市场情绪、债务融资与房地产企业过度投资

财经论丛 ›› 2019, Vol. 35 ›› Issue (10): 44-52.

市场情绪、债务融资与房地产企业过度投资

陈文强¹, 陆嘉玮²

1.浙江财经大学会计学院,浙江杭州 310018;
2.浙江大学管理学院,浙江杭州 310058

收稿日期:2019-03-06 出版日期:2019-10-10 发布日期:2019-10-09
作者简介:陈文强(1989-),男,云南曲靖人,浙江财经大学会计学院讲师,博士;陆嘉玮(1988-),女,浙江杭州人,浙江大学管理学院博士生。
基金资助:
教育部人文社科青年基金项目(18YJC630010);浙江省自然科学青年基金项目(LQ19G020007)

Market Sentiment, Debt Financing and the Over-investment of Real Estate Listed Companies

CHEN Wenqiang¹, LU Jiawei²

1.School of Accounting, Zhejiang University of Finance & Economics, Hangzhou 310018, China;
2.School of Management, Zhejiang University, Hangzhou 310058, China

Received:2019-03-06 Online:2019-10-10 Published:2019-10-09

摘要/Abstract

摘要： 基于2005~2017年中国A股上市房地产公司的微观数据,将市场情绪、债务融资和企业过度投资纳入一个统一的分析框架,实证考察了市场情绪对房地产企业过度投资的影响及债务融资的中介作用机制。研究结果发现:高涨的市场情绪加剧了房地产企业的过度投资;伴随着市场情绪的攀升,房地产企业的债务融资规模显著增加;债务融资在市场情绪和房地产企业过度投资之间起着部分中介作用,即高涨的市场情绪通过增加房地产企业债务融资规模的途径激化了其过度投资行为。本文丰富了行为金融理论在公司投资领域的研究,对治理房地产市场投资过热和房地产企业过度投资具有重要的实践指导意义。

关键词: 市场情绪, 债务融资, 过度投资, 中介作用, 上市房地产企业

Abstract: Using the micro data of Chinese A-share listed real estate companies from 2005 to 2017, this study takes market sentiment, debt financing and over-investment of corporates into a unified analysis framework. Specifically, this study investigates the effect of market sentiment on over-investment of real estate companies and the mediating effect of debt financing. The results show that:the market sentiment is positively correlated with over-investment, and the soaring market sentiment aggravates the over-investment of real estate enterprises. With the upsurge of market sentiment, the debt financing scale of enterprises significantly increased. Debt financing plays an mediating role between the market sentiment and the over-investment of real estate enterprises, that is, the market sentiment intensifies the over-investment of real estate enterprises by increasing the debt financing scale of real estate enterprises. This paper enriches the research of behavioral finance theory in the field of corporate investment, and has important practical implications for the governance of overheating in real estate market and over-investment in real estate enterprises.

Key words: Market Sentiment, Debt Financing, Over-investment, Mediating Effect, Listed Real Estate Companies

中图分类号:

F270

陈文强, 陆嘉玮. 市场情绪、债务融资与房地产企业过度投资[J]. 财经论丛, 2019, 35(10): 44-52.

CHEN Wenqiang, LU Jiawei. Market Sentiment, Debt Financing and the Over-investment of Real Estate Listed Companies[J]. , 2019, 35(10): 44-52.

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