上市房地產企業政府關聯性, 資源獲取能力與公司價值

Abstract

近十年來我國房地產行業迅猛發展，帶動了一系列相關行業的快速發展，對我國經濟的發展起了重要的推動作用。作為國民經濟中的支柱行業，房地產企業的發展對國民經濟有重要影響。在具有資金密集型和土地稀缺性特徵的行業發展環境下，房地產企業的發展很大程度上取決於企業對資金和土地資源的獲取能力。在我國特殊的國情下，政府與企業的關係在一定程度上會影響到企業獲取資源的能力，從而對公司價值產生影響。那麼中國房地產企業是通過何種途徑加強與當地政府的關係？這種關係是如何影響企業資源獲取能力和公司價值的呢？這是值得我們關注研究的問題，具有重要的理論和現實意義。本文結合中國制度背景，從高管政府背景和企業經營模式兩條路徑出發，研究我國房地產企業通過不同路徑加強與政府的關係影響企業的資源獲取能力和公司價值的作用機理。 本文的研究從三個層面展開。第一，本文首先研究了我國房地產企業高管政府背景對公司價值的影響。在我國不完善的市場經濟環境下，政府與企業的關係對企業價值的影響效應一直以來是學術關注的熱點問題。已有的研究文獻發現政治關聯能為企業帶來更多的資源，對公司價值產生重要影響。那麼，作為資金密集型、土地資源稀缺性的房地產企業，政治關聯是否會對其公司價值產生重要影響是本文研究的第一個問題。 第二，本文從資金和土地資源兩個維度研究了我國房地產企業高管政府背景對公司資源獲取能力的影響。如果政治關聯會影響我國房地產企業的公司價值，那麼政治關聯是通過何種途徑影響我國房地產企業的公司價值呢? 我國房地產企業的融資管道主要是通過向銀行貸款的債權融資和證券市場上的股權融資。大量研究發現政治關聯會影響公司的債權融資能力。而證券市場的股權再融資也受到相關監管部門的審批制度影響。作為房地產企業開發重要資源的土地，其“招拍掛”也由政府主導。因此，政治關聯是否會影響我國房地產企業資金和土地資源的獲取能力是值得研究的問題。 第三，本文檢驗了我國房地產企業提高政策契合關聯度路徑是否在中國房地產市場近十年來的不斷發展中發生了變化。伴隨著我國房地產企業的不斷發展，房地產宏觀調控政策的不斷改革，我國房地產企業加強與政府關聯度的途徑是否發生了變化呢？本文首先從實證上檢驗了單獨依賴高管政府背景的人脈關係建立的政治關聯作用是否發生變化，其次結合案例分析研究房地產企業通過經營模式創新加強與當地政府政策契合度建立的政治關聯性對公司價值和資源獲取能力產生的影響。 本文以2003-2011年中國A股上市的民營房地產企業為實證樣本，並結合案例分析，深入研究我國房地產企業高管政府背景和企業經營模式對我國房地產企業資源獲取能力和公司價值的影響。本文主要的研究發現和結論如下： （1）我國房地產企業高管政府背景會對公司價值產生正向影響，進一步嚴格區分高管地方和中央政府背景後發現，只有地方政府背景才會影響公司價值，中央政府背景對公司價值沒有顯著影響。 （2）我國房地產企業高管政府背景會影響公司資源獲取能力。其中，高管政府背景對企業債權融資數量沒有顯著影響，但在嚴格區分高管地方和中央政府背景後發現高管地方政府背景會影響公司債權融資結構。進一步對股權融資的研究發現，高管的政府背景會對公司以定向增發衡量的股權融資行為產生正向影響。在區分高管地方和中央政府背景後發現，只有高管的地方政府背景會對公司股權融資能力產生影響，中央政府背景對此影響不顯著。在對土地資源影響的研究中發現，高管的地方政府背景可以提高房地產企業的土地儲備量。 （3）本文以2009年為分界點，檢驗2009年前和2009年後即在房地產政策變動前後，高管政府背景對公司價值、債權融資、股權融資和土地儲備量的影響作用是否發生了變化。實證發現高管政府背景對公司價值和資金與土地的正向影響現象只存在於2009年之前，2009年之後高管政府背景影響作用下降。最後，本文結合案例分析發現房地產企業的經營模式是房地產企業加強與當地政府關係以提高獲取資源能力的另一種替代機制。這表明單獨依賴高管政府背景的人脈關係這種非透明的運行機制建立的政治關聯作用正逐步減弱，通過經營模式創新加強與當地政府政策契合度建立的透明合規化的政治關聯性作用正逐步增強。通過不斷的發展，我國房地產行業的發展正由從前非透明合規的運行機制轉向更為透明合規化的運行發展方向。 本文的主要貢獻在於：首先，豐富了國內外關於政治關聯的相關理論研究，從房地產行業的特殊性出發，關注政治關聯對企業資源獲取能力的影響，多維度的考察了政治關聯對房地產企業債權融資數量和結構，股權融資以及土地資源等方面的影響，擴展了政治關聯經濟後果方面的文獻。其次，本文檢驗了我國房地產企業提高政府契合關聯度路徑的變化。先從實證角度檢驗了高管政府背景的非透明合規的人脈關係路徑影響作用的減弱，再結合案例分析檢驗了房地產企業透明合規的經營模式創新路徑影響作用的加強，從另一個角度證明了中國房地產行業正逐步走向透明合規化的發展路徑。 In a recent decade, the real estate industry developed rapidly in China, which drives the rapid development of a series of related industries. As the pillar industry, the development of real estate enterprises has important influence on the national economy. With the nature of capital intensive and land scarcity, the development of real estate enterprises largely depends on the ability of obtaining capital and land resources. Under the special situation in China, the relationship between government and the enterprises will influence the ability of real estate enterprises access resources, which will affect firm value. What’s the way of the real estate enterprises to strengthen their relation with government, and how the political connections influence firm resource acquisition ability, and ultimately affect the firm value? These questions have important theoretical and practical significance. Under special institutional background in China, this paper studies the real estate enterprises how to strengthen the relation with the government in order to improve their resource acquisition ability and the firm value from the view of political connections and business models. This paper develops