上市房地产企业零杠杆现象影响因素研究

我国上市房地产企业存在债务保守融资策略的零杠杆现象。基于1992～2010年的报表数据,运用Logistic回归方法,探究与企业融资策略有关的资金来源、企业特征变量、宏观经济环境和宏观政策四个方面的影响因素与企业是否选择零杠杆融资之间的相关性。实证结果表明,当货币资金、短期借款、商业信用融资充足,股票上市融资充分时,上市房地产企业倾向于零杠杆融资决策。与非零杠杆企业相比,这样的企业通常规模小、有形资产少、成长性高,对宏观经济环境变化敏感。

The Determinants of the Phenomenon of Zero-Leverage Firms in the Listed Real Estate Industry

The phenomenon of zero-leverage firms in the real estate industry is attempted to interpret based on the data of annual report from 1992 to 2010. By logistic regression method the relationship between the chosen of zero-leverage finance and the four aspects has been investigated: funding sources, the enterprise characteristic variables, the macroeconomic environment and macroeconomic policy. The findings show that the listed real estate companies tend to be zero leveraged when they have high proportion of public financing and currency, short-term loans and commercial credit . Compared with non-zero-leverage firms, those firms are small, less tangible assets, high growth and sensitive to the change of the macroeconomic environment.