房价、流动性效应与企业融资约束

Housing Price,Liquidity Effect and Financial Constraint

房地产市场化改革以来,中国房价出现了快速增长。资产泡沫理论表明,房价上涨对实体经济产生了两方面的影响:一是流动性效应,通过房产价值的提升提高企业负债能力,缓解其面临的融资约束;二是杠杆效应,通过房地产业投资回报率的提升发挥挤出其它部门投资的作用。在融资约束程度更为严重的情况下,流动性效应将发挥更积极的作用。利用匹配的中国工业企业数据和35个大中城市宏观数据,本文研究了房价上涨对企业融资约束的影响,验证了在金融抑制背景下房价对企业投资的流动性效应。研究结果表明,当房价对数提高一个标准差,私有企业投资一现金流敏感度将下降0.0134,降幅为5.05%。并且,经营时间更长或者内部资金更充裕的私有企业从房价上涨过程中受益更多,其融资约束程度的下降幅度更大。本文的研究结果为非国有部门在金融抑制下快速发展提供了新的解释,也为房价影响卖体经济的机制提供了新的证据。

Since the housing reform in China,housing price experiences a rapid growth.The bubble theory reveals that the increase in housing price exerts two effects on real economy.The first is the liquidity effect which relieves the financial constraint,and thus crowds the entity investment in.The second is the leverage effect which crowds the entity investment out through the rise of return on investment in real estate.Especially,if the financial constraint becomes more serious,the liquidity effect will play a more important role.Using Chinese industrial enterprises survey data combined with macro data from 35 large and medium cities,this paper investigates the relationship between housing price and financial constraint,and verifies the liquidity effect on business investment in the context of financial constraint.The empirical results reveal that with one standard error increase in housing price,the cash flow sensitivity of investment will decline by 5.05%.The liquidity effect induced by the rise of housing price is statistically significant as well as economically significant.Moreover,enterprises with longer operating time or larger liquidity inside are benefit more in the process of real estate boom,and thus the financial constraint will be more largely relieved.This research provides a novel explanation for the phenomena of growing in Chinese nonstate economy as well as a new evidence for the influence mechanism of real estate boom on real economy.