房价波动、抵押资产价值与企业杠杆率  

House Price Fluctuation,Mortgage Asset Value and Enterprise Leverage

作　　者：姜可心 谭小芬 王雅琦[1] 张金慧 JIANG Kexin;TAN Xiaofen;WANG Yaqi;ZHANG Jinhui

机构地区：[1]中央财经大学金融学院 [2]北京航空航天大学经济管理学院 [3]中国工商银行

出　　处：《中央财经大学学报》2025年第1期75-91,共17页Journal of Central University of Finance & Economics

基　　金：国家社科基金重大项目“负利率时代金融系统性风险的识别和防范研究”(项目编号:20&ZD101)。

摘　　要：本文构建理论模型分析了房价波动所带来的抵押资产价值变动对企业杠杆率的影响,并运用2003—2020年中国35个大中城市上市公司及房价数据进行实证检验。结果发现,房价上涨使得上市公司持有的房产价值提升,从而增加了抵押资产价值,使得企业有动机和能力进行外源债务融资,进而提高企业杠杆率,验证了抵押品渠道。针对房地产金融市场的宏观审慎政策和信贷资源分配市场化的提高能够在一定程度上抑制这种影响。为此,监管部门应适度调控房地产市场,规范企业内部治理,积极推进金融市场化改革,拓宽企业的融资渠道。This paper investigates the impact of housing price appreciation on corporate leverage through the change of collateral value,verifying the collateral channel.Based on the theoretical model,this paper empirically tests how collateral value volatility affects the corporate leverage with public listed companies data and housing price data of 35 big cities in China from 2003-2020.We find that real estate assets hold by a corporate has a significantly positive impact on its debt-asset ratio.Besides,housing price appreciation directly influences the collateral value and then affects firm s debt financing behavior as well as leverage ratio,namely,through the collateral channel.Collateral value increase brought by housing price appreciation make firms willing and able to take on more debt,with increasing leverage.

关 键 词：企业杠杆率 抵押资产价值 房价波动 公司房地产价值 

分 类 号：F832.4[经济管理—金融学]