土地升值挤出了企业投资吗？——来自中国制造业企业的证据
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| Title | Does land price inflation “Squeeze out” Enterprise’s investment?——Evidence from Chinese manufacture enterprise
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| 作者 | 张路 杨光 |
| Author | Zhang Lu and Yang Guang |
| 作者单位 | 首都经贸大学金融学院;南开大学经济学院 |
| Organization | Capital University of Economics and Business;Nankai University |
| 作者Email | zhanglu_nk@126.com；yangg@nankai.edu.cn |
| 中文关键词 | 投资率；融资约束；土地价格 |
| Key Words | Investment Rate; Financial Constraint; Land Price |
| 内容提要 | 本文研究了土地资产升值对制造业企业的融资、投资行为的影响。我们发现土地的快速升值会导致制造业企业的投资率下降，并且其传导机制并非传统理论所强调的、反映金融摩擦的“抵押效应”，而是企业持有土地带来的“资源再分配”效应。在理论方面，本文通过构建一个企业面临预算约束时的风险资产选择模型，证明了土地收益越高，企业越倾向于持有更多的土地资产；在实证方面，本文基于1999年-2007年的制造业企业数据进行分析，发现企业土地资产的升值并不会增加信贷融资额，却会显著的降低企业的固定资产投资率，这证实了土地“资源再配置效应”的存在。本文的研究结论对我国制定制造业、房地产业的相关政策以及治理资金“脱实向虚”等问题具有重要的理论和现实意义。 |
| Abstract | This article study the impact of rapid growth of land price on manufacture enterprise’s external finance and investment. We find that the increase of land asset value due to housing price growth do reduce enterprise’s investment rate, through a “Relocation Channel” of firm land holding, instead of “Collateral Channel” due to financial friction. Specifically, in theoretical section, we construct a risk asset portfolio-choice model of enterprise which encounter financial constraint, and prove that emprise prefer to hold more land asset during real estate boom. Simulated result demonstrate “averse U” shape relationship between profit from real estate price growth and investment rate. In empirical section, based on the firm-level data from 1999-2007, we find land asset value inflation didn’t not help enterprises to obtain more loan, but lower the enterprises’ investment rate significantly. This result support the existence of “Relocation Channel” in china but not the “Collateral Channel”. Our conclusion has important implication for formulating industrial policy for manufacture sector and handling the “escape to virtual economy” problem. |
| 文章编号 | WP1283 |
| 登载时间 | 2018-06-28 |
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