政府关联与房地产企业过度投资行为的关系研究

发布时间：2018-01-19 12:25

本文关键词： 政府关联房地产上市公司资金运用效率过度投资　出处：《工程管理学报》2016年03期 　论文类型：期刊论文

【摘要】：为探究政府关联对企业过度投资概率的影响,基于1999~2013年房地产A股上市公司数据,识别房地产企业过度投资行为;在此基础上,选取国有股比例、实际控制人的国有性质作为政府关联变量,对企业政府关联与过度投资行为的关系进行分析。发现政府关联与房地产企业过度投资概率存在正向关联;更进一步,在区分了实际控制人的中央国有和地方国有性质后,地方国有背景会显著提高公司过度投资的概率,地方政府扩大财政收入和提高政绩表现的动机提高了政府关联房地产企业过度投资的概率。为进一步深化国有企业改革的必要性提供了新的实证依据。
[Abstract]:In order to explore the influence of government association on the overinvestment probability of enterprises, based on the data of A share listed real estate companies from 1999 to 2013, the overinvestment behavior of real estate enterprises is identified. On this basis, select the proportion of state-owned shares, the state-owned nature of the actual controller as the government-related variable. The relationship between government association and overinvestment behavior is analyzed. It is found that there is a positive correlation between government association and overinvestment probability of real estate enterprises. Furthermore, after distinguishing the central and local state-owned nature of the actual controller, the local state-owned background will significantly increase the probability of overinvestment. The motivation of the local government to expand the revenue and improve the performance of government performance increases the probability of overinvestment of the government-related real estate enterprises and provides a new empirical basis for further deepening the necessity of the reform of state-owned enterprises.
【作者单位】：清华大学恒隆房地产研究中心建设管理系房地产研究所;
【基金】：国家自然科学基金项目(NSF71073090)
【分类号】：F299.233.42
【正文快照】： 房地产行业是政府关联显著且资金使用效率影响重大的典型行业。政府对市场的多维、深度参与是中国房地产市场的重要特征,政府垄断和政府关联在中国房地产市场尤为显著。同时,投资额大、资金密集是房地产行业的固有特征,资金使用效率对房地产企业影响重大;尤其是在中国经济增速

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