房地产企业股权结构对债务风险的影响研究  

Impact of the Equity Structure of Real Estate Companies on the Debt Risk

作　　者：白彦军 鲁筱 叶剑平[1] BAI Yan‑jun;LU Xiao;YE Jian‑ping(School of Public Administration and Policy,Renmin University of China,Beijing 100872,China)

机构地区：[1]中国人民大学公共管理学院,北京100872

出　　处：《财经问题研究》2023年第9期105-116,共12页Research On Financial and Economic Issues

基　　金：国家社会科学基金项目“我国房地产市场健康综合评价指标体系设计及实证研究”(14BGL121)。

摘　　要：我国房地产企业债务违约事件频发,对经济社会的稳健发展造成持续冲击。厘清房地产企业债务风险成因及其发生机理,对进一步完善房地产企业风险防范与化解机制具有重要的现实意义。本文以2011—2022年沪深A股上市的房地产企业为研究对象,运用双向固定效应模型实证检验了房地产企业股权结构对债务风险的影响。基准分析结果表明,房地产企业第一大股东持股比例越高,债务风险越高。异质性分析结果表明,房地产企业中的民营企业、低股权制衡企业和两职合一企业,其第一大股东持股比例越高,债务风险越高。机制分析结果表明,房地产企业股权结构通过影响企业现金持有水平和债务期限结构对债务风险产生冲击,而基于股东分红比例对企业进行掏空的假设并不成立。本文从房地产企业股权结构视角探讨债务风险问题,这将丰富房地产企业风险微观动因层面的研究,并为应对和解决房地产企业债务风险提供实证参考。In the past three years,real estate companies'debt default events have occurred frequently,which had a sustained impact on the steady economic and social development.To investigate underlying causes,existing studies mostly focus on external industry environment and internal management characteristics,lacking attention to the corporate equity governance structure,especially the mechanism analysis of how equity concentration affects the behavior of major shareholders and leads to debt risks.Based on the East Money Information Choice database,this paper takes the A-share real estate companies from 2011 to 2022 as the research sample,and empirically tests the impact of the shareholding ratio of the largest shareholder on corporate debt risks and its mechanism.Research results show that the higher the shareholding ratio of the largest shareholder,the higher the debt risk of real estate companies.Based on the heterogeneity of factors related to corporate ownership structure,it is found that as for private enterprises,enterprises with low equity balance or enterprises with CEO duality,the higher the shareholding ratio of the largest shareholder,the higher the debt risks.Mechanism analysis shows that the shareholding ratio of the largest shareholder impacts the debt risk by affecting the cash holding level and debt maturity structure of enterprises,but the assumption that the largest shareholder hollows out enterprises based on the dividend distribution mechanism is not valid.Compared with previous literature,this paper has contributions in the following two aspects.First,from the perspective of the micro motivation,this paper focuses on the equity structure,especially the shareholding ratio of the largest shareholder,to explore the debt problem of real estate enterprises,and to explore institutional issues behind their operational disorder and governance failure.Second,based on the cash holding level,debt maturity structure and“enterprise hollowing out”mechanism,this paper discusses the effect of the equity structur

关 键 词：股权结构 第一大股东持股比例 债务风险 现金持有水平 债务期限结构 

分 类 号：F224[经济管理—国民经济] F276.6