政治关联对房企的融资效应研究
发布时间：2018-10-14 16:16
【摘要】：2010年，房地产投资在GDP中占比超过13%，成为我国投资型经济的支柱产业之一。作为典型的资金密集型行业，房地产企业融资来源中过半来自银行贷款。我国正处于经济转轨时期，地方政府在市场资源配置发挥非常大的作用，控制着信贷、土地、补贴等稀缺资源。现有研究表明，房企可通过建立政治关联获取信贷资源，，而地方政府则借助房企的发展来提高当地GDP、促进就业、补充财政收入从而实现政治目的。本文以房企与地方政府之间天然的互惠交易机制为基础，研究政治关联对房企的融资效应，探讨政治关联的影响路径及其在金融危机前后发生的变化。 本文选取2005-2011年沪深两市A股市场上的63家房地产企业为研究对象，共441个观测值，借助EVIEWS统计分析软件进行实证分析。按照不同任职背景与不同性质的高管这两类标准将政治关联划分为五类，以不同类型的政治关联为基础分别对国有房企样本与民营房企样本进行回归，分析其对企业的融资效应，即贷款额度、贷款期限与贷款成本三个指标。结果发现，房地产企业的政治关联能带来正向的融资效应，即更高的贷款额度、更长的贷款期限与更低的贷款成本，但只有在民企中表现显著。此外，三类不同任职背景的政治关联产生的融资效应是有差异的，其中人大代表/政协委员类的影响最显著，政府官员/军官类的次之，行业协会任职类最弱；两类不同高管的政治关联中独立董事类的政治关联比内部董事类的表现更明显。研究还发现，金融危机前后，政治关联对房企的影响显著性水平发生改变。其中，政治关联对国企的融资效应总体呈现下降趋势，民企与之相反，五类政治关联中人大代表/政协委员类与内部董事类的对提高民企的显著性水平作用最大。
[Abstract]:In 2010, real estate investment accounted for more than 13% of GDP, and became one of the pillar industries of China's investment-oriented economy. As a typical capital-intensive industry, more than half of the financing sources for real estate companies come from bank loans. Our country is in the economic transition period, the local government in the market resources allocation plays a very big role, controls the credit, the land, subsidizes and so on scarce resources. Current studies show that housing enterprises can obtain credit resources by establishing political connections, while local governments can improve local GDP, to promote employment and supplement fiscal revenue to achieve political goals. Based on the natural reciprocal transaction mechanism between housing enterprises and local governments, this paper studies the financing effects of political connections on housing enterprises, and probes into the influence paths of political connections and their changes before and after the financial crisis. In this paper, 63 real estate enterprises in Shanghai and Shenzhen A-share markets from 2005 to 2011 were selected as the research objects, and 441 observations were made with the help of EVIEWS statistical analysis software. According to the two standards of different background and different nature of senior executives, the political association is divided into five categories. Based on the different types of political association, the samples of state-owned housing enterprises and private housing enterprises are regressed respectively. This paper analyzes its financing effect on enterprises, that is, loan quota, loan term and loan cost. The results show that the political connection of real estate enterprises can bring positive financing effect, that is, higher loan quota, longer loan term and lower loan cost, but only in private enterprises. In addition, there are differences in the financing effects of the three kinds of political connections between different political backgrounds, among which the NPC deputies / CPPCC members have the most significant influence, the government officials / military officers are the second, and the trade associations are the weakest; The political connection of independent director is more obvious than that of internal director. The study also found that, before and after the financial crisis, the impact of political connections on housing companies changed significantly. Among them, the financing effect of political association on state-owned enterprises shows a downward trend, and private enterprises, on the contrary, among the five types of political association, the NPC deputies / CPPCC committee members and internal directors have the most significant effect on improving the level of the private enterprises.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F299.233.4
本文编号：2270973
[Abstract]:In 2010, real estate investment accounted for more than 13% of GDP, and became one of the pillar industries of China's investment-oriented economy. As a typical capital-intensive industry, more than half of the financing sources for real estate companies come from bank loans. Our country is in the economic transition period, the local government in the market resources allocation plays a very big role, controls the credit, the land, subsidizes and so on scarce resources. Current studies show that housing enterprises can obtain credit resources by establishing political connections, while local governments can improve local GDP, to promote employment and supplement fiscal revenue to achieve political goals. Based on the natural reciprocal transaction mechanism between housing enterprises and local governments, this paper studies the financing effects of political connections on housing enterprises, and probes into the influence paths of political connections and their changes before and after the financial crisis. In this paper, 63 real estate enterprises in Shanghai and Shenzhen A-share markets from 2005 to 2011 were selected as the research objects, and 441 observations were made with the help of EVIEWS statistical analysis software. According to the two standards of different background and different nature of senior executives, the political association is divided into five categories. Based on the different types of political association, the samples of state-owned housing enterprises and private housing enterprises are regressed respectively. This paper analyzes its financing effect on enterprises, that is, loan quota, loan term and loan cost. The results show that the political connection of real estate enterprises can bring positive financing effect, that is, higher loan quota, longer loan term and lower loan cost, but only in private enterprises. In addition, there are differences in the financing effects of the three kinds of political connections between different political backgrounds, among which the NPC deputies / CPPCC members have the most significant influence, the government officials / military officers are the second, and the trade associations are the weakest; The political connection of independent director is more obvious than that of internal director. The study also found that, before and after the financial crisis, the impact of political connections on housing companies changed significantly. Among them, the financing effect of political association on state-owned enterprises shows a downward trend, and private enterprises, on the contrary, among the five types of political association, the NPC deputies / CPPCC committee members and internal directors have the most significant effect on improving the level of the private enterprises.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F299.233.4
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