基于中国房地产上市公司的负债融资治理效应实证研究

摘要

It draw Richardson investment model to measure the relationship between debt financing and overinvestment of Chinese listed real estate companies based on samples of listed real estate companies in Shanghai and Shenzhen A-shares stock market during 2008-2013 in this paper.After that,it analyzed re-al estate investment exists in the listed company in China ,the relationship between debt finance and over-investment ,and found that debt may act as a disincentive to overinvestment as a whole .From the perspec-tive of debt term ,short-term loans have a strong refraining effect on overinvestment ,whereas the long-term loans have a weak effect .Therefore , strengthening the extent of commercial bank credit , shortening the debt maturity are conducive to inhibit the excessive investment behavior .%以沪深两市2008－2013年A股上市的房地产企业为样本，借鉴Richardson的过度投资模型，检验我国房地产上市公司债务融资与过度投资之间的关系。研究发现，我国房地产上市公司存在过度投资现象，债务融资可以有效抑制房地产企业的过度投资行为。从债务期限的角度分析，短期借款对过度投资的抑制作用较强，长期借款对过度投资的约束作用较弱。增强银行信贷的商业化程度、缩短债务期限，有利于抑制我国房地产企业的过度投资行为。