房价影响企业投资吗:理论与实证
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财经研究 2013 年 第 39 卷第 08 期, 页码：134 - 145
摘要
参考文献
摘要
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。
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[19]Nelson T R,Potter T,Wilde H H.Real estate asset on corporate balance sheets[J].Journal of Corporate Real Estate,1999,2(1):29-40.
[20]Seko M.Housing prices and economic cycles:Evidence from Japanese prefectures[R].Paper presented in the“Nexus between the Macro Economy and Housing”work-shop,2003.
[2]罗时空,龚六堂.宏观经济波动与企业融资行为——来自中国上市公司的证据[R].北京大学工作论文,2012.
[3]肖争艳,彭博.住房价格与中国货币政策规则[J].统计研究,2011,(11):40-49.
[4]周京奎,吴晓燕.公共投资对于房地产市场的价格溢出效应研究——基于中国30省市数据的检验[J].世界经济文汇,2009,(1):16-32.
[5]Black J,De Meza D,Jeffreys D.House prices,the supply of collateral and the enterprise economy[J].Economic Journal,1996,106(434):60-75.
[6]Bowen A.Housing and the macroeconomy in the United Kingdom[J].Housing Policy Debate,1994,5(3):241-251.
[7]Chaney T,Sraer D,Thesmar D.The collateral channel:How real estate shocks affect corporate investment[J].American Economic Review,2012,102(6):2381-2409.
[8]Davis M A,Heathcote J.Housing and the business cycle[J].International Economic Re-view,2005,46(3):751-784.
[9]Dixit A K,Stiglitz J E.Monopolistic competition and optimum product diversity[J].American Economic Review,1977,67(3):297-308.
[10]Eisfeldt A L,Rampini A A.Capital reallocation and liquidity[J].Journal of Monetary Economics,2006,53(3):369-399.
[11]Fazzari S M,Hubbard R G,Petersen B C.Financing constraints and corporate invest-ment[J].Brookings Paper on Economic Activity,1988,(1):141-195.
[12]Gan J.Collateral channel and credit cycle:Evidence from the land-price collapse in Japan[R].Working Paper,Hong Kong University of Science and Technology,2003.
[13]Greenwood J,Hercowitz Z,Krusell P.The role of investment-specific technological change in the business cycle[J].European Economic Review,2000,44(1):91-115.
[14]Hayashi F.Tobin’s marginal Q and average Q:A neoclassical interpretation[J].Eco-nometrica,1982,50(1):213-224.
[15]Iacoviello M.House prices,borrowing constraints,and monetary policy in the business cycle[J].American Economic Review,2005,95(3):739-764.
[16]Kaplan S,Zingales L.Do investment-cash flow sensitivities provide useful measures of financing constraints?[J].Quarterly Journal of Economics,1997,112(1):169-215.
[17]Kiyotaki N,Moore J.Credit cycles[J].Journal of Political Economy,1997,105(2):211-248.
[18]Miao J,Peng T.Business cycles and macroeconomic policy in China:Evidence from an estimated DSGE model[R].Working Paper,Southwestern University of Finance and E-conomic,2011.
[19]Nelson T R,Potter T,Wilde H H.Real estate asset on corporate balance sheets[J].Journal of Corporate Real Estate,1999,2(1):29-40.
[20]Seko M.Housing prices and economic cycles:Evidence from Japanese prefectures[R].Paper presented in the“Nexus between the Macro Economy and Housing”work-shop,2003.
引用本文
罗时空, 周亚虹. 房价影响企业投资吗:理论与实证[J]. 财经研究, 2013, 39(8): 134–145.
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