摘要
在“房住不炒”“三道红线”等调控政策背景之下,房地产企业可能产生“粉饰负债”等机会主义行为,严重损害企业财务信息披露质量,进而干扰市场决策并削弱政策效果。因此,本文以2011—2022年中国沪深A股房地产上市企业为样本,测度房地产企业粉饰负债规模,并实证检验房地产企业粉饰负债对公司经营的影响。研究发现:中国房地产企业存在粉饰负债的机会主义行为;房地产企业粉饰负债,可以在短期内避免债务违约,在长期却使得投资效率降低和现金流约束加强,其本质是用短期利益去置换长期利益;国有产权能够发挥治理作用,在一定程度上缓解以上负向影响,而董事长性别与学历在短期内会有较弱的促进作用。
Against the background of regulatory policies such as"housing without speculation"and"three red lines",real estate companies may engage in opportunistic behaviors such as"whitewashing liabilities",which may se-riously undermine the quality of corporate financial disclosure,interfere with market decisions and weaken the effect of policies.Therefore,this paper measures the scale of real estate firms'chalking liabilities and empirically examines the impact of real estate firms'chalking liabilities on firms'operations using a sample of real estate listed firms in Chi-na's Shanghai and Shenzhen A-shares from 2011 to 2022.The study found that:Chinese real estate enterprises have the opportunistic behavior of whitewashing liabilities;real estate enterprises whitewash liabilities can avoid debt default in the short term,but in the long term it makes the investment efficiency reduced and cash flow constraints strengthened,which is the essence of short-term interests to replace long-term interests;state ownership can play a governance role,while the gender of the chairman of the board and educational qualifications will have a weaker contribution in the short run.
作者
巴曙松
黄沁
张兢
Ba Shusong;Huang Qin;Zhang Jing(Peking University HSBC Business School,Shenzhen 518055,Guangdong,China;School of Economics and Business Administration,Chongqing University,Chongqing 401120,China;Business School,Southwest University of Political Science&Law,Chongqing 401120,China)
出处
《金融发展研究》
北大核心
2024年第4期32-43,共12页
Journal Of Financial Development Research
基金
重庆市社会科学规划项目“渝港金融合作支持重庆企业高质量发展路径研究”(2023NDQN30)。
关键词
粉饰负债
房地产企业
过度负债
金融监管
whitewashing liabilities
real estate enterprises
over-indebtedness
financial supervision
