投资房地产能够提升企业资本效率吗?——来自中国上市公司的经验证据

Could Real Estate Investment Improve Capital Efficiency?Empirical Evidence from Chinese Listed Firms

在房价高企、部分行业产能过剩的背景下,不少企业投资房地产以获取高收益,改善资本效率。本文研究了房地产投资对企业资本效率的差异化与持续影响,结果发现:总体上,房地产投资与资本效率改进之间存在倒U型关系,低投资密集度无法获得改进效应,高密集度使资本效率进一步恶化。投资不足的上市公司,任何房地产投资都无法改进资本效率;投资过度公司在中等密集度投资能够获得改进效应。不同控制权背景分析表明,投资倾向方面,仅国有资产管理机构控制的上市公司显著为正。资本效率方面,在地方国企控制的上市公司中,房地产投资没有对资本效率产生任何正向影响。在中央国企和国有资产管理机构控制的公司中,房地产投资能够使投资过度程度短暂下降;在私有产权控制的公司中,房地产投资使投资不足程度持续下降。本研究为客观评估非房地产企业的房地产投资提供了一个微观层面的经验证据。

In order to improve capital efficiency,a large number of firms decide to invest on real estate especially in the face of financing constraints and industry overcapacity. This paper researches on the relation between real estate investment and capital efficiency. It is found that there is no positive effect for real estate investment on capital efficiency in listed companies controlled by SOELG. Among the companies controlled by SOECG and SAMB,real estate investment can reduce overinvestment shortly. For the companies controlled by private capital,real estate investment can reduce under-investment persistently. In general,the relationships are an inverse U-shaped relationship and show persistence. When real estate investments′ intensity is moderate,the capital efficiency will be improved. When the intensity is high,the capital efficiency will deteriorate rapidly. This indicates that the real estate investments contain very high risk.