货币政策对房地产企业效应研究

发布时间：2018-03-09 08:15

本文选题：房地产企业　切入点：货币政策　出处：《安徽工业大学》2014年硕士论文　论文类型：学位论文

【摘要】：自1998年我国房地产市场化改革以来，经过短短十几年的快速发展，房地产行业逐渐成为促进我国经济发展的支柱产业，房地产价格的波动对宏观经济的影响也越发明显。随着房地产经济在国民经济中的重要性日益凸显，对房地产市场的调控也备受人们的关注，特别是近年来房价的居高不下引发了一系列经济、社会问题，也引起了政府部门和学术界的高度重视。我国房地产行业是一个典型的资金密集型行业，具有资金需求量大、对外部融资方式依赖重的特点。本文在对相关文献进行回顾和综述的基础上，根据我国房地产市场自身特点，从微观层面研究货币政策对于我国房地产企业经济活动的影响，通过分析房地产上市公司资本结构、信贷资源配置效率等指标在货币政策变动中的反应，探究货币政策在房地产市场的调控效应。为了探究货币政策对房地产企业调控效应，为了全面探究房地产企业“不差钱”的根源，我们首先构建房地产上市公司的资本结构动态调整模型，采用系统广义矩估计（SYS-GMM）方法进行参数估计，研究表明货币政策能够有效地影响房地产企业融资行为，从而间接调控房地产市场的运行，拒绝了那种认为中国房地产市场货币政策完全无效的结论。其次，我们将双重差分方法（Difference-in-Difference）引入资本结构动态调整模型，考量了不同企业特质对货币政策调控效应的影响，研究表明公司规模、担保能力、国有化程度以及融资约束能够显著地影响货币政策在房地产市场的传导。最后，，我们在前文基础上进一步分析了货币政策对于房地产企业信贷资源配置效率的影响。最终我们得出了过热的房地产市场使得依靠增加短期融资成本的货币政策无法磨灭企业家追逐利益的野心，房地产企业依然保持较高的负债水平以便为新的投资活动提供资金支持。但由于紧缩的货币政策显著地降低了房地产企业的信贷资源配置效率，使得逐利资本开始向其他经济体转移，从而有效的抑制了房地产市场的过热。本文研究有助于加深政府对货币政策在房地产市场有效性的认识，引起决策者对货币政策效果在不同企业主体间差异性的重视，为政府制定相应货币政策以应对现行房地产市场偏热、房价偏高提供一定的参考。
[Abstract]:Since 1998, China's real estate market reform, after a short decade of rapid development, the real estate industry has gradually become a pillar industry to promote the economic development of our country. With the increasing importance of the real estate economy in the national economy, the regulation of the real estate market has attracted people's attention. Especially in recent years, the high housing prices have caused a series of economic and social problems, but also caused great attention by the government and academia. China's real estate industry is a typical capital-intensive industry with the characteristics of large capital demand and heavy dependence on external financing methods. According to the characteristics of China's real estate market, this paper studies the influence of monetary policy on the economic activities of Chinese real estate enterprises at the micro level, and analyzes the capital structure of listed real estate companies. The response of credit resource allocation efficiency in the change of monetary policy is discussed in order to explore the regulatory effect of monetary policy in real estate market. In order to explore the effect of monetary policy on real estate enterprises and the root of "good money", we first build a dynamic adjustment model of capital structure of listed real estate companies. The parameter estimation is carried out by using the system Generalized moment estimation (SYS-GMMM) method. The research shows that monetary policy can effectively affect the financing behavior of real estate enterprises and indirectly regulate the operation of the real estate market. This paper rejects the conclusion that monetary policy in China's real estate market is completely ineffective. Secondly, we introduce the dual difference method (Difference-in-Differencein) into the dynamic adjustment model of capital structure, and consider the effects of different enterprise characteristics on the monetary policy regulation and control. Research shows that the size of the firm, the ability to guarantee, the degree of nationalization and the financing constraints can significantly affect the transmission of monetary policy in the real estate market. On the basis of the above, we further analyze the influence of monetary policy on the efficiency of credit resource allocation in real estate enterprises. Finally, we conclude that the overheated real estate market makes monetary policy which depends on increasing the cost of short-term financing no longer exist. The law obliterates the ambition of entrepreneurs to pursue interests, Real estate companies still maintain high levels of debt to fund new investment activities. But tight monetary policy has significantly reduced the efficiency of credit allocation for real estate companies. So that the profit-driven capital began to transfer to other economies, thus effectively curb the overheating of the real estate market. This study is helpful to deepen the government's understanding of the effectiveness of monetary policy in the real estate market, and to arouse the attention of policy makers to the difference of monetary policy effect among different enterprises. It provides some reference for the government to formulate the corresponding monetary policy to deal with the current hot real estate market and high house prices.
【学位授予单位】：安徽工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.4;F822.0

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