融资方式对房地产行业过度投资影响的实证研究

发布时间：2018-01-20 17:03

本文关键词： 房地产行业过度投资融资方式　出处：《浙江工商大学》2017年硕士论文　论文类型：学位论文

【摘要】：房地产行业是我国国民经济的重要支柱产业,具有资本高度密集的特点,并且开发周期与产业链条长,资金回笼速度慢,因此对企业的资金规模、流动性、资金运营水平等均有较高的要求。本世纪以来,我国房地产行业蒸蒸日上,全国范围的房地产开发投资规模仍不断扩大。近年来,房地产行业库存高居不下,可能存在严重的过度投资倾向。本文认为,对房地产行业而言,过度投资问题的本质是资金供应机制问题,无论是公司的治理机制因素或是实际控制人异质性的因素,企业如果没有持续的资金供给,过度投资就不会成为政府、理论界和企业共同面对的难题。所以,研究过度投资背后的资金供应和融资机制,对于解决和认识过度投资问题尤为重要。鉴于此,本文基于委托代理理论、信息不对称理论以及自由现金流量假说,从企业融资方式的角度出发,研究融资方式与企业过度投资之间的因果关系。本文以2011-2015年房地产A股上市公司作为研究对象,将融资方式分为股权融资、银行借款、商业信用、公司债券四个方面,分别分析每一种融资方式对企业的过度投资产生的影响,并深入剖析其影响的方向和程度。研究结论显示:股权融资的方式会在很大程度上加剧企业的过度投资现象;银行借款作为企业主要的债务融资方式之一,不但不能抑制企业的过度投资现象,反而有轻微的促进作用;相反,商业信用中无论是预收账款还是应付账款都会抑制企业的过度投资现象;此外,公司债券融资因发展不成熟,样本量过小,没有通过显著性检验,但其具有硬约束性等特征,可以合理推断其会对公司过度投资产生一定的抑制作用。
[Abstract]:The real estate industry is an important pillar industry of our national economy, with the characteristics of highly capital-intensive, and the development cycle and industry chain is long, the speed of capital return is slow, so the capital scale of enterprises, liquidity. Since this century, China's real estate industry is booming, the scale of real estate development investment is still expanding. In recent years, the real estate industry inventory is high. There may be a serious tendency to overinvest. This paper argues that the essence of overinvestment in real estate industry is the issue of capital supply mechanism. Whether the corporate governance mechanism factors or the actual control of the factors of heterogeneity, if enterprises do not have a sustained supply of funds, excessive investment will not become the government, theorists and enterprises face a common problem. It is very important to study the fund supply and financing mechanism behind excessive investment. In view of this, this paper bases on principal-agent theory, information asymmetry theory and free cash flow hypothesis. From the point of view of enterprise financing, this paper studies the causality between financing mode and overinvestment. This paper takes the real estate A-share listed company as the research object from 2011-2015. The financing methods are divided into four aspects: equity financing, bank borrowing, commercial credit, corporate bonds, respectively to analyze the impact of each financing mode on the overinvestment of enterprises. The conclusion of the research shows that the way of equity financing will aggravate the phenomenon of overinvestment to a great extent; As one of the main ways of debt financing, bank loan can not only restrain the phenomenon of overinvestment, but also has a slight promoting effect. On the contrary, the business credit, whether it is the accounts received in advance or accounts payable, will inhibit the phenomenon of excessive investment of enterprises; In addition, because of immature development and small sample size, corporate bond financing does not pass the significance test, but it has the characteristics of hard binding and so on, which can reasonably infer that it will inhibit the over-investment of the company to a certain extent.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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