Please wait a minute...
 首页  期刊介绍 期刊订阅 联系我们 横山亮次奖 百年刊庆
 
最新录用  |  预出版  |  当期目录  |  过刊浏览  |  阅读排行  |  下载排行  |  引用排行  |  横山亮次奖  |  百年刊庆
清华大学学报(自然科学版)  2015, Vol. 55 Issue (6): 640-646    
  建设管理 本期目录 | 过刊浏览 | 高级检索 |
房地产企业投资的资本成本敏感性
刘洪玉, 徐跃进, 姜沛言
清华大学 建设管理系, 恒隆房地产研究中心, 北京 100084
Capital cost sensitivity of real estate corporate investment
LIU Hongyu, XU Yuejin, JIANG Peiyan
Hang Lung Center for Real Estate, Department of Construction Management, Tsinghua University, Beijing 100084, China
全文: PDF(1125 KB)  
输出: BibTeX | EndNote (RIS)      
摘要 该文利用房地产上市公司的数据, 采用动态面板广义矩估计方法对房地产企业“投资-资本成本”敏感性进行了实证研究。结果表明: 整体上房地产企业投资对资本成本不敏感, 呈现出一定程度的非理性特征; 中小型房地产企业投资对债务资本成本敏感, 与大型企业相比, 其负债水平较低、偿债压力较小; 适应性预期会显著影响房地产企业“投资-资本成本”敏感性, 此效应主要存在于中小型房地产企业中, 2011年一季度后房价增速明显放缓, 中小型企业投资力度开始受资本成本影响, 而大型企业仍不敏感。
服务
把本文推荐给朋友
加入引用管理器
E-mail Alert
RSS
作者相关文章
刘洪玉
徐跃进
姜沛言
关键词 房地产投资资本成本敏感性债务风险适应性预期    
Abstract:The capital cost sensitivity of real estate corporate investment is estimated using a generalized method of moments of a dynamic panel based on data of listed companies. The results show that the “investment-capital cost sensitivity” of real estate corporations is not significant, which reveals the irrationality of real estate investment. Secondly, small and medium enterprises are more sensitive to debt cost than large real estate enterprises. Therefore, small and medium corporations have less debt. In addition, the “investment-capital cost sensitivity” can be influenced by adaptive expectation, which is an important characteristic of small and medium corporations. With the slowdown in housing price increases after the first quater of 2011, small and medium size real estate enterprises have begun to pay close attention to capital costs, while the “investment-capital cost sensitivity” of large corporates is still not a significant concern.
Key wordsreal estate investment    capital cost sensitivity    debt risk    adaptive expectation
收稿日期: 2015-02-21      出版日期: 2015-09-08
ZTFLH:  F275.3  
引用本文:   
刘洪玉, 徐跃进, 姜沛言. 房地产企业投资的资本成本敏感性[J]. 清华大学学报(自然科学版), 2015, 55(6): 640-646.
LIU Hongyu, XU Yuejin, JIANG Peiyan. Capital cost sensitivity of real estate corporate investment. Journal of Tsinghua University(Science and Technology), 2015, 55(6): 640-646.
链接本文:  
http://jst.tsinghuajournals.com/CN/  或          http://jst.tsinghuajournals.com/CN/Y2015/V55/I6/640
  图1 企业最优资本存量示意图
  表1 主要变量的描述性统计
  表2 不同规模企业的资本成本比较
  表3 全样本回归结果
  表4 按企业规模分组回归结果
  图2 不同规模房地产企业的带息负债率比较[3]
  图3 不同规模房地产企业的速动比率比较[3]
  图4 不同规模房地产企业的市净率比较[14]
  表5 添加市场预期交叉项的回归结果
  表6 不同规模企业分阶段回归结果
[1] 连平: 增强改革协同, 降低融资成本 [Z/OL]. (2014-07-16), http://news.xinhuanet.com/fortune/2014-07/16/c_126758764.htm.LIAN Ping: Enhancing synergism of reform, reducing cost of financing [Z/OL]. (2014-07-16), http://news.xinhuanet.com/fortune/2014-07/16/c_126758764.htm. (in Chinese)
