| Summary: | 碩士 === 國立臺灣大學 === 會計學研究所 === 92 === On the evening of July 9 2003 the Legislature Yuan passed the long-awaiting Real Estate Securitization Statue. With the passing of the Statue, construction companies are allowed to legally raise fund from the general public for the use of real estate development, which is likely to alleviate the capital deficit in the current real estate investment. Generally speaking, the statue is an advantageous policy for construction industry. This thesis draws on the method of event study and aims to investigate whether the legalization of Real Estate Securitization Statue would cause irregular changes in stock price of listed construction companies, and tries to establish the regression model for analyzing the relationship between stock price changes and corporate financial structures.
The research findings are as follows:
I. The Real Estate Securitization Statue was regarded as useful in improving the business environment in construction industry. As a result, following the passage the Statue, most construction stock prices were seen soaring with cumulative abnormal returns (CARs).
II. For listed construction companies, CARs are positively related to the amount of real estate not for operating usage, and negatively related to market value/book value ratio, debt ratio, and total assets.
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