债务约束条件下高房价对房企过度投资的影响研究

A Study on the Impact of High House Price on Overinvestment of Housing Enterprises under Debt Constraint

选取上市房地产公司数据,研究发现高房价会导致房地产企业过度投资行为,并且对国有房地产企业的影响要更为显著。进一步研究发现,企业债务对基于高房价的过度投资行为具有制约作用。对于不同期限债务而言,短期债务可以制约非国有房地产企业过度投资,而长期债务可以制约国有房地产企业的过度投资行为;对于不同债务来源而言,银行负债可以有效制约非国有房地产企业的过度投资行为,而商业信用可制约国有房地产企业的过度投资行为。此外,研究还发现高房价会增加房地产企业的经营风险。根据上述研究发现,建议从债务来源和债务期限上通过债务约束限制国有和非国有房企的投资行为。

Based on the data of listed real estate companies,this study indicates that high housing price can promote overinvestment of real estate enterprises,especially for state-owned enterprises.Further study shows that debt can depress overinvestment behavior based on high housing price.As for debt with different maturities,the short-term debt may restrict overinvestment of non-state-owned enterprises,while long-term debt may restrict overinvestment behavior of state-owned enterprises.When it comes to debt of different sources,bank loans can effectively restrict overinvestment behavior of non-state-owned enterprises,and commercial credit may restrict overinvestment behavior of state-owned enterprises.It has also found that high housing price increases the risk of real estate enterprises.Finally,corresponding policy recommendations are put forward to limit the investment behavior of state-owned and non-state-owned real estate enterprises from the source of debt and debt maturitythrough debt constraints.