| Summary: | 碩士 === 國立臺北大學 === 不動產與城鄉環境學系 === 97 === In the past, most studies of the determinations of real estate industry stocks focus on the effects of macroeconomic factors, the prosperity of real estate market, the problems and adjustments of stock price lag, and the performance of construction companies. Few research papers analyze the investment of the determinations of real estate industry stocks in terms of investors. In this paper, investors are assumed to be concerned for the return of their investment in the period of holding the stocks when they make decisions to invest stocks. Therefore, the research uses Panel Data Analysis Method to examine the relations between operating performance of the companies and return on investment of the stocks. The data of 29 construction companies in Taiwan from 1999 to 2008 are utilized. In the model, the variables include systemic risks (β), financial indices, intellectual capital value, and land variation variables. When selecting operation variables, factors analysis of public financial ratios in each company is used to eliminate the multicollinear problems existing in these variables. Four main financial indices are created and employed in the model. The operation characteristics of the construction companies are also taken into account. The public land variation data of each company are processed to employ in the model after quantification. The empirical results reveal that profitability and Tobin’s Q ratio significantly and positively influence return on investment. On the other hand, financing and debt-paying abilities, asset structure, and selling capabilities are not significant factors. The information of the land trade has significant and positive influence on return on investment. Moreover, the characteristic that construction companies do not change as time passes does not significantly influence return on investment. In other words, the differences in company natures do not significantly affect return on investment. The coefficients of time-effect show that return on investment is also influenced by macroeconomic factors and the prosperity of real estate market. Thus, investors are suggested to pay more attention to these factors when exploring the operating performance of companies.
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