房地产上市公司融资模式对投资行为的影响  

An Empirical Study on the Impact of Listed Real Estate Companies' Financing on Investment Behavior

作　　者：张红[1,2] 高帅[1,2] 张洋[3] 

机构地区：[1]清华大学土水学院城镇化与产业发展研究中心 [2]清华大学恒隆房地产研究中心,北京100084 [3]北京林业大学经济管理学院,北京100083

出　　处：《财经理论与实践》2015年第4期80-85,共6页The Theory and Practice of Finance and Economics

基　　金：国家自然科学基金(71373143);中央高校基本科研业务费专项资金(JGTD2013-08)

摘　　要：借鉴Aivazianetal简化投资模型建立了融资模式对投资行为影响的理论模型,基于1998-2012年的面板数据,实证研究不同产权属性和不同规模房地产上市公司融资模式对投资行为的影响。研究发现：房地产上市公司的债务融资会促使投资增长,而股权融资会减少投资,内源性融资与投资行为的相关性并不显著;国有房地产上市公司的投资行为更加积极;大规模房地产上市公司受外部融资约束更强。为此,应完善房地产上市公司治理结构、拓宽融资渠道。This paper,drawing on the Aivazianetal＇s simplified investment model,establishes the model of financing on investment behavior.Based on 1998-2012panel data,The empirical study on the impact of debt financing,equity financing and internal financing on investment behavior of listed real estate companies of different ownership and different scales.The result shows that debt financing of listed real estate companies will promote the growth of investment.And equity financing can reduce investment.Internal financing is not correlated to investment behavior;Investment behavior of state-owned listed real estate companies is more positive;large scale listed real estate companies are stronger constraint by the external financing.Suggestions on perfecting corporate governance structure,expanding the financing tunnel of listed real estate companies are put forward in this paper.

关 键 词：房地产上市公司 股权融资 债务融资 投资行为 

分 类 号：F293.3[经济管理—国民经济]