房地产企业金融化的影响因素研究

Study on the Influencing Factors of Real Estate Enterprise Financialization

摘要: 金融化是现代经济发展的必然趋势，房地产企业作为金融化程度较深的行业，其产融结合已经逐渐常态化。为了更好地引导、干预或管理房地产企业的金融投资行为，将对其金融化的内在推动因素进行探讨，通过对中国A股上市房地产企业的财务数据进行计量检验，分析了资产收益率差、融资约束水平和杠杆率对房企金融资产占比的影响，认为融资约束水平和杠杆率是其金融化的主要动因，而资产收益率差的影响不显著。

Abstract: Financialization is an inevitable trend of modern economic development. Real estate enterprises, as an industry with a deep degree of financialization, have gradually normalized the combination of industry and finance. In order to better guide, intervene or manage the financial investment behavior of real estate enterprises, the internal driving factors of their financialization will be discussed. Through the econometric test of the financial data of China’s A-share listed real estate enterprises, this paper analyzes the impact of asset return difference, financing constraint level and leverage ratio on the proportion of financial assets of real estate enterprises. It is considered that the financing constraint level and leverage ratio are the main drivers of their financialization. The impact of the difference in return on assets is not significant.