기업부동산 정보의 가치 관련성에 관한 연구 (Value-Relevance of Corporate Real Estate Information: Empirical Study on the impact of Corporate Real Estate in Korea Capital Market)

서지정보

· 발행기관 : 한국금융학회
· 수록지 정보 : 금융연구 / 31권 / 2호 / 83 ~ 114페이지
· 저자명 : 강원철, 고성수

초록

본 연구는 1995년 1월부터 2015년 말까지 674개의 유가증권 상장제조업을 대상으로 Ohlson and Feltham(1995) 모형을 이용하여 기업부동산 정보가 주가(기업가치)에 미치는 영향을 분석하였다.
본 연구의 목적은 주식시장에서 기업부동산 보유정보 및 처분정보가 주가에 미치는 영향을분석하는 것을 목적으로 한다. 분석결과를 요약하면 다음과 같다. 첫째 기업부동산 보유정보는주가에 유의하게 양(+)의 영향을 미치고 있었다. 둘째 기업부동산을 소유부동산과 투자부동산으로 구분하여 유형별로 분석한 결과 소유부동산 보유정보 및 투자부동산 보유정보도 주가에유의하게 양(+)의 영향을 미치는 것으로 나타났다. 셋째 기업부동산 처분정보는 주가에 유의하게양(+)의 영향을 미치는 것으로 나타났다. 이는 기업부동산의 보유 및 처분은 주가에 긍정적인영향을 미치는 것을 의미한다. 넷째 기업가치의 대용치로 상대적 비율 변수를 이용하여 분석한결과 기업부동산이 기업가치에 유의하게 양(+)의 영향을 미치고 있었다.

영어초록

Corporate real estate is a significant hidden asset that comprises 24.39% of total assets. Corporate real estate is also closely related to corporate business. Namely, the demand for corporate real estate varies with the business of the corporation, and decision-making regarding corporate real estate has an influence on corporate business. Companies buy real estate for business and then they take profits in the process of speculative demand.
Real estate acquisition and disposition of these business decision in the corporate management has been recognized important decision. And In Korea, the value of estate has generally upward tendency. In this tendency, it is meaningful research to analyze relationship between corporate real estate and corporate value.
In spite of the significance of corporate real estate, there is a few paper how corporate real estate influences on the value of firm in korea.
the conclusion is not also consistent. Namely, Constaned (1991), and Kang and koo (2015) showed that corporate real estate retention information exerted a significant positive (+) effect on the stock price. On the contrary, Kim and Jung (1993), and Kang and Sim (1998) showed that corporate real estate retention information exerted a significant negative (+) effect on the stock price.
This research investigated the effect of corporate real estate information on stock value(corporate value) in Korea based on 674 KSE-listed manufacturing companies for the period 1995 to 2015, using Ohlson’s model.
The aim of the research is to analyze the impact of corporate realestate retention information on stock value. In addition, there are few papers assessing how corporate real estate disposition information influences the value of the firm, and there are different opinions regarding using a proxy for the corporate value. Therefore, we analyzed corporate real estate disposition information and its impact on the stock value. We also examined corporate real estate information and its impact on the corporate value using the relative ratio variable, which was considered as an alternative for corporate value.
The main findings were as follows. First, corporate real estate retention information exerted a significant positive (+) effect on stock price.
This means that corporate real estate retention information of corporate real estate influenced positive effect on stock value. In capital market, investors realize that the true value of a firm with large investments in real estate is greater than the reported book value and that economic earnings are greater than reported earnings. As real estate values rise, the firms’ market value should reflect this change in true value. We expect that firms with large increases in the market value of their real estate holdings over this ten-year period will have a corresponding increase in the firm’s market value.
Second, we divided corporate real estate into own real estate and investment real estate. Own real estate is for “use” or “lease.” Investment real estate is for “margin.” Lee and Cho (2009) emphasized that own real estate, which refers to land and building, has a positive effect on the company’s value, and investment real estate has a negative effect on the value of the firm. But, Lee and Cho (2009) performed the analysis with a short study period (2005~2008) and a small sample size. Therefore, we performed the analysis with a long study period (1995~2005) and a large sample size, and found that Both own real estate retention information and investment real estate retention information also appeared to have significant positive (+) effects on stock price. This means that not only own real estate for corporate true business but also investment real estate for taking margin exerted a significant positive (+) effect on stock price.
Third, Kim and Choi (1995) emphasized that both real estate acquisition and disposition were proved to be firm value maximizing activities. We also found that Corporate real estate disposition information appeared influencing a significant positive (+) effect on stock price. This means that retention and disposition of corporate real estate influenced positive effect on stock value. We expect that firms with a large increase in the market value caused by their real estate disposition will have a corresponding increase in their market value. Fourth, there is a dispute about the corporate value. In other words, some researchers insisted that the stock price is a proxy for the corporate value, whereas other researchers insisted that the stock price is not a proxy for the corporate value. A proxy for the corporate value must be used with a relative variable (for example, PBR, PER). Therefore, we examined with use of the relative variable, Price/Net asset per share.
Relative ratio variable (Price/Net asset per share) was considered as an alternative for corporate value. And the result also showed corporate real estate influenced a significant positive (+) effect on corporate value.
This paper expands the body of domestic research related to corporate real estate from an academic perspective while also providing methodological tools related to corporate business and efficient asset management from a business perspective. Academically, this paper investigated only the manufacturing industry, but further research is needed to examine all industries or industry types. A research with public announcement related to real estate and corporate value, and a research with volatility of the corporate retention ratio, etc. are needed.
Practically, 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, real estate acquisition is proceeded.
That is to say, real estate acquisition such as land and building is the most basic investment for company’s productions and sales activities. Therefore, the demand for real estate is occurred in process of company’s investment plan. This indicates that we can improve the corporate value through active management. The existing manager considered corporate real estate as the place of storage and lost opportunity to improve the corporate value (passive management of corporate real estate). In future We expect that corporate value can be enhanced by means of the active management of real-estate assets.

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