Browse > Article
http://dx.doi.org/10.5392/JKCA.2018.18.07.049

A Study on the Effect of Real Estate Acquisitions and Sales on Firm Value  

Lim, Byungkwon (한국주택금융공사)
Kim, Chun-Kyu (충남대학교)
Publication Information
The Journal of the Korea Contents Association / v.18, no.7, 2018 , pp. 49-63 More about this Journal
Abstract
This study examines both the announcement effect of corporate real estate acquisitions and sales and long-term stock performance. Also, we analyze long-term stock returns on the basis of the amount and the purpose (business activities, financial activities, etc.) of real estate acquisitions and sales. The major findings are as follow. First, we find that there is no significant announcement effect on the real estate acquisitions. However, the announcement day of real estate sales shows significantly positive abnormal stock returns. Second, we find that both the real estate acquisitions and sales show negative long-term stock performance. We also find the same results from the case where we classify our sample on the basis of the amount and the purpose of real estate acquisitions and sales. Third, the amount of real estate acquisitions is significantly negatively related to long-term stock returns, whereas the relation between firm value and the amount of real estate sales is positive only under the business activities. Overall, long-term stock performance decreases after the announcement day of the real estate acquisitions and sales. This results can be explained by agency theory. Also, we conclude that a decline in stock performance after the real estate sales explain an information signal on financial distress.
Keywords
Corporate Real Estate; Firm Value; Announcement Effect; Information Signal; Financial Distress;
Citations & Related Records
연도 인용수 순위
  • Reference
1 조지호, 김용현, "고정자산 매각공시가 주가에 미치는 영향," 한국증권학회지, 제19권, 제1호, pp.85-110, 1996.
2 강원철, "중소기업 무형자산 및 기업부동산과 주가와의 가치관련성에 관한 연구," 중소기업연구, 제38권, 제2호, pp.45-65, 2016.
3 T. Gronlund, A. Louko, and M. Vaihekoski, "Corporate real estate sale and leaseback effect: Empirical evidence from Europe," European Financial Management, Vol.14, No.4, pp.820-843, 2008.   DOI
4 M. Seiler, C. Arjun, and W. James, "Real asset ownership and the risk and return to stockholders," Journal of Real Estate Research, Vol.22, No.1, pp.199-212, 2001.
5 R. L. Constand, L. P. Freitas, and M. J. Sullivan, "Factors affecting price earnings ratios and market values of Japanese Ffirms," Financial Management, Vol.20, No.4, pp.68-79, 1991.   DOI
6 윤상용, 구본일, 엄영호, 한재훈, "한국 주식시장에서 유동성 요인을 포함한 3요인 모형의 설명력에 관한 연구," 재무연구, 제22권, 제1호, 2009.
7 강원철, 고성수, "M&A 시장에서 기업부동산의 영향에 관한 연구," 부동산연구, 제26집, 제2호, pp.23-38, 2016.
8 M. M. Carhart, "On persistence in mutual fund performance," Journal of Finance, Vol.52 No.1, pp.57-82, 1997.   DOI
9 L. Chen, R. Novy-Marx, and L. Zhang, An alternative three-factor model, Working paper, 2011.
10 김지수, 최정호, "기업의 부동산 취득 및 처분이 주식수익률에 미치는 영향," 한국증권학회지, 제18권, pp.283-332, 1995.
11 E. F. Fama and K. R. French, "Common risk factors in the returns on stocks and bonds," Journal of Financial Economics, Vol.33, No.1, pp.3-56, 1993.   DOI
12 J. Ohlson, "Earnings, book values and dividends in equity valuation," Contemporary Accounting Research, Vol.11, pp.661-687, 1995.   DOI
13 황선규, 최영상, 노승환, "매각 후 재임대가 기업가치에 미치는 영향에 관한 연구," 부동산학연구, 제12집, 제3호, pp.49-60, 2016.
14 이해영, 조명호, "기업의 소유 및 투자 부동산이 기업가치에 미치는 영향," 기업경영연구, 제16권, 제4호, pp.67-81, 2009.
15 최영상, "기업의 부동산 취득 및 처분이 기업가치에 미치는 영향," 부동산.도시연구, 제5권, 제2호, pp.29-49, 2013.
16 김석진, 김지영, "기업규모와 장부가/시가 비율과 주식수익률의 관계," 재무연구, 제13권, 제2호, pp.21-47, 2000.