Debt Heterogeneity,Cash Holdings And Over Investment In Real Estate Enterprises

In recent years,the "real estate fever" has been a concern,the enthusiasm of investors increased steadily,and truly rational effective investment behavior provide enough power for the sustainable development of real estate enterprises,the expansion of economic scale.Therefore,the failure of investment decisions may lead to the withdrawal of enterprises,and even reduce the efficiency of the allocation of social resources.Investment and financing are inseparable,the relationship between the two has been the focus and hot spot of academic research.At present,most researchers focus on the overall size and duration of debt financing,and the conclusion of the study is different,the main reason is that there is no research on the debt financing sources of heterogeneity and background characteristics of different industries do not have detailed division.Therefore,it is of great practical significance to select the real estate enterprises which have the characteristics of capital intensive and rely heavily on external debt financing.This paper first analyzes the investment status,then subdivided into external debt financing loans from financial institutions,commercial credit loans,issuing bonds to borrow,finally the introduction of heterogeneity,respectively to study the restraint over investment difference.Based on the principal-agent theory,financing constraints theory basis,by reading a lot of documents,the final selection of 2010-2015 years,a total of 139 real estate enterprises as the research object,on the investment situation is analyzed,and then the data is greater than zero as the explanatory variables to the residuals,positive correlation between cash holdings and verification over investment,debt and finally the introduction of heterogeneous heterogeneous external financing to the extent of its governance effect on real estate enterprises over investment whether there are differences.The results show that:(1)there is a significant positive correlation between cash holdings and over investment.(2)loans from financial institutions can play a better role in binding,while commercial credit loans and bond loans can not restrain excessive investment behavior.(3)the heterogeneity of the sources of debt can play a better role in governance,which has a positive moderating effect on the positive correlation between cash holdings and over investment.Finally,put forward relevant countermeasures and suggestions to control the real estate listed companies excessive investment based on the above conclusions,such as the company itself should be combined with the actual situation of the development of cash management and financing plan,the local government should strengthen the role of debt financing constraints,and the stability of the real estate investment and long term mechanism.The conclusion of this paper is to discuss the causes of the distortion of the contingent governance effect of the debt,and how to improve the cash management system and the design of the investment and financing structure of the listed real estate companies.It not only enriches the literature on the real estate investment,but also provides a reference for reducing the inefficient investment.