资产负债表效应与房地产金融风险  

Balance-Sheet Contagion and Financial Risk of Real Estate

作　　者：董双全[1] 邓璇[2] 

机构地区：[1]广东商学院会计学院,广东广州510320 [2]中国人民银行广州分行,广东广州510117

出　　处：《广东商学院学报》2003年第5期46-49,共4页Journal of Guangdong University of Business Studies

摘　　要：企业的资源与其义务之间的关系用恒等式表示即为资产=负债+净资产(所有者权益)。当企业筹资是通过资产的抵押而向银行借款时,如果企业同时受到信贷约束,则资产和负债之间就有密不可分的联系。这就是资产负债表效应的源泉。房地产企业抵押资产价格的变化通过资产负债表效应能引发金融风险。但在资产价格变动的合理范围内,市场能自动调节至均衡水平。When a firm borrows against its fixed assets, its borrowing capacity depends upon the collateral value: quantity times 'collateral price'. The firm's outstanding debt obligation is the result of its past borrowing. Hence, there is a leverage effect: the firm's net worth is vulnerable to changes in asset prices. This is the source of contagion. The changes of real estate prices will cause shocks to spread out across banks.

关 键 词：资产负债表 房地产 金融风险 

分 类 号：F231.1[经济管理—会计学] F832.45[经济管理—国民经济]