An Empirical Study on Real Estate Companies'' Optimal Investment Strategies of Real Estate DevelopmentAnd Operating Performance

• Main Authors: shen i chien, 沈宜蒨
• Other Authors: Horng Yun-Sheng
• Format: Others
• Language: zh-TW
• Published: 2000
• Online Access: http://ndltd.ncl.edu.tw/handle/47673675332260303352

碩士 === 逢甲大學 === 土地管理學系 === 88 === The main purpose of this study is to investigate the relationship between optimal investment strategies of real estate companies and their operating performances. In the other words, the main purpose of this study is to find out whether there is any difference of operating performances under real estate companies’ different investment strategies. This study combines the idea of portfolio and singular professional operation ( diversification & specialization ) to examine whether to take the idea of portfolio as companies’ investment strategies can stabilize their operating performance and whether using single professional operation as companies’ investment strategies can give themselves better operating performance. The empirical results show: 1.When companies diversify their real estate development into different products, their operating performances are worse than operating performances of those without diversification on products. 2.When companies diversify their real estate development into different regions, their operating performances are worse than operating performances of those without diversification into different regions. 3.If companies focus their real estate development at one product and within one region, their operating performance will be the best among four kinds of real estate development strategies. On the other hand, if a company diversify its real estate development into different products and different regions, it may get worst operating performance among four kinds of real estate development strategies. 4.When companies diversify their real estate development into different products, their operating performances are more stable than operating performances of those without diversification on products. 5.When companies diversify their real estate development into different regions, their operating performances are more stable than operating performances of those without diversification into different regions. 6.If companies focus their real estate development on one product and one region, their operating performance will be most unstable among four kinds of real estate development strategies. On the other hand, if a company diversify its real estate development into different products and different regions, it may get most stable operating performance among four kinds of real estate development strategies.