住房周期与企业投资:国际公司层面的证据

IF 2.9 3区 经济学 Q1 ECONOMICS
Hyunduk Suh , Jin Young Yang
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引用次数: 0

摘要

关于房价变动如何影响企业的资本支出或研发,宏观金融文献提供了相互矛盾的观点。我们通过分析全面的国际企业级数据集来进一步探讨这一问题。我们使用独立于企业投资机会和信贷供应冲击的住房价格部分。结果支持抵押品渠道,因为住房价格与企业投资呈现正相关关系。与研发相比,这种抵押品渠道在资本支出方面更为明显,而且在房地产低迷时期,企业的信贷约束也会受到限制。然而,住房升值与研究与开发负相关,大规模的住房繁荣也不利于资本投资,这表明在这些阶段可能存在资源从生产部门向住房部门的重新分配。小型企业和投资机会较多的企业对房价的反应更为敏感。更依赖银行融资和抵押贷款的国家在资本支出方面表现出更大的抵押效应。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Housing cycle and firm investment: International firm-level evidence

The macro-finance literature provides conflicting views on how movements in housing price affect firms’ capital spending or R&D. We further explore this issue by analyzing a comprehensive international firm-level data set. We use the housing price component independent of firms’ investment opportunities and credit supply shocks. The results support the collateral channel as housing price and firm investment exhibit a positive relationship. This collateral channel is more distinct for capital expenditure than R&D, and in housing downturns when firms’ credit constraints bind. Nevertheless, housing appreciations are negatively associated with R&D and large housing booms are also detrimental to capital investment, which suggests a possible resource reallocation from the production sector to the housing sector during those phases. Small firms and firms with stronger investment opportunities respond more sensitively to housing price. Countries that rely more on bank financing and collateralized lending display a larger collateral effect in capital expenditure.

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来源期刊
CiteScore
4.70
自引率
9.40%
发文量
90
期刊介绍: The Journal of Asian Economics provides a forum for publication of increasingly growing research in Asian economic studies and a unique forum for continental Asian economic studies with focus on (i) special studies in adaptive innovation paradigms in Asian economic regimes, (ii) studies relative to unique dimensions of Asian economic development paradigm, as they are investigated by researchers, (iii) comparative studies of development paradigms in other developing continents, Latin America and Africa, (iv) the emerging new pattern of comparative advantages between Asian countries and the United States and North America.
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