我国房地产企业产融结合效果实证研究

Empirical Studies on the Effects of Financial-industrial Integration of Real Estate Companies in China

随着国家对民营资本进入金融业的鼓励和金融业准入的放宽,诸多优秀房地产公司相继进入金融领域。为了研究我国房地产企业产融结合的效果,以2001~2013年房地产企业入股金融机构事件为研究对象,运用特征指标分析和Wilcoxon秩和检验法进行实证检验,发现入股金融机构后的房地产企业偿债能力有所提升,企业的融资速度加快,但盈利能力却显著下降,企业的经营绩效没有得到很好的提升;房地产企业产融结合后,企业没有实现管理协同和财务协同。所以房企在实施产融结合时需要重视如何发挥金融资本和产业资本的协同作用。

Motivated by the tendency of business transformation, some excellent real estate companies enter into the financial arena following the trend that our country encourages private capital into the financial sector and ease the access. Based on the events that holding shares in financial institutions from 2001 to 2013, this paper conducts empirical studies on the effects of combination between real estate industry and finance sector by characteristic indexes analysis and Wilcoxon test method. The result show that solvency of the real estate companies has improved, but profitability has declined after integration. Besides, it also does not reach the synergistic effects. Consequently, how to realize the synergy between financial capital and industrial capital is the core problem which real estate enterprises should pay attention.