本文選題：房地產(chǎn)企業(yè)　切入點(diǎn)：貨幣政策　出處：《安徽工業(yè)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：自1998年我國(guó)房地產(chǎn)市場(chǎng)化改革以來，經(jīng)過短短十幾年的快速發(fā)展，房地產(chǎn)行業(yè)逐漸成為促進(jìn)我國(guó)經(jīng)濟(jì)發(fā)展的支柱產(chǎn)業(yè)，房地產(chǎn)價(jià)格的波動(dòng)對(duì)宏觀經(jīng)濟(jì)的影響也越發(fā)明顯。隨著房地產(chǎn)經(jīng)濟(jì)在國(guó)民經(jīng)濟(jì)中的重要性日益凸顯，對(duì)房地產(chǎn)市場(chǎng)的調(diào)控也備受人們的關(guān)注，特別是近年來房?jī)r(jià)的居高不下引發(fā)了一系列經(jīng)濟(jì)、社會(huì)問題，也引起了政府部門和學(xué)術(shù)界的高度重視。 我國(guó)房地產(chǎn)行業(yè)是一個(gè)典型的資金密集型行業(yè)，具有資金需求量大、對(duì)外部融資方式依賴重的特點(diǎn)。本文在對(duì)相關(guān)文獻(xiàn)進(jìn)行回顧和綜述的基礎(chǔ)上，根據(jù)我國(guó)房地產(chǎn)市場(chǎng)自身特點(diǎn)，從微觀層面研究貨幣政策對(duì)于我國(guó)房地產(chǎn)企業(yè)經(jīng)濟(jì)活動(dòng)的影響，通過分析房地產(chǎn)上市公司資本結(jié)構(gòu)、信貸資源配置效率等指標(biāo)在貨幣政策變動(dòng)中的反應(yīng)，探究貨幣政策在房地產(chǎn)市場(chǎng)的調(diào)控效應(yīng)。 為了探究貨幣政策對(duì)房地產(chǎn)企業(yè)調(diào)控效應(yīng)，為了全面探究房地產(chǎn)企業(yè)“不差錢”的根源，我們首先構(gòu)建房地產(chǎn)上市公司的資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整模型，采用系統(tǒng)廣義矩估計(jì)（SYS-GMM）方法進(jìn)行參數(shù)估計(jì)，研究表明貨幣政策能夠有效地影響房地產(chǎn)企業(yè)融資行為，從而間接調(diào)控房地產(chǎn)市場(chǎng)的運(yùn)行，拒絕了那種認(rèn)為中國(guó)房地產(chǎn)市場(chǎng)貨幣政策完全無效的結(jié)論。其次，我們將雙重差分方法（Difference-in-Difference）引入資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整模型，考量了不同企業(yè)特質(zhì)對(duì)貨幣政策調(diào)控效應(yīng)的影響，研究表明公司規(guī)模、擔(dān)保能力、國(guó)有化程度以及融資約束能夠顯著地影響貨幣政策在房地產(chǎn)市場(chǎng)的傳導(dǎo)。最后，，我們?cè)谇拔幕A(chǔ)上進(jìn)一步分析了貨幣政策對(duì)于房地產(chǎn)企業(yè)信貸資源配置效率的影響。最終我們得出了過熱的房地產(chǎn)市場(chǎng)使得依靠增加短期融資成本的貨幣政策無法磨滅企業(yè)家追逐利益的野心，房地產(chǎn)企業(yè)依然保持較高的負(fù)債水平以便為新的投資活動(dòng)提供資金支持。但由于緊縮的貨幣政策顯著地降低了房地產(chǎn)企業(yè)的信貸資源配置效率，使得逐利資本開始向其他經(jīng)濟(jì)體轉(zhuǎn)移，從而有效的抑制了房地產(chǎn)市場(chǎng)的過熱。 本文研究有助于加深政府對(duì)貨幣政策在房地產(chǎn)市場(chǎng)有效性的認(rèn)識(shí)，引起決策者對(duì)貨幣政策效果在不同企業(yè)主體間差異性的重視，為政府制定相應(yīng)貨幣政策以應(yīng)對(duì)現(xiàn)行房地產(chǎn)市場(chǎng)偏熱、房?jī)r(jià)偏高提供一定的參考。
[Abstract]:Since 1998, China's real estate market reform, after a short decade of rapid development, the real estate industry has gradually become a pillar industry to promote the economic development of our country. With the increasing importance of the real estate economy in the national economy, the regulation of the real estate market has attracted people's attention. Especially in recent years, the high housing prices have caused a series of economic and social problems, but also caused great attention by the government and academia. China's real estate industry is a typical capital-intensive industry with the characteristics of large capital demand and heavy dependence on external financing methods. According to the characteristics of China's real estate market, this paper studies the influence of monetary policy on the economic activities of Chinese real estate enterprises at the micro level, and analyzes the capital structure of listed real estate companies. The response of credit resource allocation efficiency in the change of monetary policy is discussed in order to explore the regulatory effect of monetary policy in real estate market. In order to explore the effect of monetary policy on real estate enterprises and the root of "good money", we first build a dynamic adjustment model of capital structure of listed real estate companies. The parameter estimation is carried out by using the system Generalized moment estimation (SYS-GMMM) method. The research shows that monetary policy can effectively affect the financing behavior of real estate enterprises and indirectly regulate the operation of the real estate market. This paper rejects the conclusion that monetary policy in China's real estate market is completely ineffective. Secondly, we introduce the dual difference method (Difference-in-Differencein) into the dynamic adjustment model of capital structure, and consider the effects of different enterprise characteristics on the monetary policy regulation and control. Research shows that the size of the firm, the ability to guarantee, the degree of nationalization and the financing constraints can significantly affect the transmission of monetary policy in the real estate market. On the basis of the above, we further analyze the influence of monetary policy on the efficiency of credit resource allocation in real estate enterprises. Finally, we conclude that the overheated real estate market makes monetary policy which depends on increasing the cost of short-term financing no longer exist. The law obliterates the ambition of entrepreneurs to pursue interests, Real estate companies still maintain high levels of debt to fund new investment activities. But tight monetary policy has significantly reduced the efficiency of credit allocation for real estate companies. So that the profit-driven capital began to transfer to other economies, thus effectively curb the overheating of the real estate market. This study is helpful to deepen the government's understanding of the effectiveness of monetary policy in the real estate market, and to arouse the attention of policy makers to the difference of monetary policy effect among different enterprises. It provides some reference for the government to formulate the corresponding monetary policy to deal with the current hot real estate market and high house prices.
【學(xué)位授予單位】：安徽工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F299.233.4;F822.0

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