我国房地产业投资现金流敏感性动因之谜——基于上市公司的实证分析

Research on the Investment-Cash Flow Sensitivity of Chinese Real Estate Market Based on the Listed Company

近年来我国房地产业因"一波又一波的救市政策"、因"年年控,年年涨"而备受关注。除了需求刚性及政治关联性等外部原因之外,其投资行为更受到企业内部因素尤其是现金流的影响。对我国房地产上市公司的实证研究表明:我国房地产业存在投资现金流敏感性;其原因存在层次性:公司规模是影响投资现金流敏感性的首要、基础动因;规模较大的公司,代理问题是导致敏感性的具体原因;而规模较小的公司,融资约束是导致敏感性的具体动因。

In recent years, the real estate market in China invokes wide attention because of ＂ market -saving policies again and a- gain＂ and ＂controlled year after year and rose year after year＂. Except the external reason like the rigid demand and political rele- vance, its investment behavior is more influenced by the internal factors from the company especially the cash flow. The empirical study of Chinese listed real estate companies show that ： Investment - cash flow sensitivity exists in Chinese listed real estate companies ; The reason of the sensitivity has hierarchy： Company size is the basic motivation ; In larger companies, agency problem is the specific rea- son; In smaller companies, financing constraints is the specific reason.