本文主要探討台灣上市櫃營建公司企業價值與股價的影響因素。研究期間涵蓋2008年到2014年，上市公司48家，上櫃公司23家，應變數為企業價值(Tobin Q)和股價，控制變數為營業毛利、營運資金、負債率、營業槓桿、五大行庫平均房貸利率、現金股利率。研究方法使用多元迴歸模型，依序探討營建公司企業價值對股價的影響和營建公司股價對企業價值影響。研究結果發現，企業價值與股價相互顯著正向影響，其投資意涵為不同等級企業價值的公司，其投資效果互異，大小規模的營建公司應採用不同發展策略，並重視會計報表的公正允當與現金流量管理，高企業價值或高股價公司宜擴展聯合開發方案，分散參與開發者的固定成本，低企業價值或低股價公司鎖定短期與資金低的開發案，以利穩健發展。 This study analyzed the factors that influence the corporate value and stock prices of the construction enterprises in Taiwan. Research data included 48 listed companies and 23OTC companies with period of 2008 to 2014.Thedependent variables were the enterprise value (Tobin Q) and stock prices, the control variables were the operating margin, working capital, debt ratio, operating leverage, the average mortgage interest rate of five banks and the cash dividend rate. The multiple regression model was applied to analyze the effect of corporate value on stock prices, the effect of stock prices on corporate value, and the correlation of corporate value and stock prices. Empirical data showed that there was significant positive correlation between corporate value and stock prices. The companies with different levels of corporate value gave different investment results. Different sizes of construction firms should adopt different development strategies. They should present just and fair financial statements and cash flow management. Companies with high corporate value or high stock prices may cooperate for joint development program to share and lower the fixed costs involved in the development. Companies with low corporate value or low stock prices should lock on short-time and low-capital constructions for steady development.
