房地产价格对企业投资结构的影响研究
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引用本文:周建军1,2,周雅婧1,董丹亚1.房地产价格对企业投资结构的影响研究[J].财经理论与实践,2023,(6):43-50
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周建军1,2,周雅婧1,董丹亚1 (1.湘潭大学 商学院湖南 湘潭 4111052.湖南大学 金融与统计学院湖南 长沙 410079) 
中文摘要:依据我国2009—2020年微观企业面板数据,运用固定效应模型,考量房地产价格对企业投资结构的影响。结果显示,房地产价格对企业金融资产投资占比正向影响显著,对企业实体资产投资占比负向影响显著;房地产价格通过融资约束效应、劳动力成本效应与套利动机效应对企业投资结构产生影响。与西部地区企业相比,房地产价格对东部、中部地区的企业投资结构影响更显著;与非国有企业和中小型企业相比,房地产价格上涨对国有企业和大型企业金融资产投资占比的促进作用更弱。鉴于此,应合理调控房地产价格,优化企业融资环境和投资结构,促进企业高质量发展。
中文关键词:房地产价格  企业投资结构  高质量发展
 
Study of the Impact of Real Estate Prices on the Investment Structure of Enterprises
Abstract:Based on China’s micro enterprise panel data from 2009 to 2020, the fixed effect model is applied to consider the impact of real estate price on enterprise investment structure. The results show that real estate prices have a significant positive impact on the proportion of corporate financial asset investment and a significant negative impact on the proportion of corporate physical asset investment. Real estate prices have an impact on the investment structure of enterprises through financing constraints, labor cost effects, and arbitrage motivation effects. Compared to enterprises in the western region, real estate prices have a more significant impact on the investment structure of enterprises in the eastern and central regions. Compared to non-state-owned enterprises and SMEs, the promotion effect of rising real estate prices on the proportion of financial asset investment by state-owned enterprises and large enterprises is weaker. In view of the research results, real estate prices should be reasonably regulated to optimize the financing environment and investment structure of enterprises and to promote high-quality development of enterprises.
keywords:real estate prices  investment structure of enterprises  high-quality development
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