企業持有自用性不動產之風險探討

The Risk Analysis of Corporations’Holding of Self-Used Real Estate

不動產是企業經營的要素，企業對不動產的投資行為更牽動此市場變化，尤其在市場處於高度波動的時期。緣此，本文以臺灣市值前150大的公司為樣本，觀察不動產風險，對於公司持有自用性不動產的影響。實證結果發現，不動產個別風險與其企業自用性不動產影響，可能因企業對於自用性不動產的必要性需求危機感增加，增加其自用性不動產持有，或因不動產市場的非系統性風險影響，企業融資之抵押品價值變動所造成的外部融資成本改變；最終導致企業減少其自用性不動產的持有，此現象在金融危機期間更為顯著。

Real estate is an important element of corporate operations, and investment behavior of corporate can affect real estate market fluctuations, especially when the market is in a period of high volatility. The study examines the impact of real estate risks on corporations holding real estate for self-use, using a sample of the top 150 companies in Taiwan by market value. The empirical results found that individual real estate risks and the impact of corporate self-use real estate may increase during periods of high market volatility, leading to changes in external financing costs and a decrease in corporate ownership of self-use real estate, especially during financial crises.