| The real estate industry is the pillar industry of the national economy.Real estate development investment is an important part of fixed asset investment.However,in recent years,the development investment of the real estate industry has shown a trend of decreasing growth rate.The expansion of scale can not achieve the sustainable and healthy development of enterprises.Especially in the context of demand differentiation and strict regulation,how to avoid low-efficiency status of real estate investment activities,and achieve high-quality development is a topic of current concern.The real estate industry is a capital-intensive industry.Financing is an important prerequisite for ensuring the orderly operation of real estate enterprises.Debt financing is the most important financing channel for real estate enterprises in China.Under the current financing constraints of real estate enterprises,how to best use debt financing benefits to avoid the inefficient investment behavior of is of great significance to the development of current real estate enterprises.Based on the research results of domestic and foreign scholars,from the perspective of the breadth of the whole industry,debt financing has a restraining effect on non-efficiency investment of enterprises,but it may show certain differences when considering the industrial heterogeneity.This paper starts from the phenomenon of high asset-liability ratio and over-investment in the real estate industry to confirm the impact of debt financing on non-efficiency investment.In addition,in the context of the increasing concentration of the real estate industry,some real estate companies choose a rapid expansion of the development strategy,the growth rate of the company is different,the financing needs and investment behavior are not the same.In different growth real estate enterprises,Non-efficiency investments in companies also have different characteristics.Therefore,while researching the whole real estate enterprise,it is also necessary to separately explore the investment and financing activities of different growth real estate enterprises to compare the behavioral tendencies of different typesof real estate enterprises.The conclusions of the study are more instructive for the choice of business behavior of different types of real estate companies.This paper takes the financial data of A-share listed real estate companies in China's Shanghai and Shenzhen stock markets from 2014 to 2017 as the research object,and uses the modified Richardson model to measure the non-efficiency investment level of enterprises,which is divided into under-investment and over-investment.According to certain standards,the sample real estate enterprises are divided into two groups of high and low growth.The relationship between debt financing and non-efficiency investment behavior of real estate enterprises is studied from the perspective of the whole and different groups.Among them,the discussion of debt financing starts from the three levels of debt degree,debt term structure and debt source structure,and explores its impact on inefficient investment,over-investment and under-investment of real estate enterprises respectively.It also explores this influence relationship from the growth perspective in three different groups:the whole sample enterprise,the high-growth group enterprise and the low-growth group enterprise.The following conclusions are drawn:(1)There are more underinvestment in high-growth real estate enterprises and more over-investment in low-growth real estate enterprises;(2)Debt financing can restrain inefficient investment behaviors in real estate enterprises,and debt financing can alleviate underinvestment in high-growth real estate enterprises;(3)Short-term debt can restrain inefficient investment behaviors compared to long-term debt.In low-growth real estate enterprises,short-term liabilities can restrain over-investment;(4)Commercial credit can restrain the inefficient investment of real estate enterprises,while bank loans aggravate the inefficient investment of real estate enterprises.In low-growth real estate enterprises,commercial credit can restrain over-investment.In view of the root causes of non-efficiency investment in real estate enterprises,the countermeasures and suggestions for improving efficiency investment are proposed from the perspective of real estate business managers and the government.First,real estate companies should choose the appropriate scale and structure of liabilities to maximize the benefits of debt financing and improve theefficiency of investment activities.At the same time,real estate enterprises should choose the appropriate growth rate according to their actual situation and realize the high-quality development of the enterprise.From the point of government departments,we should actively broaden the financing channels to ensure the financing convenience of real estate enterprises.At the same time,we should improve the basic system of the real estate industry,so as to promote the real estate industry to avoid inefficient investment activities,and ultimately achieve the healthy and sustainable development of the real estate industry. |
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