房价上涨对实体企业债务融资的“挤出”与“挤入”效应  

Crowding-out and Crowding-in Effects of Rising Housing Prices on Debt Financing of Real Enterprises

作　　者：王鹤[1] 谭理[1] WANG He;TAN Li(School of Business and Center for High-quality Regional Economic Development,Hunan University of Science and Technology,Xiangtan 411201,China)

机构地区：[1]湖南科技大学商学院/湖南科技大学区域经济高质量发展研究中心,湖南湘潭411201

出　　处：《湖南科技大学学报（社会科学版）》2023年第2期91-101,共11页Journal of Hunan University of Science and Technology(Social Science Edition)

基　　金：湖南省自然科学基金面上项目(2023JJ30269);国家自然科学基金项目(71704051)。

摘　　要：厘清房地产与实体企业债务融资的关系,对于促进房地产业与实体经济均衡发展有着重要意义。研究基于2005—2020年上市企业数据,利用多重中介效应模型和面板门槛模型,分别检验了房价上涨影响实体企业债务融资的作用机制与门槛效应。结果表明:房价上涨促使信贷资金以房地产贷款的形式汇集房地产业,对实体企业债务融资产生挤出效应,同时会提高实体企业的资产抵押价值,对实体企业债务融资产生挤入效应。然而,房价上涨影响实体企业债务融资的最终表现为挤出效应,并随房价持续上涨带来的融资约束缓解,呈现阶段性递减特征。进一步研究发现,房价上涨对非国有及中小型实体企业债务融资的挤出效应更强,对制造业企业和服务业企业债务融资成本的影响更大;中央政府抑制房价过度上涨和加强对实体经济信贷支持的政策,在缓解房地产企业挤占实体企业信贷资源方面取得了较好的成效。Clarifying the relationship between real estate and debt financing of real enterprises is of great significance for promoting the balanced development of real estate industry and real economy.Based on the data of listed enterprises from 2005 to 2020,this paper uses multiple mediating effect model and panel threshold model to test the mechanism and threshold effect of housing price rise on debt financing of real enterprises.Results show that the rise of housing prices prompts credit funds to gather in the real estate industry in the form of real estate loans,which has a crowding-out effect on the debt financing of real enterprises.At the same time,it will increase the mortgage value of assets of real enterprises,resulting in crowding-in effect on the debt financing of real enterprises.However,the final manifestation of the effect of housing price rise on debt financing of real enterprises is crowding-out effect.With the easing of financing constraints brought by housing price rise,it shows a phased decline.Further research shows that the housing price increase has a stronger crowding-out effect on the debt financing of non-state-owned enterprises and small&medium-sized real enterprises,and has a greater impact on the debt financing costs of manufacturing enterprises and service enterprises.The policies of the central government to curb the excessive rise of housing prices and strengthen credit support for the real economy have achieved good results in easing the squeeze of real estate enterprises on the credit resources of real enterprises.

关 键 词：房地产价格 挤出效应 挤入效应 实体企业债务融资 面板门槛模型 

分 类 号：F019.3[经济管理—政治经济学]