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投資不動産の売却の決定要因と株価に与える影響の検証 : 遊休不動産をめぐる課題を視野に入れて
https://meikai.repo.nii.ac.jp/records/890
https://meikai.repo.nii.ac.jp/records/89022d4fdeb-bacf-492b-bf64-1260070710c4
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
本文 (927.4 kB)
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| Item type | 紀要論文 / Departmental Bulletin Paper(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2020-04-04 | |||||
| タイトル | ||||||
| タイトル | 投資不動産の売却の決定要因と株価に与える影響の検証 : 遊休不動産をめぐる課題を視野に入れて | |||||
| 言語 | ja | |||||
| タイトル | ||||||
| タイトル | Examination of determinants of the sale of investment properties and the effects of the determinants on stock prices : From the perspective of problems with idle real estate | |||||
| 言語 | en | |||||
| 言語 | ||||||
| 言語 | jpn | |||||
| 資源タイプ | ||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_6501 | |||||
| 資源タイプ | departmental bulletin paper | |||||
| アクセス権 | ||||||
| アクセス権 | open access | |||||
| アクセス権URI | http://purl.org/coar/access_right/c_abf2 | |||||
| 著者 |
山本, 卓
× 山本, 卓× 古川, 傑× Yamamoto, Takashi× Furukawa, Suguru |
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| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | Listed companies in Japan began disclosing the fair market value of investment properties in 2010. According to the accounting definition, investment properties include idle real estate. Many companies are asked to efficiently utilize corporate real estate and the existence of idle real estate can present a great business challenge. This study focused on problems with the sale of investment properties, which is the basis of corporate real estate (CRE) strategies (management responses to corporate real estate). The positive analysis of companies listed in the first section of the Tokyo Stock Exchange revealed the following matters: • In the manufacturing industry, the interest-bearing debt ratios and the sales growth rates of companies that were to sell investment properties tended to be high. This result suggested that increasing the fluidity of real estate which had been inefficiently used, reducing financial risks, and investing in businesses with bright futures were key strategies supporting growth. In the construction, real estate, and transportation industries, for which the primary business is, or is closely related to, the ownership of investment properties, companies with high corporate performance tended not to sell their investment properties. This result suggests that for these industries, possession of investment properties is directly connected to improvement in business performance. • Multiple positive analyses revealed stock prices responded positively to the sale of corporate real estate. In regression analysis using cumulative abnormal return as an explained variable, debt-to-equity ratio was determined to be a positive variable for “manufacturing and construction industries.” This suggests that the valuation of a company with insufficient financial strength will increase in the securities market if the company sells real estate. Thus, the analytical results are consistent with preceding studies in the United States. At present, many general businesses suffer from problems related to idle real estate and share the intuitive recognition that “selling inefficiently used real estate helps build a solid asset structure.” This recognitionis one of the guiding principle of effective CRE strategies. This study could partially verify the validity of this intuitive recognition through positive analysis using actual financial data. |
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| 言語 | en | |||||
| 書誌情報 |
ja : 明海大学不動産学部論集 en : Meikai Studies in Real Estate Science 巻 28, p. 1-19, 発行日 2020-03-27 |
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| 出版者 | ||||||
| 出版者 | 明海大学不動産学部 | |||||
| 言語 | ja | |||||
| ISSN | ||||||
| 収録物識別子タイプ | ISSN | |||||
| 収録物識別子 | 13429302 | |||||
| 著者版フラグ | ||||||
| 出版タイプ | AM | |||||
| 出版タイプResource | http://purl.org/coar/version/c_ab4af688f83e57aa | |||||
