政府抑制房價政策對營建公司股價的影響：公司治理的角色

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Title:	政府抑制房價政策對營建公司股價的影響：公司治理的角色
Other Titles:	The Impact of the Government's Housing Prices Suppression Policies on the Stock Prices of Construction Companies: The Role of Corporate Governance
Authors:	陳雅玲 CHEN, YA-LING
Contributors:	劉永欽 LIU, YONG-CHIN 財務金融學系碩士在職專班
Keywords:	房價政策;事件研究法;異常報酬率;事件日集中;公司治理 housing price policy;event study method;abnormal return;event day clustering;corporate governance
Date:	2023
Issue Date:	2023-11-22 02:01:19 (UTC+0)
Abstract:	近年因房價過高，政府推行多項抑制房價的政策，本研究目的在以事件研究法 (包括傳統法和考慮事件日集中的迴歸法) 檢視這些政策的推出或施行日前後短期間，營建業股價是否有異常反應，從投資人對營建業公司價值之看法，了解抑制房價措施的政策效果。事件包括2020年12月到2022年2月的內政部、財政部、金管會及中央銀行的政策。此外，本研究也探索營建業之公司治理是否能解釋房價政策引起的股價反應。樣本是台灣上市上櫃的營建業公司。結果發現，不論使用傳統法或考慮事件日集中的事件研究法，大致上都發現營建業股價對政府抑制房價之政策有負向異常反應，產生負異常報酬，表示投資人認為房價抑制措施對營建業價值與前景有不利之影響。再者，影響股價反應因素之分析發現，公司治理的影響並不具有系統性，只零星在某些事件有正向影響，其係表現在董監事席次和內部人持股，支持董監事人多則優點勝於缺點，及內部人持股率越高越有助於減輕政策之不利影響。此外，營建公司之特徵變數對股價反應並無系統性的一致影響，僅偶而出現公司規模的負向影響 (小公司效應) 和成長性的影響 (正或負向皆有)。至於獨立董監事比率、機構投資人持股、獲利力以及負債比率都無顯著影響。本研究結果間接證實政府提出的抑制房地產價格飆漲的政策與措施有其效果。 In recent years, due to high housing prices, the government has implemented a number of policies to suppress housing prices. The purpose of this study is to use event study methods (including the traditional method and regression analysis considering event day clustering) to examine the stock prices of the construction industry during the short period before and after the introduction of these policies or the implementation date. By examining whether there is any abnormal reaction, we can understand the policy effect of the measures to restrain housing prices from investors' views on the value of construction companies. Events include the policies of Ministry of the Interior, Ministry of Finance, Financial Supervisory Commission and Central Bank from December 2020 to February 2022. In addition, this study also explores whether corporate governance in the construction industry can explain the stock price response to housing price policy. The sample is construction firms’ stocks listed and OTC in Taiwan. The results show that no matter using the traditional method or the event study method considering event day clustering, the study generally finds that the stock prices of the construction industry have a negative abnormal response to the government’s policy of suppressing housing prices, resulting in negative abnormal returns, indicating that investors believe that housing price suppression measures have a negative impact on constructions, thus have an adverse effect on the value and prospects of the business. Furthermore, the analysis of the factors affecting the stock price reactions finds that the impact of corporate governance is not systematic, and only sporadic events have a positive impact. This is reflected in the number of directors and supervisors and insider shareholding. The advantages of more directors and supervisors outweigh the disadvantages, and the higher the insider shareholding ratio, the more it helps to alleviate the adverse effects of the policy. In addition, the characteristic variables of construction firms have no systematic and consistent impact on the stock price response, and only occasionally have negative effects of firm size (small firm effect) and growth effects (with positive or negative ones). As for the ratio of independent directors and supervisors, the shareholding of institutional investors, profitability and debt ratio have no significant impact. The results of this study indirectly confirm that the policies and measures proposed by the government to curb the housing and real estate prices have their effects.
Appears in Collections:	[財務金融學系] 博碩士論文

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