摘要
基于2008-2017年我国130家房地产上市公司的季度数据,测度货币政策对房地产公司盈利能力的影响,分析货币政策作用下不同类型房地产公司企业行为与利润的差异性。结果显示:货币政策的变化对房地产企业的盈利能力具有显著的正相关关系;不同类型房地产企业的盈利能力受货币政策影响程度不一样,中小型房地产企业受到货币政策影响比大型房地产企业更大更显著,具有国家或地方政府背景的房地产企业受到货币政策的影响比私营房地产企业更显著。
Measuring the impact of macro-monetary policy on the profitability of micro real estate companies, and analyzing the difference between corporate behavior and profit of real estate companies arising from the role of monetary policy based on the quarterly data of 130 real estate listed companies in China from 2008 to 2017. Results show that the change of monetary policy has a significant positive correlation with the profitability of real estate enterprises. At the same time, the profitability of different types of real estate companies will be affected differently in the face of monetary policy shocks, small and medium-sized real estate companies are more affected by monetary policy, and large real estate companies are not affected by monetary policy. In addition, real estate companies with national or local government backgrounds are more affected by monetary policy than private real estate companies.
作者
谷元超
GU Yuan-chao(School of Business,AHUT,Ma'anshan 243002,Anhui,China)
出处
《安徽工业大学学报（社会科学版）》
2019年第4期9-12,共4页
Journal of Anhui University of Technology：Social Sciences
基金
安徽工业大学研究生创新研究基金(2016120)
关键词
货币政策
房企异质性
房企盈利能力
货币政策感受指数
monetary policy
housing heterogeneity
housing profitability
monetary policy perception index
