企业涉房提高了信贷可得性吗  

Has Real Estate Investment of Enterprises Improved Credit Availability

作　　者：毛丰付[1] 周玉芳 黄鹰 MAO Feng-fu;ZHOU Yu-fang;HUANG Ying(Economics School,Zhejiang Gongshang University,Hangzhou,Zhejiang 310018)

机构地区：[1]浙江工商大学经济学院,浙江杭州310018

出　　处：《商学研究》2022年第1期34-48,共15页Commercial Science Research

基　　金：国家社科基金重大项目“中国城镇化阶段性特征测度及驱动效应评估研究”(项目编号:20&ZD133);国家自然科学基金面上项目“人力资本偏向型住房政策与城市发展:理论、机制与效应”(项目编号:71974174);浙江省自然科学基金一般项目“人力资本偏向型住房政策对城市创新能力的影响”(项目编号:LY19G030005)。

摘　　要：实体企业大量涉房与中国严格的房地产调控政策形成鲜明的对比和巨大的张力。实体企业利用“房”“贷”互动机制构建起信贷市场和房地产市场之间的“信贷通道”是理解这一反差现象的关键。本文选取2003—2018年制造业上市公司为研究样本,基于企业“担保效应”和“信号传递”效应的视角,采用固定效应模型和中介效应模型探究企业经营性涉房对企业信贷可得性的影响。研究发现,企业涉房在短期和长期内对信贷可得性均具有促进作用,且对非国有企业、东部地区企业、技术密集型促进作用更大。机制检验发现,企业涉房通过增加抵押占比提高了企业信贷可得性;通过降低主营业务收入降低了企业信贷可得性。中国实体经济发展正处于一个关键的转型时期,本文所揭示的企业涉房与企业信贷可得性的关系不仅有助于增进对实体经济发展“脱实向虚”现状的理解,还有利于政府实施稳健的房地产调控政策和创建良好的金融信贷环境。The phenomenon of numerous real enterprises being involved in real estate investment is in sharp contrast to China’s strict real estate policy.The key to understanding this“contrast”is to build a“credit channel”between the credit market and the real estate market by using the“house”and“loan”interactive mechanism by real enterprises.This paper adopted listed manufacturing companies from 2003 to 2018 as sample,and applied the model of the fixed effect model and the intermediary effect to explore the impact of real estate investment on credit availability from the perspectives of guarantee effect and signal effect.The study found that real estate investment can promote credit availability in both the short and long terms,and it has a greater effect on non-state-owned enterprises,enterprises in the eastern region,and technology-intensive ones.The mechanism test found that real estate investment increased the availability of enterprise credit by increasing the proportion of mortgages and reduced the availability of enterprise credit by reducing the income from their main business.The development of China’s real economy is in a critical transition period.The relationship between the real estate investment and the availability of enterprise credit revealed in this paper facilitates not only improving the understanding of real economy development from real to virtual,but also helping the government’s implement sound real estate regulation policies and create a good financial environment.

关 键 词：实体企业 涉房行为 “房”“贷”互动 信贷可得性 

分 类 号：F293.3[经济管理—国民经济] F830.572