融風暴的創傷下逐漸走出;並挾帶著全球最大TFT-LCD及DRAM的量產國,並從輕薄型機種切入市場以及加入代工訂單的爭奪戰中。而日本擁有全球頂尖的設計創新能力,筆記型電腦自製率仍偏高。因此日、韓一直是台灣的主要競爭對手。
首先藉由資料包絡分析法評估我國筆記型電腦商於2000年至2003年間的經營效率;並為彌補DEA無法做跨時期的分析,應用Malmquist生產力指數予以分析;接著用Tobit迴歸分析來探討廠商無效率的原因。得到以下的結論:
(1)於這4年間的技術效率平均值呈現年年上揚的情況,且規模較大的廠商不意謂著經營績效會較好。(2)這4年間的生產力亦是逐年提昇,主要是技術變動所致。(3)在Tobit迴歸分析中,存貨週轉率、總資產週轉率與品牌對效率有正向影響;而TCRI有負向影響。
接著對台、日、韓進行比較分析,得到以下結論:(1)台、日、韓三國的經營績效,以日本最優、韓其次、台最差;但日、韓的整體效率值逐年下滑,而台灣有逐漸改善的趨勢。(2)三國於2000~2001年間生產力皆下降,這與全球景氣蕭條及九一一事件有相當的關聯;2001~2002間由於無線上網的新技術致使消費性機種熱賣,因此於該期間,生產力呈提昇現象。(3)由Tobit迴歸分析得知存貨週轉率、總資產週轉率與經營年限對效率值有正向影響。 / In the recent years, Taiwanese Notebook manufacturers last the past years, extensions to make productive values and production grow up enormously. Due to the low price trend and global business trend stagnancy, resulting to profitability be not as good as the before for this industry. It deepens to operate and complete hard for the domestic manufacturers. At the same time, only the manufacturers that seizing operating the performance will maintain completing advantage to deal with highly completing enviornment. At the same time, South Korea has already got over from the shadow of 1998 crisis; and took along the most global productive country of TFT-LCD and DRAM; going into the market of frivolous type and join a battle of OEM/ODM orders. Japan owns global excellent design and capability of innovation and self-made ratio is still high. Therefore, Japan and South Korea are constantly Taiwanese major rivals.
Firstly, it estimates how Taiwan Note Book manufacturers operate in 2000 to 2003 by Data Envelopment Analysis;In order to making up DEA not undertaking time-series analysis, using Malmquist Productivity Index to analyze; utilizing Tobit regression to analyze the factors that producers operate inefficiently. It gets the following conclusions:(1) In these four years, average technical efficiency is taken on rising year by year, and large scale producers do not imply better operating efficiency. (2) In these four years, the productivity is also rised year by year. This is due to technical change. (3) In Tobit regression analysis, there is a positive influence that inventory turnover, total asset turnover and brand affect efficiency; there is a negative influence that TCRI affects efficiency.
This study gets the following conclusions;(1) For Taiwanese, Japanese and South Korea’ operating performance, Japan is the excellent, South Korea is the next, Taiwan is the worst. But Japanese and South Korea’ overall efficiency is worse year by year; Taiwan operating performance is gradually improved. (2) These three countries’ productivity decline from 2000 to 2001. It is concerned with global economic recession and 911 incident. The productivity is raised from 2001 to 2002. It results from WLAN type to sell briskly. Turnover ratio of inventory and turnover ratio of total asset tighter operating years all have a positive influence on efficiency.
