房地产企业地位对跨区域投资行为的影响研究

Effect of Real Estate Enterprises Status on Their Cross-regional Investment Behavior

本文将社会经济学中的企业地位引入到房地产市场中,用来衡量房地产企业间的个体差异,并研究企业地位对跨区域投资程度和跨区域投资模式的影响。研究发现,房地产企业地位显著影响跨区域投资行为。企业地位越高,其跨区域投资程度随之越强,且在跨区域投资时越倾向于联合投资模式。此外,经济政策不确定性的增大,会强化房地产企业地位与跨区域投资程度间的正向关系,同时弱化房地产企业地位与跨区域联合投资模式的正向关系以及房地产企业地位与跨区域独立投资模式的负向关系。房地产企业地位对跨区域投资行为的影响仅在民营房地产和投资市场制度环境好的情况下有效。将企业性质以及投资区域制度环境二者结合同时考虑的情况下发现,仅有民营房地产企业选择在制度环境好的区域开展跨区域投资时,企业地位高会正向影响跨区域投资程度,且其更倾向于选择联合跨区域投资模式。若企业性质为国有企业或者目标区域制度环境差时,企业地位对跨区域投资程度和跨区域投资模式的影响均不显著。

This paper introduces the‘enterprise status’concept of social economics into the real estate market to measure the individual differences among real estate enterprises,and studies the impact of enterprises'status on the extent and pattern of their cross-regional investment.The results show that the status of real estate enterprises significantly affects their cross-regional investment behavior.The higher status a real estate enterprise has,to a larger extent it would make cross-regional investments and the more inclined it is to join hands with others to make such investments.In addition,the increase of economic policy uncertainty will strengthen the positive relationship between the status of real estate enterprises and the degree of their cross-regional investment,while weakening the positive relationship between their status and their cross-regional co-investment,as well as the negative relationship between their status and their independent cross-regional investment.The effect of real estate enterprises'status on their cross-regional investment behavior is effective only under the following conditions:the real estate enterprises are private-owned and the investment market operates under a sound regulatory system.If both the nature of the real estate enterprises ownership and the regulatory system of investment destination are considered,it can be found that when only private real estate enterprises choose to carry out cross-regional investment in the region with a sound regulatory system,the high status of enterprises will positively affect the extent of cross-regional investment,and they are more inclined to choose a cross-regional co-investment model.If the real estate enterprises are state-owned or the regulatory system of investment destination is not sound enough,the influence of enterprises'status on the extent and pattern of their cross-regional investment is not significant.