制造业企业房地产投资与企业杠杆率

Real Estate Investment and Leverage of Manufacturing Enterprises

21世纪以来,中国制造业企业进行房地产投资是其“多元化”投资战略的主要形式之一。本文利用2010-2020年中国A股上市制造业企业数据,研究了制造业企业房地产投资对企业杠杆率的影响,发现制造业企业房地产投资能够提升企业杠杆率。机制分析表明,制造业企业房地产投资通过发挥挤压效应和抵押效应进而提高企业杠杆率。制造业企业房地产投资对企业杠杆率的提升作用在非国有企业和小企业中更显著。在区分长期杠杆率和短期杠杆率后,制造业企业房地产投资对企业杠杆率的提升作用表现在长期杠杆率方面,同时该提升作用显著提高了企业的财务风险。本文提出企业应当加大研发创新,促进自身高质量发展;政府监管部门完善系列政策避免制造业企业盲目进行房地产投资而导致“企业空心化”。

Since the 21st century,investment in real estate has been one of the main forms of“diversified”investment strategy.This article uses data from A-share listed manufacturing companies in China from 2010 to 2020 to study the impact of real estate investment by manufacturing companies on their leverage ratio.The study found that real estate investment by manufacturing companies can enhance their leverage ratio.The result shows that real estate investment by manufacturing enterprises increases their leverage ratio by exerting squeezing and mortgage effects.Moreover,the improvement effect of real estate investment in manufacturing enterprises on their leverage ratio is more significant in non-state-owned enterprises and small enterprises.After distinguishing between long-term leverage and short-term leverage,the improvement effect of real estate investment in manufacturing enterprises on corporate leverage is reflected in the long-term leverage.At the same time,it was found that the improvement significantly increased the financial risk of the enterprise.This article proposes that enterprises should increase research and development innovation to promote high-quality development and the government regulatory authorities should improve a series of policies to avoid manufacturing enterprises blindly investing in real estate,which leads to“hollowing out of enterprises”.