上市櫃建設公司土地投資與開發策略對經營績效影響之探討

A Study for Listed Real Estate Companies' Land Investment and Development Strategy and Effect on Performance

土地投資與開發是建設公司之核心業務。所以，本文主要利用建設公司必須控制財務風險的特性，以資料包絡法（Data Envelopment Analysis, DEA）建構台灣上市櫃建設公司在相對經濟效率概念下之績效指標，進而探索建設公司的土地投資及開發與績效指標之關連性。研究結果顯示，建設公司若購入土地進行策略性等待，可以帶動績效上升，與實質選擇權理論相符。待售成屋存貨及在建工程存貨將促使本文建構之績效指標下降，顯示此存貨增加為建設公司開發個案去化能力不佳與工程進度落後，並非策略性等待。比較常用績效指標與本文建構之績效指標，在土地開發變數方面，是否購地與在建工程存貨兩種結果符號方向一致；但在考慮待售成屋存貨時的符號方向相反，此差異可能原因是常用績效指標主要用意為反映已實現之經營成果，但對於建設公司土地投資開發行為的追蹤稍有不足。所以，運用一般常用績效指標判斷建設公司土地投資經營狀況，仍須有更多的資訊加以輔佐，以免誤判。

The core business for a real estate company in Taiwan is usually land investment and development. This paper puts risk control in consideration, employs Data Envelopment Analysis (DEA) to calculate the efficiency of the listed real estate development firms in Taiwan, and try to determine the factors which cause the inefficiency of those firms. The results show companies which exercise buy-and-hold strategy for land have better performance and the results also conform to real option theory. Whereas the companies which own buildings or houses for sale, as well as with construction in process, are losers in the markets. The results for the latter companies also suggest those companies are forced to hold the properties, which is definitely not a marketing strategy. By using commonly used indices and DEA indices, the results are the same-the land purchasing decision and the costs for construction in progress go in the same direction. However, the directions of houses for sale and land inventory are the opposite. Therefore, we can conclude that more information required when evaluating the performance of real estate companies.