【摘要】 本文基于实体与非实体企业间信贷配置的视角对房价上涨影响实体企业债务融资成本进行了实证研究。研究结果表明:房价上涨促使实体企业信贷资源配置相对减少,非实体企业信贷资源配置相对增加;房价上涨显著抬高了实体企业的债务融资成本,但对非实体企业债务融资成本影响并确定;进一步,利用Sobel-Goodman的中介效应检验方法,证实了房价上涨促使信贷资源过多向非实体企业倾斜是造成实体企业债务融资成本上升的主要原因。本文丰富了房价波动与企业投融资的相关研究,对于我们理解金融服务实体经济的微观传导机制具有一定的借鉴意义。更多还原

【Abstract】 Based on the background of capital cost decreasing of in financial industry, this paper studies the impact of house prices rising on the financing cost of debt for real enterprises from the perspective of credit resource allocation. The results show that house price rising leads to the credit resource allocation decreasing for real enterprises and credit resource allocation increasing for non-real enterprises; house price rising significantly increases the financing cost of debt for real enterprises, but the impact on nonreal enterprises isn’t clear. Further, this paper uses Sobel-Goodman’s intermediary effect test method, and verifies that the credit resources allocation is an important transmission mechanism of the impact of house prices rising on the financing cost of debt for real enterprises. This paper enriches the research on house price fluctuation and enterprises investment and financing, and has a certain reference significance for us to understand the micro-transmission mechanism of financial serving real economy.更多还原