货币政策、实际控制人类型和房地产上市公司现金持有水平变化

发布时间：2019-02-14 19:03

【摘要】：现金持有水平变化是货币政策对企业融资和投资行为影响的映射。本文以房地产上市公司为研究对象,引入实际人控制人类型和企业成长性变量,测度货币政策对房地产企业的影响,发现房地产企业的现金持有水平随着货币政策紧缩程度的变化而变化,当货币政策趋于从紧时,外部融资约束增强,企业会提高现金持有水平,因此我们从微观上可以拒绝房地产市场货币政策无效的断言。另外,实际控制人类型和企业规模在增加现金持有的路径选择上存在显著差异,国有企业的现金持有水平受货币政策影响程度小,低成长性房地产企业也是如此,这种现象的存在消弱了货币政策在房地产市场的调控效果。
[Abstract]:The change of cash holding level is a mapping of the influence of monetary policy on corporate financing and investment behavior. In this paper, the real estate listed companies as the research object, the introduction of real person control and enterprise growth variables, to measure the impact of monetary policy on real estate enterprises, It is found that the cash holding level of real estate enterprises changes with the change of monetary policy tightening degree. When monetary policy tends to tighten, external financing constraints will be strengthened, and enterprises will increase cash holding level. So we can reject the claim that monetary policy in the real estate market is ineffective. In addition, there are significant differences between the types of actual controllers and the size of enterprises in the choice of ways to increase cash holdings. The level of cash holdings of state-owned enterprises is less affected by monetary policy, and so is the low growth real estate enterprises. The existence of this phenomenon weakens the regulatory effect of monetary policy in the real estate market.
【作者单位】：清华大学房地产研究所;安徽工业大学经济学院;
【基金】：国家社科基金项目(09CJY032) 国家社会科学基金重大招标项目(09&ZD042) 国家自然科学基金面上项目(70873072)的阶段性成果
【分类号】：F822.0;F293.33;F224

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