房地产企业投资的资本成本敏感性

Capital cost sensitivity of real estate corporate investment

该文利用房地产上市公司的数据,采用动态面板广义矩估计方法对房地产企业"投资-资本成本"敏感性进行了实证研究。结果表明:整体上房地产企业投资对资本成本不敏感,呈现出一定程度的非理性特征;中小型房地产企业投资对债务资本成本敏感,与大型企业相比,其负债水平较低、偿债压力较小;适应性预期会显著影响房地产企业"投资-资本成本"敏感性,此效应主要存在于中小型房地产企业中,2011年一季度后房价增速明显放缓,中小型企业投资力度开始受资本成本影响,而大型企业仍不敏感。

The capital cost sensitivity of real estate corporate investment is estimated using ageneralized method of moments of a dynamic panel based on data of listed companies.The results show that the＂investment-capital cost sensitivity＂of real estate corporations is not significant,which reveals the irrationality of real estate investment.Secondly,small and medium enterprises are more sensitive to debt cost than large real estate enterprises.Therefore,small and medium corporations have less debt.In addition,the＂investment-capital cost sensitivity＂can be influenced by adaptive expectation,which is an important characteristic of small and medium corporations.With the slowdown in housing price increases after the first quater of 2011,small and medium size real estate enterprises have begun to pay close attention to capital costs,while the＂investment-capital cost sensitivity＂of large corporates is still not a significant concern.