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	信贷紧缩对我国房地产上市公司目标资本结构的影响
	张红 ; 杨飞 ; ZHANG Hong ; YANG Fei
	2016-03-30 ; 2016-03-30
关键词	信贷紧缩 目标资本结构 房地产上市公司 credit squeeze target capital structure real estate listed companies F275.1 F299.233.4 F832.4
其他题名	Impact of Credit Squeeze on Target Capital Structure of Real Estate Listed Companies
中文摘要	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2000~2011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。; 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.
语种	中文 ; 中文
内容类型	期刊论文
源URL	[http://ir.lib.tsinghua.edu.cn/ir/item.do?handle=123456789/148572]
专题	清华大学
推荐引用方式 GB/T 7714	张红,杨飞,ZHANG Hong,等. 信贷紧缩对我国房地产上市公司目标资本结构的影响[J],2016, 2016.
APA	张红,杨飞,ZHANG Hong,&YANG Fei.(2016).信贷紧缩对我国房地产上市公司目标资本结构的影响..
MLA	张红,et al."信贷紧缩对我国房地产上市公司目标资本结构的影响".(2016).

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