楼市波动对房企资本布局的影响——基于财务分析视角  

The Influence of Property Market Fluctuation on the Capital Distribution of Real Estate Enterprises——Based on the Perspective of Financial Analysis

作　　者：刘颖[1] 郭冠楠 LIU Ying;GUO Guan-nan

机构地区：[1]河北经贸大学金融学院

出　　处：《经济论坛》2020年第6期120-126,共7页Economic Forum

基　　金：2019年度河北省研究生创新资助项目“从房地产企业运营模式转型升级看未来房地产市场发展趋势——基于财务分析视角”(CXZZSS2019103)。

摘　　要：近年来房地产开发企业发展面临的经济环境、政策环境以及行业环境都发生了巨大的变化,楼市起伏波动较多。文章基于31家上市房地产开发企业2007—2018年的财务数据,运用实证分析的方法,研究楼市波动与房企资本布局之间的相关性。从融资(资本结构)、投资(资产结构)两个方面分析房企的资本布局。实证结果表明,楼市越景气,房企越容易获取经营性负债和股东入资,且倾向于搞专业化投资;楼市越低迷,房企获取经营性负债和股东入资的难度较大,由于金融性负债的获取有较多不确定性,给资本配置带来较大压力,因此房企更倾向于选择多元化投资降低风险。In recent years, great changes have taken place in the economic environment, policy environment and industry environment faced by the development of real estate enterprises, causing more fluctuations in the real estate market. Based on the financial data of 31 listed real estate enterprises from 2007 to 2018, this paper studies the correlation between the fluctuation of real estate market and the capital distribution of real estate enterprises by using the method of empirical analysis. The capital distribution of the real estate enterprises is analyzed from two aspects of financing(capital structure) and investment(asset structure). The empirical results show that the more prosperous the real estate market is, the easier it is for the real estate enterprises to obtain operating liabilities and shareholders’ investment, and tend to engage in specialized investment. The more depressed the real estate market is, the more difficult it is for the real estate enterprises to obtain operating liabilities and shareholders’ investment. The uncertainty of the acquisition of financial liabilities also brings more pressure on capital allocation, so the real estate enterprises are more inclined to choose diversified investment to reduce risk.

关 键 词：国房景气指数 上市房企 资本结构 多元化 

分 类 号：F299.233.42[经济管理—国民经济]