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상품시장에서의 경쟁이 기업의 부동산 보유에 미치는 영향과 기업가치 관련성
이지혜 ( Lee Jihye ),변희섭 ( Byun Heesub ) 한국부동산분석학회 2016 不動産學硏究 Vol.22 No.3
This paper applies corporate finance theory to an empirical analysis of the effect of product market competition on corporate real estate and its market valuation. First, as the level of product market competition increases, the ratio of corporate real estate (esp. direct ownership) to other assets increases. This implies that firms regard real estate as a way to get a competitive edge or as a method of storing value. Second, increases in corporate real estate assets are associated with decreases in firm value, as previous studies have found, but this relationship is weaker in more-competitive industries and more pronounced in less-competitive environments. This suggests that competitive threats motivate firms to properly use their real estate assets. When classifying corporate real estate into two categories, direct ownership and real estate investment, the negative relationship between the ratio of corporate real estate assets on the balance sheet and firm value is less pronounced in more-competitive product markets but the negative relationship is comparatively stronger in less competitive product markets. In summary, competitive threats can motivate firms to store up value in real estate, but management must wisely use these assets in order to have a positive impact on firm value.
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