金融发展、非正规金融与房地产企业资本配置效率

Financial Development,Informal Finance and Capital Allocation Efficiency of Real Estate Enterprises

金融发展能减轻信息不对称和代理冲突问题,实现资本市场的资源有效分配。以我国2007-2011年的房地产上市公司为样本来研究金融发展与非正规金融对房地产企业资本配置效率的影响,研究发现,民营房地产上市公司过度投资比国有房地产上市公司更严重,而国有房地产上市公司的投资不足现象更为明显,以商业信用为主的非正规金融能提高民营房地产上市公司和国有房地产上市公司的资本配置效率。这些发现进一步揭示了金融发展促进经济增长的微观机理。

Financial development can reduce the information asymmetry and the agency problem, and improve the resource allocation efficiency in the capital markets. This paper studies the effect of the financial development and the informal finance on the capital allocation efficiency of real estate enterprise, using a sample of listed real estate companies in china between 2007 and 2010.The research finds that overinvestment in non-state-owned real estate listed companies is more serious than the state-owned companies, and underinvestment phenomenon in state-owned real estate listed companies is more obvious. Informal finance can improve capital allocation efficiency in the both the state-owned and the non-state-owned real estate listed companies.