不動產在公司的資產組合裡一直扮演著重要的角色，國內外文獻針對公司不動產持有比例(指不動產科目占總資產比例)對公司風險與報酬的影響亦有諸多探討，然而過去研究多針對全部產業進行分析，台灣也是以所有上市櫃公司為樣本分析公司不動產持有之於報酬與績效的關聯性，然而考量到各產業間會因不動產的營運生產屬性差異，本研究將只針對電子產業進行研究，檢驗單一產業間不動產持有比例對於公司報酬與績效的影響，亦探討不動產與其他資產配置上的差異與影響。
實證結果發現，就電子產業公司而言，以市場績效來說，公司不動產持有比例與股價報酬的實證結果為不顯著，表示股票市場未能夠反映公司不動產持有比例；再進一步將不動產依資本類型區分為投資性不動產、營業性不動產，實證發現公司持有投資性不動產相較於營業性不動產有較高比例時，顯示公司降低了本業的繼續投資，於股票市場會有較低的報酬表現。以營運績效來說，公司不動產持有比例較高者，使得公司資產使用效率降低，股東權益報酬會有較低的表現；進一步分析財會科目內的營業用不動產與營運設備比例，營業用不動產較營運設備持有比例較高者，因不動產具有低折舊率的特性，為財務上營運績效帶來正面影響，股東權益報酬會有較佳的表現。最後以營運績效之本業獲利率來說，同樣檢驗公司不動產持有、投資性不動產與營業用不動產及營業用不動產與營運設備持有情形對於本業獲利率則無顯著影響。

Since Corporate real estate (CRE) plays an important role in corporate asset portfolio, there are many theses studying the relationship between CRE holdings ratio and corporate risks and returns. While present studies used all industries type as the research subject, this study focus on the relationship stated above of single industry -electronics industry, to exclude the endogenous difference existing in different industries. Not only the CRE holdings but also other ratios from balance sheet related with assets are taking into account as the research subject.
The empirical results show that, for the efficiency of market, the CRE holdings of electronic industry appear not to be associated with the stock return performance, which means the stock market would not reflect the condition of CRE holdings by the company. Furthermore, this study defines the CRE as Investment Property and Operation Property by the capital category. The result shows a negative relation between IP/OP ratio and stock return. Higher IP/OP ratio is associated with the lower stock return, which could be concluded from the less investment for the business operation. For the efficiency of operation, the CRE holdings are associated with lower ROE performance due to the less utility of capital strategy, and the ratio of the operation property and equipment is associated with increased ROE as a result of the lower depreciation of real estate. However, for the business operation performance, the results of the CRE holdings, IP/OP ratio and the ratio of the operation property and equipment are insignificant.

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