产品市场竞争、公司治理与企业房地产投资——来自A股上市公司的经验证据

通过研究在产品市场竞争与公司治理不同情境中企业投资房地产的经济后果，发现房地产投资对公司市场业绩和会计业绩均存在负向影响。这种影响在竞争性行业中更加明显，并随着治理水平的下降逐渐加强。分类研究显示，在行业竞争、公司治理水平均较低或较高的情况中，负向影响较小；其他中间状态下，负向影响显著。房地产投资对会计业绩的改善效应仅存在于产品市场竞争激烈且治理较差的环境中，与之相伴的是市场业绩的显著恶化。当行业竞争激烈时，中等密集度投资能够获得会计业绩的改善，但随着密集度或投资期的增加，转变为持续恶化效应。这些结论意味着，产品市场竞争与规范的公司治理能够约束企业无效的房地产投资。

Product Market Competition,Corporate Governance and Real Estate Investment-Empirical Evidence from Chinese Listed Firms

This paper researches on the relation between real estate investment and performance based on the data of Chinese listed firms from 2007 to 2015. It is found that that the companies who are with low industry competition or poor governance tend to invest real estate, and their investment intensity is high. In general, the real estate investment will damage the company's market performance (Tobin's Q) and accounting performance (ROA), but it is not obvious in the non-competitive industries. The negative impacts of real estate investment gradually disappear with the improvement of governance level in the competitive industries. The classification studies show that there is a U-shaped relationship. In the case of lower or higher corporate competition or corporate governance, the negative impacts on market performance and accounting performance are small. In other intermediate states, the negative impact is significant. The improvement of accounting performance is only found in the highly competitive product market and poor governance environment accompanied by a significant deterioration in market performance.