房地产企业投资的资本成本敏感性

发布时间：2018-01-15 08:41

本文关键词：房地产企业投资的资本成本敏感性　出处：《清华大学学报(自然科学版)》2015年06期 　论文类型：期刊论文

【摘要】：该文利用房地产上市公司的数据,采用动态面板广义矩估计方法对房地产企业"投资-资本成本"敏感性进行了实证研究。结果表明:整体上房地产企业投资对资本成本不敏感,呈现出一定程度的非理性特征;中小型房地产企业投资对债务资本成本敏感,与大型企业相比,其负债水平较低、偿债压力较小;适应性预期会显著影响房地产企业"投资-资本成本"敏感性,此效应主要存在于中小型房地产企业中,2011年一季度后房价增速明显放缓,中小型企业投资力度开始受资本成本影响,而大型企业仍不敏感。
[Abstract]:This paper uses the data of listed real estate companies. An empirical study on the sensitivity of "investment-capital cost" of real estate enterprises is carried out by using dynamic panel generalized moment estimation method. The results show that the investment of real estate enterprises is not sensitive to the cost of capital on the whole. Showing a certain degree of irrational characteristics; The investment of small and medium-sized real estate enterprises is sensitive to the capital cost of debt. Compared with large enterprises, their debt level is lower, and the pressure of debt service is lower. Adaptive expectation will significantly affect the sensitivity of the "investment-capital cost" of real estate enterprises, this effect mainly exists in small and medium-sized real estate enterprises, the growth rate of house prices has slowed obviously after the first quarter of 2011. Investment in small and medium enterprises is beginning to be affected by the cost of capital, while large enterprises are still insensitive.
【作者单位】：清华大学建设管理系恒隆房地产研究中心;
【分类号】：F299.233.42
【正文快照】： 住房制度改革以来,中国大陆房地产行业经历了飞速发展。2000—2013年,房地产开发投资占国内生产总值(GDP)的比重从5.1%增长至15.2%,商品住宅销售面积从1.66×108 m2增长至1.16×109 m2。伴随着行业的迅速发展,房地产企业规模不断扩大。万科的总资产56.2亿元(2000年)逐步扩大至

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