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我國光電產業經營效率之研究—資料包絡分析法的應用陳俊銘 Unknown Date (has links)
台灣產業的發展一向與國際市場的脈動相連,光電產業也不例外,近幾年來在國際的夾擊之下依然發展得極為出色,與其他部分高科技產業共同支撐起台灣科技產業的命脈。所以本研究藉著資料包絡分析法 (data envelopment analysis, DEA) 的應用,透過計算整體技術效率、純粹技術效率、規模效率與 Malmquist 生產力指數,具體衡量出各廠商的生產效率值與跨期變化情形以供廠商參考。另外將光電產業依產品特性分成幾個次產業,為各次產業提出客觀的經營建議。最後由 Tobit 迴歸分析影響效率的重要因素,提供提升效率的參考,希望能對我國的光電產業有所幫助,而繼續為台灣科技產業的成長努力。
本研究以國內 30 家光電產業廠商於 2000 年至 2003 年之資料為研究範圍,選取的投入變數為:員工人數、固定資產、營業成本與營業費用四項,產出變數為營業收入淨額與稅前淨利。另外迴歸分析中使用的解釋變數為董監員工紅利率、存貨週轉率、負債比率、研發費用率、 TCRI 信用評等與董監持股比率。
研究結果顯示,整個光電產業整體無效率的原因較多是技術無效率導致,小部份是規模無效率造成的;而就每個次產業而言,以其四年平均值來看亦是受技術無效率影響較多。而在 Malmquist 生產力指數分析中發現,整個光電產業只有在 2000 年至 2001 年間,因技術退步的影響大於綜合技術效率進步的影響,而使得生產力衰退,往後的期間皆呈現進步的態勢。而在次產業方面,綜合技術效率的退步導致光通訊產業在 2001 年至 2002 年間的生產力衰退;技術的退步使得 2002 年至 2003 年間的光輸出入產業產生生產力的衰退。
最後,在迴歸分析中的結果為存貨週轉率對於整體技術效率有著顯著的正向影響;研發費用率是顯著的負向影響。而在純粹技術效率部份,存貨週轉率有顯著正向影響;TCRI評等越佳,TCRI 值越低,純粹技術效率越好。 / Taiwan's industries are always connected closely with international market, and optoelectronic industry is no exception. Through keenly competence these years, it is still brilliant and boosts the lifeline of Taiwan's Technology industry with other Hi-tech industries. So this research uses data envelopment analysis as objective references to enhance production efficiency. First we divide the whole optoelectronic industry into several sub-industries according to the characteristics of their products, and calculate every firm and sub-industry’s values of technical efficiency, pure technical efficiency, scale efficiency and Malmquist index definitely. Then we analyze the key factors influencing production efficiency and offer references for helping optoelectronic industry better.
This research is based on the data of 30 optoelectronic firms in Taiwan during the 2000-2003 periods. We use the number of employee, fixed assets, operating costs and operating expenses as input variables; net sales revenue and net income before taxes as output variables. Besides, the explanatory variables in regression analysis are the percentage of bonus accounting for operating net amount, inventory turns, debt ratio, the percentage of R&D expenses accounting for operating net amount, TCRI, share holding on directors.
The result shows that inefficiency in the whole industry and sub-industries mainly comes from technical inefficiency. MPI demonstrates that productivity of the whole industry is declined only during 2000-2001 period and it is because of declined technology. And declined technical efficiency results in the declined productivity of fiber-communication industry between 2001-2002; declined technology results in the declined productivity of optical input/output devices industry between 2002-2003.
Under regression analysis, the result shows that inventory turnovers have a significant positive effect on efficiency; the percentage of R&D expenses accounting for operating net amount has a significant negative effect on efficiency. And about pure technical efficiency, inventory turn has a significant positive effect; TCRI has a significant negative effect.
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台灣金融控股公司之效率及多角化經濟分析葉偉民 Unknown Date (has links)
為了因應國內金融產業多元化、跨業經營的發展,立法院於民國90年6月27日通過「金融控股公司法」,截至2003年底止,我國一共有14家金融控股公司成立,而國內金融界也隨著一家一家金融控股公司的成立,掀起一波波合併及併購的風潮,由於金融機構未來互相合併、朝向大型化及多元化的趨勢明顯,因此,金融控股公司多角化的經營是否能夠發揮其效益是值得我們去探討的。
本文利用非參數邊界法,以及Ferrier et al.(1993)所提出的多角化經濟程度指標,來評估2002與2003年包含銀行、證券及保險營收三項產出的6家多角化金融控股公司之相對效率,並分析其無效率之來源,以及衡量其是否存在多角化經濟。另外,本文以投入導向的MPI評估台灣金融控股公司2002至2003年生產力變動的情形。
實証結果發現,6家包含銀行、證券及保險營收三項產出的多角化金融控股公司,都存在有多角化經濟的現象,表示金融控股公司多角化的發展與跨業經營確有其成本上的效益。另外,比較生產力變動的各項數值,多角化金融控股公司均低於非多角化金融控股公司,顯示多角化的效益並未反應在效率以及生產力的成長上。 / This paper adopts a nonparametric frontier method and the measure define by Ferrier et al. (1993) to evaluate efficiency and economies of diversification of 6 diversification financial holding companies which contain banking, security and insurance in Taiwan in 2002 and 2003. In addition, we use input-oriented Malmquist productivity index to study the productivity change of financial holding companies in Taiwan during 2002-2003.
Empirical results indicate that 6 diversification financial holding companies all exhibit economies of diversification. Product diversification of financial holding company indeed has its effect on cost. In addition, compare every component of productivity change, we find non-diversification financial holding companies have better performance than diversification financial holding companies. The effect of diversification has not exhibit on the growth of efficiency and productivity.
