房价影响企业投资吗:理论与实证Do Housing Prices Affect Corporate Investment? Theoretical and Empirical Analysis
罗时空;周亚虹;
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
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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