摘要
研究上市房企购地行为与其资本市场表现的关系,有助于上市房企进行市值管理以及资本市场投资者评价、选择上市企业。该文以中国A股上市房企为研究对象,通过回归分析研究房企在2009—2021年间购地数和进入城市数等购地行为对企业投资价值和风险的影响。研究结果表明:整个研究期间,上市房企投资价值与进入城市数之间存在倒U形关系,一定范围内企业投资价值随着进入城市数的增多而提高;在2017年以来的市场下行期,进入城市数对房企投资价值的提高效果降低,同时对房企风险的提高效果增大,表明资本市场对房企区域扩张型购地的反应发生了变化;购地数对房企资本市场表现的影响不及进入城市数显著;非国有、小型或上市时长较短房企的资本市场表现受其购地行为的影响更显著。建议房企关注资本市场的反馈并及时调整购地策略;资本市场投资者关注区域深耕型房企;政府要重视市场结构变化,从关注房企投资需求向关注最终空间使用需求的方向转变。
[Objective] High-quality development and exploration of a new development model for the real estate industry has recently attracted considerable attention.Scale expansion and relevant land-buying are essential components of the development model.Much of the literature investigating land-buying behaviors of real estate firms has focused on the number of lands bought rather than the number of cities entered,which is also an important aspect.Besides buying lands,listed real estate firms must concern the market value management related to financing and investors' valuation.Therefore,this paper investigates the relationship between the land-buying behaviors of listed real estate firms and their capital market performance.Investors can build more efficient stock portfolios and real estate firms can improve land-buying strategies based on the results.[Methods] We employed regression analysis to estimate the influence of land-buying behaviors on the capital market performance of A-listed real estate firms.The data was primarily obtained from the CREIS and CSMAR databases,spanning from 2009 to 2021 and involving 87 firms.The model included the number of lands bought,cities entered,and other aspects of land-buying behaviors.Capital market performance was divided into two aspects:firm investment value and firm risk,which are represented using Tobin's Q and Beta coefficients,respectively.The model also controlled firm and manager characteristics,financial ratios,and market environment and employed the two-way fixed effect ordinary least squares(OLS) method.The heterogeneity effect on ownership,firm scale,and year of listing was explored using a regression on the subsample,while robustness testing was conducted by handling extreme values.Finally,we discussed a potential channel through which land-buying behaviors affected the capital market performance.[Results] The results show an inverted U-shaped relation between the firm investment value and number of cities entered;furthermore,the investment value increases when more cit
作者
陈子潇
梁尧
刘洪玉
CHEN Zixiao;LIANG Yao;LIU Hongyu(Department of Construction Management,Tsinghua University,Beijing 100084,China)
出处
《清华大学学报（自然科学版）》
EI
CAS
CSCD
北大核心
2024年第2期181-188,共8页
Journal of Tsinghua University(Science and Technology)
基金
国家自然科学基金面上项目(72274102)。
关键词
上市房企
购地行为
资本市场表现
企业投资价值
企业风险
listed real estate firms
land-buying behavior
capital market performance
firm investment value
firm risk
