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本文以2008-2014年我国房地产上市公司面板数据为研究样本,借鉴Richardson投资期望模型对我国房地产上市公司的非效率投资行为进行度量,并把负债来源分为金融负债和经营负债,以研究负债来源差异对房地产上市公司非效率投资行为的影响,实证结果表明:金融负债并没有发挥出财务治理效应,而经营负债能够有效抑制房地产上市公司的过度投资行为,但同时也刺激了投资不足的非效率投资行为。
In this paper, we take the panel data of listed real estate companies in China from 2008 to 2014 as the research sample, and use the Richardson investment expectation model to measure the inefficient investment behavior of listed real estate companies in our country. The sources of debt are divided into financial liabilities and operating liabilities to study the sources of liabilities The empirical results show that the financial liabilities do not exert the financial governance effect, and the operating liabilities can effectively restrain the overinvestment behavior of real estate listed companies, but also stimulate the inefficiency of underinvestment Investment behavior.