摘要
以2008—2018年A股上市房地产公司为样本,研究影响中国房地产企业杠杆率的因素,结果发现,一是中国房地产企业杠杆率偏高且远高于其他行业。二是微观层面变量对中国房地产企业杠杆率存在一定的解释力,宏观环境因素会对微观变量产生影响。三是通过实证研究发现,房地产企业杠杆率与其公司规模、非债务税盾和利率正相关,而与公司成长性及其赢利能力无关。四是将房地产企业按照规模分为大企业与小企业后发现,利率和非债务税盾对大企业杠杆率与小企业杠杆率的影响有一定的差异性。
To study the factors that affect the leverage ratio of China’s real estate enterprises by taking the A-share listed real estate company in 2008-2018 as a sample,and the results The first is that the leverage ratio of China’s real estate enterprises is high and far higher than the other The second is that the micro-level variable has certain explanatory power on the leverage ratio of the real estate enterprise in China,and the macro-environmental factors will produce the micro-variable The third is to find that the leverage ratio of the real estate enterprise is related to the scale of the company,the non-debt tax shield and the interest rate,and it is related to the growth and profitability of the company.The fourth is to divide the real estate enterprises into large enterprises and small enterprises according to the scale,and the effect of interest rate and non-debt tax shield on the leverage ratio of large enterprises and the leverage ratio of small enterprises has a certain difference opposite sex.
作者
熊俊宇
XIONG Jun-yu(Shanghai University of science and Technology,Shanghai 200237,China)
出处
《经济研究导刊》
2019年第29期61-63,共3页
Economic Research Guide
关键词
房地产企业
去杠杆
影响因素
面板数据
real estate enterprise
delever
influence factor
panel data