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全球IC設計產業生產力與效率分析楊夏青 Unknown Date (has links)
台灣的IC設計產業總產值全球僅次於美國,自從九零年代中期成為我國極受矚目的產業。因此本研究所探討的主題為全球IC設計產業的生產效率分析,以2003年全球營收前卅大IC設計廠商為樣本。透過資料包絡法(Data Envelopment Analysis,DEA),針對不同地區與個別廠商進行2000年至2002年的效率分析,最後進行Tobit迴歸分析,求得影響廠商生產績效的因子,提供本國廠商改善效率的參考,實證結果為:
1.DEA跨國比較的結果顯示,在2000年至2002年整體技術效率值最高的地區為美國,在2000年與2001年為台灣整體技術效率值僅次於美國,但在2002年卻落居第三。觀察個別廠商績效,Qualcomm、MediaTek、Marvell、ICS、Lattice、Pmc-Sierra與DSP Group等廠商績效最好,其整體技術效率值為1。
2.Malmquist生產力指數(MPI)跨國比較的結果顯示,臺、美、加三國總要素生產力均呈現退步的情形,2001至2002年,臺、加總要素生產力呈現進步,美國呈現退步。就個別廠商而言,在2000年至2001年間有四家廠商總要素生產力進步,在2001至2002年年則有十五家廠商總要素生產力呈現進步的狀況。
3.Tobit迴歸分析的結論為:存貨週轉率inventory turnover對整體技術效率有顯著的正向影響;負債比率與平均收帳期間均對整體技術效率有顯著的負面影響。研發費用率、經營年限與整體技術效率呈現正向關係,至於每人配備率則呈現負相關。 / The total output value of Taiwanese IC design industry is the globally second following United States. It had become the domestic gazed industry since mid 90s. Therefore, this research studies the production efficiency of global IC design industry and chooses the firms which sales globally ranked top 30 as samples. Through DEA, this thesis analyzes the efficiency focused on different regions and individual firms from 2000 to 2002. And finally, the Tobit regression model is proposed to find out the factors that influenced performances of firms and it could be reference for the domestic firms to improve their production efficiency and productivity. The results display:
1. By comparison with regions, the DEA results display that U.S.A. United States has the highest overall technical efficiency(TE) value during 2000 to 2002. Taiwan ranked behind U.S. both in 2000 and 2001 but dropped to the 3rd position in 2003. Observing performances of individual firms, Qualcomm, MediaTek, Marvell, ICS, Lattice, Pmc-Sierra and DSP Group performed as the best and their efficiency value is 1.
2. By comparison with regions, Malmquist Productivity Index(MPI) results display that the U.S.., Taiwan and Canada showed their Total Factors Productivity (TFP) to degenerate from 2000 to 2001. However, Taiwan and Canada showed their progressive TFP, progress in TFP but U.S.A. had a regressive TFP from 2001 to 2002. For one individual firm, there were only 4 firms’ TFP being aggressive from 2000 to 2001 and there are 15 firms’ TFP aggressive from 2001 to 2002.
3. The result from running Tobit regression models display that Inventory Turnover has significant positive effect to TE; Debate Ratio and Average Collection Period have significant negative effect to TE; R&D Ratio and Incorporated Period have direct relation with TFE and Equipment Per Employee has negative relation with TE.
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上市(櫃)建設公司財務結構與效率衡量之研究--土地持有與開發觀點檢視 / Listed Real Estate Companys’ Financial Structure and Efficiency Measurement: Aspects of Land Holding and Developing章定煊 Unknown Date (has links)
建設公司的產業發展,並不可以單純的以經濟活動的一環來看,它也是家與生活場合的提供者。但是,在市場上所見到仍是一案建商的活躍,而績優建商卻相對委屈。問題的根源是,在資本市場大家無法分辨建設公司的好壞,資源無法有效流向好的建設公司,自然在市場上就發生劣幣驅逐良幣的現象。但是,在國內建設公司特有的經營環境,使得建設公司財務報表的功能性大幅受限,進而使其誘導資源的能力也相對降低。本論文之主要目的,即是分析建設公司之經營特性,分析其持有土地、在建工程與待售成屋存貨之經濟意涵與會計處理上之問題。同時,透過四個實證研究,提出建設公司存貨持有對建設公司財務報表影響之相關結論與建議,希望能解決部分目前對建設公司財務報表解讀困境與促進對建設公司之瞭解。本文主要內容,由四個實證研究所構成,分述如下。
第一個實證研究為以國泰建設為例,透過時間序列之共積(cointegration)模型,分析養地型建設公司財務報表之長期結構。研究結果發現,土地、在建工程與待售成屋三種存貨間存在長期穩定關係;此外,土地存貨持有率與毛利率長期間呈現負相關,顯示土地存貨持有,利潤率呈現上有不利的影響。實證結果也發現土地存貨持有率與負債比率,長期間呈現負相關,顯示建設公司將在財務結構較健全時進行土地持有。
第二個實證研究為透過資料包絡法(Data Envelopment Analysis;DEA)建構建設公司之績效指標,並利用Tobit迴歸分析比較績效指標與房地產投資開發變數之關連性。研究結果發現,建設公司有能力購入土地進行策略性等待,可以帶動績效指標上升;待售成屋存貨與在建工程存貨就如同預期,與績效指標呈現負相關。該部分實證結果顯示,分析建設公司之績效時,應考慮其存貨構成項目與其背後策略意涵,分析才會周延。至一般常用財務績效指標方面,結果不是完全無法掌握土地開發變數,就是在待售成屋存貨此項土地開發變數方面,與本文建構績效指標的符號方向相反,顯示有進一步探討空間。
第三個實證研究為透過Malmquist生產力指數,進一步計算績效指標之跨期變動,並以拔靴複製法(bootstrap)進行檢定不同土地持有策略對生產力、效率與技術變動影響為何。實證結果顯示,在房地產景氣之起跌階段,生產力均無顯著變化。在房地產景氣之續跌階段,長期大量持有土地之建設公司效率提升;短期大量持有土地之建設公司,產生技術退步。在房地產景氣之探底階段,建設公司為了在訴求高品質之推案以迴避景氣壓力,所以,全體建設公司均發生技術進步。至房地產景氣上升階段,一般性購屋需求大增,建設公司推案以量取勝,此時全體建設公司均發生技術退步現象,但不影響其生產力。
