城市房价与制造企业盈余持续性  

Urban Housing Prices and Manufacturing Enterprises'Earnings Persistence

作　　者：张兴亮 温日光 ZHANG Xingliang;WEN Riguang(School of Accounting, Nanjing Audit University, Nanjing 211815, China;School of Business, Shantou University, Shantou 515063, China)

机构地区：[1]南京审计大学会计学院,江苏南京211815 [2]汕头大学商学院,广东汕头515063

出　　处：《审计与经济研究》2020年第5期75-86,共12页Journal of Audit & Economics

基　　金：国家社会科学基金项目(19BGL063);教育部人文社会科学研究一般项目(18YJA630148);汕头大学科研启动基金资助项目(STF19011);江苏高校优势学科建设工程项目(PAPD)。

摘　　要：企业受城市房价上涨的吸引进而投资于房地产业务,这对于企业的创新活动会产生挤占效应,最终会对企业主营业务的盈余持续性产生负面影响。基于中国A股制造业上市公司的财务数据以及35个大中城市的房价数据,研究发现,房价上涨显著降低了制造企业的盈余持续性,在住房限购政策实施之后,房价对制造企业盈余持续性的负面影响有所降低。进一步研究的结果显示,在非技术密集型行业以及在非国有企业中,房价上涨对制造企业盈余持续性的负面影响更显著。Enterprises are attracted by housing prices and invest in real estate business,which has a crowding-out effect on the main business activities such as investment and innovation,and ultimately reduces the sustainability of the accounting earnings from the main business in manufacturing enterprises.Based on the financial data of Chinese A-share listed manufacturing companies and housing prices data of 35 large and medium-sized cities,the paper finds that the rise of housing prices significantly reduce the persistence of accounting earnings of manufacturing enterprises,and that the negative impact of housing prices on the earnings persistence of manufacturing enterprises has been reduced after the implementation of housing purchase restriction policy.The further research results show that in non-technology-intensive industries and non-state-owned enterprises,the negative impact of rising housing prices on the earnings persistence of manufacturing enterprises is more significant.

关 键 词：城市房价 挤占效应 盈余持续性 制造企业 房价上涨 房地产市场 

分 类 号：F293.3[经济管理—国民经济]