earticle

영어

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.

한국어

본 연구는 기업의 보유 부동산이 기업 가치에 미치는 영향을 소유 부동산과 투자 부동산으로 구분하여 실증분석을 하였다. 본 연구의 목적을 달성하기 위한 가설 검정모형은 배당할인모형에서 도출된 잔여이익모형에 정보변수에 대한 시계열 가정을 추가한 Ohlson(1995)의 초과이익모형을 기준으로 하였다. 가설 검정모형에서 사용한 독립변수는 추정된 주당 순자산 장부가치, 주당 소유부동산, 주당 투자부동산, 미래 초과이익의 현재가치이며, 기업 가치의 대용변수는 주가이다. 실증분석 결과 첫째, 기업의 소유 부동산 보유는 기업의 가치에 1%의 유의수준에서 유의한 양의 영향을 미치는 것으로 나타났다. 둘째, 기업의 투자 부동산 중 기타투자부동산이 기업의 가치에 유의한 음의 영향을 미치고 있는 것으로 나타났다. 그러나 본 연구는 거래소에 상장된 제조기업을 대상으로 실증분석을 하였기 때문에 본 연구의 결과를 모든 기업에 일률적으로 제공하기는 어려우며, 본 연구의 실증분석 모형을 설정하는데 있어 누락변수의 편의가 존재 할 가능성이 있다. 그리고 구축물 및 건설 중인 자산을 변수화 시키지 못하여 이 변수들이 기업의 가치에 미치는 영향을 분석하지 못하고 있다.