房价波动、抵押资产价值与企业风险承担  

House Prices,Collateral Value and Corporate Risk-taking

作　　者：刘行[1] 建蕾[2] 梁娟[2] 

机构地区：[1]东北财经大学会计学院/中国内部控制研究中心,辽宁大连116025 [2]中央财经大学会计学院,北京100081

出　　处：《金融研究》2016年第3期107-123,共17页Journal of Financial Research

基　　金：国家自然科学基金(批准号:71402017);辽宁省高等学校优秀人才支持计划(项目编号:WJQ2014035)的资助

摘　　要：本文将房价波动作为外生事件,探讨了由房价波动所带来的抵押资产价值变化对企业风险承担水平的影响。房价上涨所带来的抵押资产价值上升会增强企业的融资能力,此时,理论上,一方面,管理层为了规避风险,会将抵押资产价值增加所带来的资源配置到那些风险较小但短期内可以获得高额利润的行业(如:房地产行业),从而会降低企业的风险承担水平;另一方面,因为企业融资能力的增强,管理层将有更充裕的资金投入到那些高风险且收益为正的项目,从而会提高企业的风险承担水平。实证结论支持第一种理论机制。进一步的实证检验支持非房地产企业大量进行房地产投资是上述结论形成的主要路径。在克服内生性问题和度量误差的可能影响之后,本文结论依然存在。We investigate the effect of collateral value on firms＇ risk- taking by using the exogenous variation in the market value of a firm＇s real estate assets caused by fluctuations of the local real estate prices. The rise of house price can increase corporate collateral value. Theoretically,on one hand,managers would allocate the resources resulting from the increasing of collateral value into projects of bubble industries（ e. g. the real estate industry） that can make high profit in the short run. This could ultimately decrease corporate risk- taking. On the other hand,the increasing of collateral value can relax firms＇ financial constraints. This could in turn lead to more investment in projects with high risks as well as positive profit,and ultimately result in higher corporate risk- taking. Our empirical findings lend support to the first hypothesis. Further analysis indicates that firms put resources into real estate industry is the reason of above conclusion. Our results still hold after a series of robustness checks.

关 键 词：房价波动 抵押资产 风险承担 

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