房地产政策与中小企业融资约束:基于商品房限售政策的视角
Real Estate Policy and Financing Constraints of Small and Medium-sized Enterprises:A Perspective Based on the Housing Sales Restriction Policy
张烨宇 1高峰 2朱恒栋 3江婕4
作者信息
- 1. 大连理工大学经济管理学院
- 2. 清华大学经济管理学院
- 3. 华泰保兴基金
- 4. 北京师范大学经济与工商管理学院
- 折叠
摘要
本文使用新三板数据,以2017和2018年大量一二线城市出台商品房限售政策为事件点,利用双重差分法研究了房地产限售政策与中小企业融资约束之间的关系.研究发现,房地产限售政策能显著降低当地非房地产中小企业的融资约束,且这一现象在控制了当地房价因素后仍然显著.在渠道检验方面,本文引入地产到位资金变量,发现地产到位资金越高,当地非房企融资约束越高,因此限售政策能通过减少资金向楼市的流动降低非房企的融资约束.
Abstract
Using the data from the New Third Board,this paper takes the introduction of housing sales restriction policies in a large number of big cities in 2017 and 2018 as the event point,and employs the Difference-in-Differences method to investigate the relationship between housing sales restriction policies and financing constraints faced by small and medium-sized enterprises.The study finds that housing sales restriction policies can significantly reduce the financing constraints of local non-real-estate small and medium-sized enterprises,and this phenomenon remains significant after controlling local housing prices.In terms of channel testing,this paper introduces the variable of in-place real estate funds and finds that the higher the in-place funds,the higher the financing constraints of local non-real-estate enterprises.Therefore,the housing sales restriction policies can reduce the financing constraints of non-real-estate enterprises by reducing the flow of funds to the real estate market.
关键词
中小企业/房地产限售/融资约束Key words
Small and medium-sized enterprises/Housing sales restriction policies/Financing constraints引用本文复制引用
出版年
2024
NETL
NSTL
维普
万方数据