政治關(guān)聯(lián)對房企的融資效應(yīng)研究
發(fā)布時(shí)間：2018-10-14 16:16
【摘要】：2010年，房地產(chǎn)投資在GDP中占比超過13%，成為我國投資型經(jīng)濟(jì)的支柱產(chǎn)業(yè)之一。作為典型的資金密集型行業(yè)，房地產(chǎn)企業(yè)融資來源中過半來自銀行貸款。我國正處于經(jīng)濟(jì)轉(zhuǎn)軌時(shí)期，地方政府在市場資源配置發(fā)揮非常大的作用，控制著信貸、土地、補(bǔ)貼等稀缺資源�，F(xiàn)有研究表明，房企可通過建立政治關(guān)聯(lián)獲取信貸資源，，而地方政府則借助房企的發(fā)展來提高當(dāng)?shù)谿DP、促進(jìn)就業(yè)、補(bǔ)充財(cái)政收入從而實(shí)現(xiàn)政治目的。本文以房企與地方政府之間天然的互惠交易機(jī)制為基礎(chǔ)，研究政治關(guān)聯(lián)對房企的融資效應(yīng)，探討政治關(guān)聯(lián)的影響路徑及其在金融危機(jī)前后發(fā)生的變化。 本文選取2005-2011年滬深兩市A股市場上的63家房地產(chǎn)企業(yè)為研究對象，共441個(gè)觀測值，借助EVIEWS統(tǒng)計(jì)分析軟件進(jìn)行實(shí)證分析。按照不同任職背景與不同性質(zhì)的高管這兩類標(biāo)準(zhǔn)將政治關(guān)聯(lián)劃分為五類，以不同類型的政治關(guān)聯(lián)為基礎(chǔ)分別對國有房企樣本與民營房企樣本進(jìn)行回歸，分析其對企業(yè)的融資效應(yīng)，即貸款額度、貸款期限與貸款成本三個(gè)指標(biāo)。結(jié)果發(fā)現(xiàn)，房地產(chǎn)企業(yè)的政治關(guān)聯(lián)能帶來正向的融資效應(yīng)，即更高的貸款額度、更長的貸款期限與更低的貸款成本，但只有在民企中表現(xiàn)顯著。此外，三類不同任職背景的政治關(guān)聯(lián)產(chǎn)生的融資效應(yīng)是有差異的，其中人大代表/政協(xié)委員類的影響最顯著，政府官員/軍官類的次之，行業(yè)協(xié)會(huì)任職類最弱；兩類不同高管的政治關(guān)聯(lián)中獨(dú)立董事類的政治關(guān)聯(lián)比內(nèi)部董事類的表現(xiàn)更明顯。研究還發(fā)現(xiàn)，金融危機(jī)前后，政治關(guān)聯(lián)對房企的影響顯著性水平發(fā)生改變。其中，政治關(guān)聯(lián)對國企的融資效應(yīng)總體呈現(xiàn)下降趨勢，民企與之相反，五類政治關(guān)聯(lián)中人大代表/政協(xié)委員類與內(nèi)部董事類的對提高民企的顯著性水平作用最大。
[Abstract]:In 2010, real estate investment accounted for more than 13% of GDP, and became one of the pillar industries of China's investment-oriented economy. As a typical capital-intensive industry, more than half of the financing sources for real estate companies come from bank loans. Our country is in the economic transition period, the local government in the market resources allocation plays a very big role, controls the credit, the land, subsidizes and so on scarce resources. Current studies show that housing enterprises can obtain credit resources by establishing political connections, while local governments can improve local GDP, to promote employment and supplement fiscal revenue to achieve political goals. Based on the natural reciprocal transaction mechanism between housing enterprises and local governments, this paper studies the financing effects of political connections on housing enterprises, and probes into the influence paths of political connections and their changes before and after the financial crisis. In this paper, 63 real estate enterprises in Shanghai and Shenzhen A-share markets from 2005 to 2011 were selected as the research objects, and 441 observations were made with the help of EVIEWS statistical analysis software. According to the two standards of different background and different nature of senior executives, the political association is divided into five categories. Based on the different types of political association, the samples of state-owned housing enterprises and private housing enterprises are regressed respectively. This paper analyzes its financing effect on enterprises, that is, loan quota, loan term and loan cost. The results show that the political connection of real estate enterprises can bring positive financing effect, that is, higher loan quota, longer loan term and lower loan cost, but only in private enterprises. In addition, there are differences in the financing effects of the three kinds of political connections between different political backgrounds, among which the NPC deputies / CPPCC members have the most significant influence, the government officials / military officers are the second, and the trade associations are the weakest; The political connection of independent director is more obvious than that of internal director. The study also found that, before and after the financial crisis, the impact of political connections on housing companies changed significantly. Among them, the financing effect of political association on state-owned enterprises shows a downward trend, and private enterprises, on the contrary, among the five types of political association, the NPC deputies / CPPCC committee members and internal directors have the most significant effect on improving the level of the private enterprises.
【學(xué)位授予單位】：華中科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F299.233.4
本文編號(hào)：2270973
[Abstract]:In 2010, real estate investment accounted for more than 13% of GDP, and became one of the pillar industries of China's investment-oriented economy. As a typical capital-intensive industry, more than half of the financing sources for real estate companies come from bank loans. Our country is in the economic transition period, the local government in the market resources allocation plays a very big role, controls the credit, the land, subsidizes and so on scarce resources. Current studies show that housing enterprises can obtain credit resources by establishing political connections, while local governments can improve local GDP, to promote employment and supplement fiscal revenue to achieve political goals. Based on the natural reciprocal transaction mechanism between housing enterprises and local governments, this paper studies the financing effects of political connections on housing enterprises, and probes into the influence paths of political connections and their changes before and after the financial crisis. In this paper, 63 real estate enterprises in Shanghai and Shenzhen A-share markets from 2005 to 2011 were selected as the research objects, and 441 observations were made with the help of EVIEWS statistical analysis software. According to the two standards of different background and different nature of senior executives, the political association is divided into five categories. Based on the different types of political association, the samples of state-owned housing enterprises and private housing enterprises are regressed respectively. This paper analyzes its financing effect on enterprises, that is, loan quota, loan term and loan cost. The results show that the political connection of real estate enterprises can bring positive financing effect, that is, higher loan quota, longer loan term and lower loan cost, but only in private enterprises. In addition, there are differences in the financing effects of the three kinds of political connections between different political backgrounds, among which the NPC deputies / CPPCC members have the most significant influence, the government officials / military officers are the second, and the trade associations are the weakest; The political connection of independent director is more obvious than that of internal director. The study also found that, before and after the financial crisis, the impact of political connections on housing companies changed significantly. Among them, the financing effect of political association on state-owned enterprises shows a downward trend, and private enterprises, on the contrary, among the five types of political association, the NPC deputies / CPPCC committee members and internal directors have the most significant effect on improving the level of the private enterprises.
【學(xué)位授予單位】：華中科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F299.233.4
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