부동산 비율의 기업가치 관련성에 대한 제조업과 건설업의 차이 분석연구

This study empirically analyzes the impact of corporate real estate holdings on firm value by industry. Using data from listed manufacturing and construction firms in Korea from 2011 to 2019, the study measures the proportion of operational and investment real estate and examines its effect on market value. The analysis employs both industry-specific regression models and a unified regression model incorporating industry dummies and interaction terms.The results show that in the manufacturing sector, neither operational nor investment real estate has a statistically significant relationship with firm value. In contrast, in the construction sector, the proportion of investment real estate has a significant positive effect on firm value. Although the interaction term in the unified regression model is not statistically significant, it provides insights by supplementing the limitations of separate regressions through structural comparison.These findings suggest that the effect of real estate holdings on firm value varies depending on industry-specific purposes and market perceptions. Investment real estate appears to be regarded as a strategic asset in the construction sector, whereas it tends to be viewed as a non-core asset in the manufacturing sector.This study contributes by providing empirical evidence on how differences in asset utilization structures across industries affect corporate financial strategies. It also emphasizes the need for industry-sensitive approaches in designing asset structures and conducting firm valuation. Future research is encouraged to adopt more granular industry classifications and utilize long-term panel data.