房地产上市公司融资模式对投资行为的影响
An Empirical Study on the Impact of Listed Real Estate Companies' Financing on Investment Behavior

借鉴Aivazianetal简化投资模型建立了融资模式对投资行为影响的理论模型，基于1998~2012年的面板数据，实证研究不同产权属性和不同规模房地产上市公司融资模式对投资行为的影响。研究发现：房地产上市公司的债务融资会促使投资增长，而股权融资会减少投资，内源性融资与投资行为的相关性并不显著；国有房地产上市公司的投资行为更加积极；大规模房地产上市公司受外部融资约束更强。为此，应完善房地产上市公司治理结构、拓宽融资渠道。
This paper, drawing on the Aivazianetal's simplified investment model, establishes the model of financing on investment behavior. Based on 1998~2012 panel data, The empirical study on the impact of debt financing, equity financing and internal financing on investment behavior of listed real estate companies of different ownership and different scales. The result shows that debt financing of listed real estate companies will promote the growth of investment. And equity financing can reduce investment. Internal financing is not correlated to investment behavior; Investment behavior of state-owned listed real estate companies is more positive; large scale listed real estate companies are stronger constraint by the external financing. Suggestions on perfecting corporate governance structure, expanding the financing tunnel of listed real estate companies are put forward in this paper.