기업의 소유 및 투자 부동산이 기업 가치에 미치는 영향

Abstract

The company wants to maximize the value of firm through investment spending when they have a opportunity to grow the business. In the process of investment spending, estate acquisition is proceeded, or accompanied necessarily. Estate as basis asset of manufacturing business is a significant asset to form basis of business activities. In other words, estate acquisition such as land and building is the most basic investment for company's productions and sales activities; therefore, the demand for estate is occurred in process of company's investment plan. Moreover, as pointed out by leading research result, companies buy estate for sale and then they take profits in the process of demand to have speculative demand. Estate acquisition and disposition of these business decision in the corporate management has been recognized important decision. These terms, estate of company directly or indirectly infer that it affects the value of the firm. With respect to the value of companies have a lot of research has demonstrated; however, it is slight that companies have research about estate. Therefore, the purpose of this study is to analyze how possession estate of a company influences on the value of firm. The maintenance estate of a company consist of possession estate and investment estate. Thus, this research will analyzes the influence of the maintenance estate of a company on the value of company with two sides: possession estate and investment estate. In Korea, the value of estate has generally upward tendency. In this tendency, it is meaningful research to analyze relationship between possession of company and investment estate. The purposes of this paper are to build a theoretical and empirical model to test the influence of the possession estates and the investment estates on the value of firm, and to analyze, with time series data, how the factors affect on the value of firm. Ohlson(1995)'s Abnormal Earnings Model, which is characterized by time-series presumption about information variables added to Residual Income Model deduced from Dividend Discount Model, was used as a standard to achieve the goal of this study. The independent variables used in this paper are Book Value of Net Assets Per Share, Possession Estate Per Share, Investment Estate Per Share, and Present Value of Future Abnormal Earning, and the dependent variable is the Stock Price. Through the empirical analysis, the results attained are as follows; First, the empirical panel estimation test reveals that the possession estates of land and building influence a positive effect on company's value with 1% level statistically. Second, the investment estates influence a negative effect on the value of firm according to statistics. Despite of its contribution to analyzing how the possession estates and investment of estates affect on the value of firm, this empirical analysis includes some critical points; First, the result of this analysis may not be applied to all corporations uniformly as it was based on only manufacturing corporations listed on Stock Exchange. Second, there is a possibility of variances omission in building theoretical and empirical model. Third, this paper could not analyze how structures and construction in progress have an effect on the value of firm because of failure in conversion to variances. Accordingly, a concrete research method should be followed to remove these missing variables for the convenience in the future research, and more samples should be extended to generate result of research. The limitations of this study leaves to the next research project.