[2] 腾讯财经. 年末“钱荒”有惊无险 [Z/OL]. (2013-12-25), http://finance.qq.com/zt2013/focus/qianhuang.htm.Tencent Finance. Deflation scare at the end of year [Z/OL]. (2013-12-25), http://finance.qq.com/zt2013/focus/qianhu-ang.htm. (in Chinese)
[3] 万德资讯. 万德资讯金融数据库 [Z/OL]. (2014-10-20), http://www.wind.com.cn/.Wind Information. Wind information financial database [Z/OL]. (2014-10-20), http://www.wind.com.cn/. (in Chinese)
[4] Clark J M. Business acceleration and the law of demand: A technical factor in economic cycles [J]. The Journal of Political Economy, 1917, 25(3): 217-235.
[5] Koyck L M. Distributed Lags and Investment Analysis [M]. Amsterdam, Holland: North-Holland Publishing Company, 1954.
[6] Jorgenson D W. Capital theory and investment behavior [J]. The American Economic Review, 1963, 53(2): 247-259.
[7] McKenzie K J, Thompson A J. Taxes, the Cost of Capital, and Investment: A Comparison of Canada and the United States [R]. Ottawa, Canada: Technical Committee on Business Taxation, 1997.
[8] 董裕平. 公司的资本成本与投资理性——来自沪深上市公司的证据 [J]. 证券市场导报, 2007 (11): 61-66.DONG Yuping. Corporate capital cost and investment rationality: Evidence from listed companies [J]. Securities Market Herald, 2007(11): 61-66. (in Chinese)
[9] 徐明东, 陈学彬. 中国工业企业投资的资本成本敏感性分析 [J]. 经济研究, 2012 (3): 40-52.XU Mingdong, CHEN Xuebin. Corporate investment and the cost of capital: Evidence from China [J]. Economic Research Journal, 2012 (3): 40-52. (in Chinese)
[10] 廖理, 沈超. 利用 CAPM 计算中国房地产行业资本成本 [J]. 中国管理科学, 2004, 12(4): 37-42.LIAO Li, SHEN Chao. Using CAPM to calculate the cost of capital of China's real estate industry [J]. Chinese Journal of Management Science, 2004, 12(4): 37-42. (in Chinese)
[11] 黄珺, 黄妮. 过度投资, 债务结构与治理效应 [J]. 会计研究, 2012, 09: 67-72, 97.HUANG Jun, HUANG Ni. Overinvestment, debt structure and governance effect: Evidence from listed real estate companies in China [J]. China Journal of Accounting Studies, 2012, 09: 67-72, 97. (in Chinese)
[12] 王先柱, 金叶龙. 货币政策能有效调控房地产企业“银根”吗?——基于财务柔性的视角 [J]. 财经研究, 2013, 39(11): 69-79.WANG Xianzhu, JIN Yelong. Can monetary policy effectively regulate the monetary situation of real estate enterprises? Based on the perspective of financial flexibility [J]. Journal of Finance and Economics, 2013, 39(11): 69-79. (in Chinese)
[13] 邹颖, 汪平. 资本成本: 概念的演进, 困惑与思考 [J]. 经济与管理研究, 2011 (11): 61-67.ZOU Ying, WANG Ping. Cost of capital: Concept evolution, confusion and considerations [J]. Research on Economics and Management, 2011 (11): 61-67. (in Chinese)
[14] 锐思数据. 锐思数据库 [Z/OL]. (2014-10-20), http://www1.resset.cn: 8080/product/.Resset Data. Resset database [Z/OL]. (2014-10-20), http://www1.resset.cn: 8080/product/. (in Chinese)
[15] Pittman J A, Fortin S. Auditor choice and the cost of debt capital for newly public firms [J]. Journal of Accounting and Economics, 2004, 37(1): 113-136.
No related articles found!
Viewed
Full text


Abstract

Cited

  Shared   
  Discussed   
版权所有 © 《清华大学学报(自然科学版)》编辑部
本系统由北京玛格泰克科技发展有限公司设计开发 技术支持:support@magtech.com.cn