本文關(guān)鍵詞： 房地產(chǎn)價(jià)格 企業(yè)投資規(guī)模 抵押效應(yīng) 擠出效應(yīng) 融資約束　出處：《企業(yè)經(jīng)濟(jì)》2017年08期 　論文類型：期刊論文

【摘要】：本文以Iacoviello(2005)模型為框架,探討了房?jī)r(jià)上漲產(chǎn)生的"抵押效應(yīng)"和"擠出效應(yīng)",并利用2007-2014年中國(guó)上市公司的數(shù)據(jù)進(jìn)行經(jīng)驗(yàn)驗(yàn)證。結(jié)論表明:對(duì)于融資約束較強(qiáng)的民營(yíng)企業(yè)而言,隨著房?jī)r(jià)上漲,抵押品的價(jià)值會(huì)增加,使其更容易獲得貸款從而擴(kuò)大投資,即"抵押效應(yīng)";而對(duì)于融資約束較弱的國(guó)有企業(yè)而言,一方面"抵押效應(yīng)"并不明顯,另一方面由于民營(yíng)企業(yè)的投資增加提高了資本品的價(jià)格,從而擠壓了國(guó)有企業(yè)的投資規(guī)模,即"擠出效應(yīng)"。這些結(jié)論帶來(lái)以下政策啟示:避免房?jī)r(jià)的大幅震蕩有利于經(jīng)濟(jì)的平穩(wěn)發(fā)展;降低企業(yè)的融資約束可以降低經(jīng)濟(jì)對(duì)房地產(chǎn)的依賴;抑制投機(jī)需求有利于防止房?jī)r(jià)過(guò)快上漲。
[Abstract]:Based on the Iacovielloy 2005) model, this paper discusses the "mortgage effect" and "crowding-out effect" caused by the rise of house prices, and uses the data of Chinese listed companies from 2007 to 2014 to carry out empirical verification. The conclusion shows that: for private enterprises with strong financing constraints, As house prices rise, the value of collateral increases, making it easier for them to access loans to expand their investments, known as the "mortgage effect", while for state-owned enterprises with weaker financing constraints, the "mortgage effect" is not obvious. On the other hand, the increase in investment by private enterprises has increased the price of capital goods, thus squeezing the scale of investment of state-owned enterprises. That is, "crowding out effect". These conclusions bring the following policy implications: avoiding large shocks in house prices is conducive to the steady development of the economy, reducing the financing constraints of enterprises can reduce the dependence of the economy on real estate; Curbing speculative demand helps prevent house prices from rising too fast.
【作者單位】： 上海商學(xué)院商務(wù)經(jīng)濟(jì)學(xué)院;
【基金】：國(guó)家自然科學(xué)基金項(xiàng)目“產(chǎn)業(yè)動(dòng)態(tài)發(fā)展視角下貿(mào)易政策與產(chǎn)業(yè)政策的協(xié)調(diào)機(jī)制與中國(guó)實(shí)踐”(項(xiàng)目編號(hào):71573171) 上海市哲學(xué)社會(huì)科學(xué)青年項(xiàng)目“利益集團(tuán)、貿(mào)易保護(hù)與產(chǎn)能過(guò)�！�(項(xiàng)目編號(hào):2016EJB001)
【分類號(hào)】：F299.23;F832.51

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