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本文以当前中国房地产市场表现出的产能过剩为研究背景,从政治联系和资本结构角度入手探讨房地产企业过度投资的发生机制。结果发现:政治联系和资本结构是影响房地产企业过度投资的重要因素,并且这些因素的影响因产权性质而异。其中,政治联系显著加剧了国有房地产企业的过度投资,而资本结构则是推动非国有房地产企业过度投资的关键因素。究其原因,国有房地产企业的政治联系更有利于获取政策资源,同时也更易受到政府发展意志的影响;相比较,非国有房地产企业并不具备政策上的比较优势,其投资扩张更多的依赖于资本杠杆驱动。
In this paper, the current Chinese real estate market showed the overcapacity as a research background, from the perspective of political relations and capital structure to explore the real estate over-investment mechanism. The result shows that the political connection and capital structure are the important factors that affect real estate enterprises’ overinvestment, and the influence of these factors varies with the nature of property rights. Among them, the political connection significantly exacerbated the over-investment of state-owned real estate enterprises, while the capital structure is the key factor to promote over-investment by non-state-owned real estate enterprises. The reason is that the political connection between state-owned real estate enterprises is more conducive to access to policy resources, but also more susceptible to the will of the government; compared with non-state-owned real estate enterprises do not have the comparative advantage of policy, its investment expansion more dependent Driven by capital leverage.