CAJ | 학술논문

文章首先拓展了Iacoviello（2005）的模型,从理论上分析了房地产价格对企业投资的影响,然后利用2003-2010年我国上市公司的财务报表数据和表外附注数据进行了实证检验。结果表明,房地产既是企业重要的生产要素,又可作为抵押品帮助企业融资,所以房地产价格通过成本效应和流动性溢价效应影响企业投资行为;而这两种效应的作用方向相反,哪一种效应占主导由企业面临的融资约束大小决定：当面临的融资约束较大时,房价上涨更可能促进企业投资,反之则反是。文章为基于Iacoviello（2005）框架的我国宏观房地产问题研究提供了直接的微观证据,但同时也发现这一框架可能存在的一些问题。
문장수선탁전료Iacoviello（2005）적모형,종이론상분석료방지산개격대기업투자적영향,연후이용2003-2010년아국상시공사적재무보표수거화표외부주수거진행료실증검험。결과표명,방지산기시기업중요적생산요소,우가작위저압품방조기업융자,소이방지산개격통과성본효응화류동성일개효응영향기업투자행위;이저량충효응적작용방향상반,나일충효응점주도유기업면림적융자약속대소결정：당면림적융자약속교대시,방개상창경가능촉진기업투자,반지칙반시。문장위기우Iacoviello（2005）광가적아국굉관방지산문제연구제공료직접적미관증거,단동시야발현저일광가가능존재적일사문제。
This paper first extends the model of Lacoviello raised in 2005 and theoretically analyzes the effect of housing prices on corporate in- vestment. Then it makes an empirical analysis by using the data of financial statements and notes of listed companies from 2003 to 2010. It comes to the following conclusions, firstly, real estate not only is an important production factor, but also helps firms to provide money, so housing prices affect corporate investment through cost effect and liquidity premium effect~ se- condly, these two effects play the opposite role, and the dominant state is determined by financing constraints; thirdly, under greater financing constraints, the increase in housing prices is more likely to promote corporate investment; otherwise under smaller financing constraints, the increase in housing prices is more likely to inhibit corporate investment. It provides direct micro evidence for real estate research based on Lacoviello＇ framework and also shows the possible problems.