房价上涨对企业投资的“抵押效应”和“挤出效应”——来自中国上市公司的证据

发布时间：2018-02-23 03:53

本文关键词： 房地产价格企业投资规模抵押效应挤出效应融资约束　出处：《企业经济》2017年08期 　论文类型：期刊论文

【摘要】：本文以Iacoviello(2005)模型为框架,探讨了房价上涨产生的"抵押效应"和"挤出效应",并利用2007-2014年中国上市公司的数据进行经验验证。结论表明:对于融资约束较强的民营企业而言,随着房价上涨,抵押品的价值会增加,使其更容易获得贷款从而扩大投资,即"抵押效应";而对于融资约束较弱的国有企业而言,一方面"抵押效应"并不明显,另一方面由于民营企业的投资增加提高了资本品的价格,从而挤压了国有企业的投资规模,即"挤出效应"。这些结论带来以下政策启示:避免房价的大幅震荡有利于经济的平稳发展;降低企业的融资约束可以降低经济对房地产的依赖;抑制投机需求有利于防止房价过快上涨。
[Abstract]:Based on the Iacovielloy 2005) model, this paper discusses the "mortgage effect" and "crowding-out effect" caused by the rise of house prices, and uses the data of Chinese listed companies from 2007 to 2014 to carry out empirical verification. The conclusion shows that: for private enterprises with strong financing constraints, As house prices rise, the value of collateral increases, making it easier for them to access loans to expand their investments, known as the "mortgage effect", while for state-owned enterprises with weaker financing constraints, the "mortgage effect" is not obvious. On the other hand, the increase in investment by private enterprises has increased the price of capital goods, thus squeezing the scale of investment of state-owned enterprises. That is, "crowding out effect". These conclusions bring the following policy implications: avoiding large shocks in house prices is conducive to the steady development of the economy, reducing the financing constraints of enterprises can reduce the dependence of the economy on real estate; Curbing speculative demand helps prevent house prices from rising too fast.
【作者单位】：上海商学院商务经济学院;
【基金】：国家自然科学基金项目“产业动态发展视角下贸易政策与产业政策的协调机制与中国实践”(项目编号:71573171) 上海市哲学社会科学青年项目“利益集团、贸易保护与产能过剩”(项目编号:2016EJB001)
【分类号】：F299.23;F832.51

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