价格冲击、货币政策与房地产行业融资约束——基于营运资本平滑过程的实证分析

Price Impact,Monetary Policy & Financial Constraints of Property Industry:An Empirical Study Based on Fixed Investment Smoothing

首先,以房地产行业数据为样本,证实了货币政策利率渠道和信贷渠道对厂商融资约束的联合影响效应显著存在,且具有积极作用,修正了传统融资约束分析模型因遗漏货币政策而产生的估计偏误;其次,将要素市场与产品市场价格波动对厂商真实利率的冲击效应纳入货币政策利率渠道的检验过程,证实了价格冲击下的真实融资成本与固定投资之间的非线性关系(倒U型),并证明了信贷扩张对房地产投资的"挤出效应";最后,分析并检验了信贷波动对融资约束的冲击作用及其异质性特征。

Based on the data of real estate industry of China from 2007 -2011, this paper proves the joint effect of interest rate and credit channel has significant positive relation with corporate financing constraints and corrects the bias generated by traditional constraints analysis model without controlling the joint impact. Secondly, by designing composed rate（CR） which able to reflects fluctuations of prices in factor market ＆ product market and introduces it into the validation process of interest rate channel, this paper proves the nonlinear relation （ reversed U） between CR and fixed investments as well as validates the crowding - out effects of credit channel. Finally, it tests the impact of credit expansion on financial constraints as well as its heterogeneity.