CAJ | 학술논문

近来我国房地产行业迅猛发展，房地产上市公司在资本市场上频繁进行股权和债权融资。在几乎卖空限制的条件下，本文从异质信念的视角出发，探讨其对我国上市房地产公司融资工具选择和融资规模的影响。具体地，以2006年1月至2011年12月沪深A股再融资的房地产上市公司为样本，以超额收益波动率和超额换手率作为异质信念的替代变量，采用单变量分析、Probit多元回归和方差分析的方法进行实证研究。结果表明：投资者异质信念越大，房地产上市公司越倾向于股权融资；无论是用股权融资还是用债权融资，房地产上市公司的融资规模均和异质信念无显著关系。
근래아국방지산행업신맹발전，방지산상시공사재자본시장상빈번진행고권화채권융자。재궤호매공한제적조건하，본문종이질신념적시각출발，탐토기대아국상시방지산공사융자공구선택화융자규모적영향。구체지，이2006년1월지2011년12월호심A고재융자적방지산상시공사위양본，이초액수익파동솔화초액환수솔작위이질신념적체대변량，채용단변량분석、Probit다원회귀화방차분석적방법진행실증연구。결과표명：투자자이질신념월대，방지산상시공사월경향우고권융자；무론시용고권융자환시용채권융자，방지산상시공사적융자규모균화이질신념무현저관계。
Recently, real estate industry develops rapidly in China and listed real estate companies conduct equity and debt financing frequently in capital markets. From a perspective of heterogeneous beliefs, this paper discusses, in the almost short-selling restriction, its impact on financing instrument selection and financing scale in listed real estate companies. Specifically, we choose listed real estate companies as samples who refinanced from January 2006 to December 2011 in China＇s Shanghai and Shenzhen Ashare. Then we select excess return volatility and excess turnover as two proxy variables of heterogeneous beliefs, and use unvaried analysis, binary Probi regression model and variance analysis method to conduct empirical research. Empirical results indicate that：（ 1 ） The greater the degree of investors＇ heterogeneity beliefs, the more likely for listed real estate companies to choose equity financing; （2） No matter choosing equity or debt financing, financing scale in listed real estate companies has no significant relationship with heterogeneous beliefs.