【摘要】 基于2003~2014年中国A股上市房地产企业的微观数据,从商业银行信贷配置偏好与贷后债务治理两个视角考察了商业银行信贷对房地产企业投资行为的影响机制和作用效果。研究结果表明,商业银行信贷配置更偏爱风险承担水平高的房地产企业,且两者间的敏感度随土地价格上升而增加;银行贷款规模与房地产企业过度投资程度显著正相关,且银行信贷对投资不足行为也没有显著缓解作用;高风险偏好的信贷配置行为与失效的债务治理机制是商业银行信贷助推房地产投资过热的症结所在。更多还原

【Abstract】 Based on the microdata of China’ s A-share listed real estate enterprises from 2003 to 2014,this paper explores the mechanisms of influence and action on real estate enterprises’ investment behaviors exerted by commercial bank credit from the perspectives of commercial banks’ credit allocation preference and post-loan debt governance. The research findings can be summarized as follows: 1) commercial bank credit allocation has a preference for real estate enterprises with a high risk-taking level,and the degree of sensitiveness between them increases as the land prices rise; 2) bank loan scale has a significant positive correlation with the degree of overinvestment of real estate enterprises,and bank credit has no significant mitigative effect on underinvestment behaviors; 3) the credit allocation behaviors of high risk appetite and failed debt governance mechanism are the crucial reasons why commercial bank credit aggravates overinvestment in real estate.更多还原