CAJ | 학술논문

借鉴 Aivazianetal 简化投资模型建立了融资模式对投资行为影响的理论模型，基于1998~2012年的面板数据，实证研究不同产权属性和不同规模房地产上市公司融资模式对投资行为的影响。研究发现：房地产上市公司的债务融资会促使投资增长，而股权融资会减少投资，内源性融资与投资行为的相关性并不显著；国有房地产上市公司的投资行为更加积极；大规模房地产上市公司受外部融资约束更强。为此，应完善房地产上市公司治理结构、拓宽融资渠道。
차감 Aivazianetal 간화투자모형건립료융자모식대투자행위영향적이론모형，기우1998~2012년적면판수거，실증연구불동산권속성화불동규모방지산상시공사융자모식대투자행위적영향。연구발현：방지산상시공사적채무융자회촉사투자증장，이고권융자회감소투자，내원성융자여투자행위적상관성병불현저；국유방지산상시공사적투자행위경가적겁；대규모방지산상시공사수외부융자약속경강。위차，응완선방지산상시공사치리결구、탁관융자거도。
This paper,drawing on the Aivazianetal's simplified investment model,establishes the model of financing on investment behavior.Based on 1 998 ~2012 panel data,The empirical study on the impact of debt financing,equity financing and internal financing on investment be-havior of listed real estate companies of different ownership and different scales.The result shows that debt financing of listed real estate companies will promote the growth of investment. And equity financing can reduce investment.Internal financing is not correlated to investment be-havior;Investment behavior of state-owned listed real estate companies is more positive;large scale listed real estate companies are stronger constraint by the external financing.Suggestions on perfecting corporate governance structure,expanding the financing tunnel of listed real estate companies are put forward in this paper.