第四個實證研究,針對建設公司業績具有高度隨機性之特性進行研究。利用三階段DEA可以同時調整環境變數與隨機性之特性,深入探討建設公司之純粹技術效率。實證結果發現在一階段DEA中,低持有土地的效率值較好,但是,在三階段DEA則未達顯著水準。成屋存貨持有率與在建工程成有率在一階段DEA都未達顯著水準。在三階段DEA調整環境因素與隨機性後,結果發現,即使房地產景氣上升,擁有待售成屋存貨與在建工程之建設公司仍是效率不利。
綜合以上的結論,本文認為目前財務報表分析重點往往置於損益表之上,財務報表使用者非常關心當期損益,但是基於建設公司的營運特性與會計原則特性,透過當期損益根本難以掌握建設公司未來動態。所以,觀察重點應該重回資產負債表之上,尤其是房地產相關存貨的結構與土地持有策略。同時也必須留意景氣變化對建設公司造成的影響,並調整隨機性對其財務報表數字之表達。 / Construction companies (developers) play a key role in the housing market. However, one-case companies but good performing companies dominate the real estate market. Homebuyers and investors are not able to tell which companies have good quality from their financial reports. Consequently, capitals can not support good companies. The main purpose of this dissertation is to analyze construction companies’ operation, financial report, and economic senses. This dissertation employs four essays to figure out the relation between financial report and land holding and development and to propose some suggestions for solving some dilemmas about construction companies’ financial analysis.
The first essay tries to find out the relation between financial structure ratios and real estate related inventory ones. Empirically, we find that there is strong relation between these ratios in the long run. We also find there is a negative relation between land inventory ratio and gross profit rate. Finally, an option of buy-and-hold strategy for land will be exercised under a healthy financial structure.
Under considering risk control, the second essay employs Data Envelopment Analysis (DEA) to calculate the efficiency of the listed real estate development firms in Taiwan and to discriminate the factors which cause the inefficiency of those. The results show companies which exercise buy-and–hold-land strategy for land have better performance and it can conform to real option theory. The market beats the companies which own buildings or houses for sale as well as constructions in process. By comparing traditional performance indices and DEA indices, the land purchasing decision and the costs for construction in progress go in the same direction. However, the direction of houses for sale and that of land inventory are the opposite. Therefore, the conclusion is that more information is required when we evaluate the performance of real estate companies.
The third essay tries to use Malmquist productivity index combine some financial ratios and bootstrapping method to test productivity, efficiency, and technical change of listing real estate companies. At the beginning of a recession, there was no significant productivity change for both companies which hold long-term mass lands(LTML) or short-term ones(STML). For an extension of this period, efficiency improvement and productivity enhancement occur to LTML and technical regress to STML. When the economy hits the bottom, technical progress occurs to both but productivity enhancement occurs only to STML because of huge financial pressures upon LTML. At the period of a recovery, mass-production oriental policy causes technical regress for all companies.
Based on the highly stochastic attribute of construction companies operation, the fourth essay applies a three-stage DEA procedure to calculate pure managerial efficiency. We find that the pure managerial efficiency of companies which holding existing houses and construction in progress is at disadvantage. But there is no significant evidence that buy-and-hold-land strategy will lower pure managerial efficiency.
From the above four essays, we conclude that financial report analyst should pay more attention to real estate related inventory rather than income statement. We also suggest that more information for land holding, construction in progress, and existing houses should be required.
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