房地产价格波动的微观传导效应研究——基于融资约束的视角

发布时间：2018-02-10 18:50

本文关键词： 房地产价格微观传导效应企业投融资过度投资资本配置效率　出处：《管理科学学报》2017年07期 　论文类型：期刊论文

【摘要】：本文利用全国各省区及七十个大中城市房地产价格数据,匹配以上市公司的房屋和土地使用权数据,从微观层面考察融资约束在房地产价格传导机制中所发挥的作用及其经济后果.本文研究表明房地产价格波动对我国企业融资和投资行为具有显著的传导效应,其效应扩散程度主要取决于企业的融资约束状况,当企业所拥有的房地产价值上涨时,融资约束程度高的企业外部债务融资更多,具有更高的投资水平,表现出更强的过度投资倾向.本文进一步考察传导效应的资源配置后果,发现企业的绩效并未有实质性的改善,说明抵押资产价格传导效应可能存在负面经济后果.本文还发现,随着房地产价格的波动,融资约束程度高的企业也体现出更大的投资波动幅度,这说明融资约束有可能放大经济周期性波动程度,证实了Kiyotaki和Moore(1997)的理论推断.
[Abstract]:This paper uses the real estate price data of all provinces and regions and 70 large and medium-sized cities to match the data of housing and land use rights of listed companies. This paper investigates the effect of financing constraint on the transmission mechanism of real estate price and its economic consequences. This study shows that the fluctuation of real estate price has a significant conductive effect on the financing and investment behavior of Chinese enterprises. The degree of effect diffusion mainly depends on the financing constraint of the enterprise. When the real estate value of the enterprise increases, the external debt financing of the enterprise with high degree of financing constraint is more, and the investment level is higher. This paper further studies the resource allocation consequences of the conduction effect and finds that the performance of the firm has not been substantially improved. This paper also finds that with the fluctuation of real estate prices, the enterprises with high degree of financing constraints also reflect a greater range of investment volatility. This suggests that financing constraints may amplify the extent of cyclical fluctuations in the economy, confirming the theoretical inference of Kiyotaki and Mooren 1997.
【作者单位】：广西大学广西创新发展研究院;广西大学商学院;
【基金】：国家自然科学基金资助项目(71263008)
【分类号】：F299.233.4;F832.4

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