罗时空;周亚虹;

• 1:北京大学光华管理学院
• 2:上海财经大学经济学院

摘要(Abstract)：

文章首先拓展了Iacoviello(2005)的模型,从理论上分析了房地产价格对企业投资的影响,然后利用2003-2010年我国上市公司的财务报表数据和表外附注数据进行了实证检验。结果表明,房地产既是企业重要的生产要素,又可作为抵押品帮助企业融资,所以房地产价格通过成本效应和流动性溢价效应影响企业投资行为;而这两种效应的作用方向相反,哪一种效应占主导由企业面临的融资约束大小决定:当面临的融资约束较大时,房价上涨更可能促进企业投资,反之则反是。文章为基于Iacoviello(2005)框架的我国宏观房地产问题研究提供了直接的微观证据,但同时也发现这一框架可能存在的一些问题。

关键词(KeyWords)： 房地产价格;企业投资;融资约束

Abstract:

Keywords:

基金项目(Foundation):

作者(Author): 罗时空;周亚虹;

Email:

DOI: 10.16538/j.cnki.jfe.2013.08.005

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