企业属性与行业集中度对上市公司负债率的影响*--基于对2009-2013年中国上市公司的分析

本文以2009-2013年我国A股上市公司为样本,利用面板数据回归分析方法,以企业资产规模、盈利能力、固定资产比率、成长性和投资规模为控制变量,检验企业属性及行业集中度对上市公司负债率的影响。结果表明,国有企业的长期负债潜在风险较大,企业资产负债率及长期负债率均随行业集中度上升呈倒U型变化。在此基础上,本文提出放松民间资本限制、增设考核目标、拓宽企业股权融资渠道等建议。     

The Long-Run Elasticity of New Housing Supply in the United States: Empirical Evidence for 1950 to 1994

The long-run price elasticity for alternative specifications of new housing supply is estimated using U.S. annual data for 1950 through 1994. The basic model expresses residential construction as a linear function of new housing price and the prices of construction inputs. Long-run elasticities range from 1.6 to 3.7, suggesting that new housing supply is price elastic. Residential construction responds to both the real interest and expected inflation rates, but other construction cost variables perform poorly. However, the results are sensitive to the time-series processes underlying the variables. A modified model that expresses residential construction as a function of changes in input prices, rather than their levels, produces a long-run elasticity of about 0.8 and a significant inverse relationship between new housing supply and the construction wage rate.