股权集中度、股权制衡度与融资约束--来自2013-2017年中国房地产业102家上市公司的经验证据

Ownership Concentration,Equity Balance and Financing Constraints

利用"投资-现金流敏感度"模型实证分析房地产企业股权集中度和制衡度对融资约束的影响及股权集中度与股权制衡度的交互作用对企业融资约束的影响。结果表明,中国房地产企业普遍存在融资约束问题,而提高股权集中度有利于缓解融资约束,这种作用对于股权高度集中的企业更为明显;增强股权制衡度也有利于缓解融资约束,表现为无论股权高度集中或是相对分散,这种作用表现明显。促进企业优化股权结构,可缓解当前房地产出现的融资约束问题。

The influence of degrees of equity concentration and ownership balance on the financial constraints is discussed by using invest-cash flow sensitiveness model. The research results show that Chinese real estate enterprises generally have the problem of financing constraint, and the increase of ownership concentration is beneficial to the easing of financing constraint, which is more obvious for the enterprises with highly concentrated ownership. Enhancing the degree of equity balance is also conducive to easing the financing constraints, which is manifested in the fact that no matter the equity is highly concentrated or relatively dispersed, this effect is obvious. Promoting enterprises to optimize the equity structure can alleviate the current real estate financing constraints.