本文關(guān)鍵詞： 房地產(chǎn)價格 企業(yè)投資規(guī)模 抵押效應(yīng) 擠出效應(yīng) 融資約束　出處：《企業(yè)經(jīng)濟(jì)》2017年08期 　論文類型：期刊論文

【摘要】：本文以Iacoviello(2005)模型為框架,探討了房價上漲產(chǎn)生的"抵押效應(yīng)"和"擠出效應(yīng)",并利用2007-2014年中國上市公司的數(shù)據(jù)進(jìn)行經(jīng)驗(yàn)驗(yàn)證。結(jié)論表明:對于融資約束較強(qiáng)的民營企業(yè)而言,隨著房價上漲,抵押品的價值會增加,使其更容易獲得貸款從而擴(kuò)大投資,即"抵押效應(yīng)";而對于融資約束較弱的國有企業(yè)而言,一方面"抵押效應(yīng)"并不明顯,另一方面由于民營企業(yè)的投資增加提高了資本品的價格,從而擠壓了國有企業(yè)的投資規(guī)模,即"擠出效應(yīng)"。這些結(jié)論帶來以下政策啟示:避免房價的大幅震蕩有利于經(jīng)濟(jì)的平穩(wěn)發(fā)展;降低企業(yè)的融資約束可以降低經(jīng)濟(jì)對房地產(chǎn)的依賴;抑制投機(jī)需求有利于防止房價過快上漲。
[Abstract]:Based on the Iacovielloy 2005) model, this paper discusses the "mortgage effect" and "crowding-out effect" caused by the rise of house prices, and uses the data of Chinese listed companies from 2007 to 2014 to carry out empirical verification. The conclusion shows that: for private enterprises with strong financing constraints, As house prices rise, the value of collateral increases, making it easier for them to access loans to expand their investments, known as the "mortgage effect", while for state-owned enterprises with weaker financing constraints, the "mortgage effect" is not obvious. On the other hand, the increase in investment by private enterprises has increased the price of capital goods, thus squeezing the scale of investment of state-owned enterprises. That is, "crowding out effect". These conclusions bring the following policy implications: avoiding large shocks in house prices is conducive to the steady development of the economy, reducing the financing constraints of enterprises can reduce the dependence of the economy on real estate; Curbing speculative demand helps prevent house prices from rising too fast.
【作者單位】： 上海商學(xué)院商務(wù)經(jīng)濟(jì)學(xué)院;
【基金】：國家自然科學(xué)基金項(xiàng)目“產(chǎn)業(yè)動態(tài)發(fā)展視角下貿(mào)易政策與產(chǎn)業(yè)政策的協(xié)調(diào)機(jī)制與中國實(shí)踐”(項(xiàng)目編號:71573171) 上海市哲學(xué)社會科學(xué)青年項(xiàng)目“利益集團(tuán)、貿(mào)易保護(hù)與產(chǎn)能過�！�(項(xiàng)目編號:2016EJB001)
【分類號】：F299.23;F832.51

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