房地产抵押品价值变动的实体经济效应

发布时间：2018-04-19 06:53

本文选题：房地产 + 抵押品效应　；参考：《财经研究》2017年10期

【摘要】：在我国较密集的房地产调控背景之下,定量测算房地产抵押品价值变动对实体经济的影响幅度具有重要意义。文章采用前沿方法深入考察了房地产抵押品价值变动对公司投融资决策的影响,并在此基础上对房价调控政策对社会总投资的潜在影响进行了估算。研究发现:(1)我国存在显著的抵押品效应,公司房地产抵押品价值每上升1元,资本支出随之增加约5.7分;无论是控制公司固定效应,还是使用替代指标或子样本分析,抵押品效应均稳健成立。(2)宏观层面上,房地产抵押品价值1%的上升将引起总投资增加约466.3亿元。(3)对资金来源的探究显示,抵押品升值提高了公司的贷款获得,尤其是短期贷款的获得。(4)抵押品效应与公司的融资约束正相关,但与所在地区金融市场化水平无明显关系。基于研究结论,建议政府在进行调控时不宜对房价过度打压,而应引导房价保持与居民消费价格相当的增长速度,减少房价过度波动,维持房地产市场长期平稳健康发展。
[Abstract]:Under the background of more intensive real estate regulation and control in China, it is of great significance to measure quantitatively the influence of real estate collateral value on the real economy.In this paper, the influence of the change of the real estate collateral value on the investment and financing decision of the company is investigated by using the frontier method, and the potential impact of the housing price regulation policy on the total social investment is estimated.The study found that there is a significant collateral effect in China. For every increase in the value of corporate real estate collateral, the capital expenditure increases by about 5.7 points; whether it is controlling firm fixed effects or using alternative indicators or sub-sample analysis,On the macro level, an increase of 1% of the value of real estate collateral will lead to an increase in total investment of about 46.63 billion yuan.In particular, the collateral effect of short-term loans is positively related to the financial constraints of the company, but has no obvious relationship with the level of financial marketization in the region.Based on the conclusion of the research, it is suggested that the government should not suppress the housing price excessively, but should guide the house price to keep the growth rate corresponding to the consumer price, reduce the excessive fluctuation of the house price, and maintain the stable and healthy development of the real estate market for a long time.
【作者单位】：对外经济贸易大学金融学院;
【基金】：国家自然科学基金青年项目(71703018)
【分类号】：F299.23

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