摘要
基于中国35个大中城市2003—2013年间的企业样本,从企业过度负债水平和信贷约束两个维度探讨了城市房价对企业债务融资的影响。研究发现:企业产权性质和信贷约束程度不同,房价上涨对企业债务融资的影响也明显不同;对信贷约束弱的非国有企业存在显著的"挤出"效应,会吸引其资金流入房地产行业,进而加剧经济"脱实向虚";对无信贷约束的非国有企业则会产生"挤入"效应;而对信贷约束强的非国有企业,会提升融资成本。这在一定程度上可缓解债务融资的所有制歧视,有利于社会资金流入非国有企业。
Based on the samples of 35 large and medium-sized cities in China from 2003 to2013, this paper discusses the influence of urban housing prices on corporate debt financing from the two dimensions of corporate over-indebtedness and credit constraints. The findings show that if the nature of property rights and the degree of credit constraints are different, the impact of the rising house prices on corporate debt financing is also significantly different. The non-state-owned enterprises with weak credit constraints have a significant＂ crowding out＂ effect, for which their funds will be attracted into the real estate industry, thus the＂de-reality＂of the economy will be intensified; while the non-state-owned enterprises with no credit constraints will have a＂ crowding-in＂ effect. However,as for the non-state-owned enterprises with strong credit constraints, their financing costs will be increased. To a certain extent, this can alleviate the ownership discrimination in debt financing and facilitate the flow of social capital into the non-state-owned enterprises.
作者
徐晔
喻家驹
XU Ye;YU Jia-ju(Jiangxi University of Finance and Economics,Nanchang 330013,China)
出处
《当代财经》
CSSCI
北大核心
2018年第7期112-122,共11页
Contemporary Finance and Economics
基金
教育部人文社会科学项目"环境规制下金融资源空间配置对区域技术创新的作用机制研究"(15YJA630079)
江西省社会科学"十二五"规划项目"环境规制下金融资源配置对江西省战略新兴产业技术创新的作用机制研究"(2015YJ26)
江西省教育厅科技项目"基于环境约束的金融资源配置对江西省技术创新作用机制研究"(GJJ150476)
关键词
过度负债
产权属性
信贷约束
债务融资
excessive debt
attributes of property rights
credit constraints
debt financing
