| 信贷紧缩对我国房地产上市公司目标资本结构的影响 |
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| 引用本文： | 张 红,杨 飞.信贷紧缩对我国房地产上市公司目标资本结构的影响[J].软科学,2014(4):1-5. |
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| 作者姓名： | 张 红 杨 飞 |
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| 作者单位： | ;1.清华大学房地产研究所 |
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| 摘 要： | 以信贷紧缩作为反映资金供给变化的外生冲击,以有息资产负债率作为资本结构的代表指标,基于部分调整模型,引入双重差分变量,结合20002011年在中国境内上市的91家房地产公司的数据,研究信贷紧缩对我国房地产上市公司目标资本结构的影响。实证结果表明:信贷紧缩发生时,房地产上市公司目标有息资产负债率将降低;相比大公司、国有公司和抵押担保能力强的公司,小公司、民营公司以及抵押担保能力弱的公司在信贷紧缩期间,其目标有息资产负债率降低幅度更大。
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| 关 键 词： | 信贷紧缩 目标资本结构 房地产上市公司 |
Impact of Credit Squeeze on Target Capital Structure of Real Estate Listed Companies |
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| Abstract: | Credit squeeze is utilized as an exogenous shock reflecting the variation of capital supply and interest-bearing debt ratio is proposed as representative indicator for capital structure. With the data from 91 real estate listed companies in China during 2000 ~ 2011,an econometric model based on standard partial adjustment model and difference-in-differences variable is introduced to empirically analyze the impact of credit squeeze on target capital structure for real estate listed companies. The results show that the target interest-bearing debt ratio of real estate listed companies will decrease when credit squeeze occurs; the target interest-bearing debt ratio in small companies,Private-owned Enterprises and the companies with weak mortgage capability decrease more than those in large companies,State-owned Enterprises and the companies with strong mortgage capability. |
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| Keywords: | credit squeeze target capital structure real estate listed companies |
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