城市房价与制造企业盈余持续性
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    摘要:

    企业受城市房价上涨的吸引进而投资于房地产业务,这对于企业的创新活动会产生挤占效应,最终会对企业主营业务的盈余持续性产生负面影响。基于中国A股制造业上市公司的财务数据以及35个大中城市的房价数据,研究发现,房价上涨显著降低了制造企业的盈余持续性,在住房限购政策实施之后,房价对制造企业盈余持续性的负面影响有所降低。进一步研究的结果显示,在非技术密集型行业以及在非国有企业中,房价上涨对制造企业盈余持续性的负面影响更显著。

    Abstract:

    Enterprises are attracted by housing prices and invest in real estate business, which has a crowding out effect on the main business activities such as investment and innovation, and ultimately reduces the sustainability of the accounting earnings from the main business in manufacturing enterprises. Based on the financial data of Chinese A share listed manufacturing companies and housing prices data of 35 large and medium sized cities, the paper finds that the rise of housing prices significantly reduce the persistence of accounting earnings of manufacturing enterprises, and that the negative impact of housing prices on the earnings persistence of manufacturing enterprises has been reduced after the implementation of housing purchase restriction policy. The further research results show that in non technology intensive industries and non state owned enterprises, the negative impact of rising housing prices on the earnings persistence of manufacturing enterprises is more significant.

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张兴亮,温日光.城市房价与制造企业盈余持续性[J].审计与经济研究,2020,(5):

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  • 在线发布日期: 2020-10-13
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