its study from following three aspects. Firstly, this paper studies the influence of executives’ political background how to affect firm value. Under the imperfect market economy in China, the influence of the relation between enterprise and government on firm value is always the hot topic in academic. It has already found that political connections can help enterprises to improve firm value. With the nature of capital intensive and land scarcity, whether the political connections can influence the value of the real estate enterprises is the first research question. Secondly, the paper researches how the political connections improve real estate enterprises’ resource acquisition ability by capital and land. The financing channels of the real estate enterprises are debt financing and equity financing. Numerous studies have found that political connections will influence the ability of debt financing, but there are few studies about the influence on the ability of equity financing. Especially for the real estate enterprises, it’s worth to study the political connections influence on capital and land acquisition ability. Thirdly, this paper studies whether the way of the real estate enterprises improve the relation with government has changed in the development of the real estate market in China. This paper firstly examines whether the effect of the executives’ political background influence on firm value is changing, the paper secondly uses case study to analyze whether the innovation of business model to fit with the local government policy influence the firm value of the real estate enterprises. This paper uses A-share listed private real estate enterprises from 2003 to 2011 as empirical research samples, and combined with case studies to study of the influence of executives’ political background and business model on resource acquisition ability and firm value of real estate enterprise. The main findings and conclusions are as follows: (1) The executives’ political background will positively affect the firm value of the real estate enterprises. After a strict distinction between the local and central government background, the paper finds that only the local government background will affect the firm value, and the central government background had no significant effect on the firm value. (2) The executives’ political background will affect the resource acquisition ability. The executives’ political background doesn’t significantly influence the number of debt financing, but after a strict distinction between local and central political background, the paper finds that the local political background will affect the debt financing structure. Further the paper finds that the executives’ political background will positively affect equity financing, and only the local political background will affect equity financing, the influence of central political background is not significant. And the paper also finds that the executives’ local political background have positive influence on the amount of land reserves. (3) Taking 2009 as a time set apart, this paper studies whether the influence of government background on firm value, debt financing, equity financing and land reserves is changed. Empirical study finds that the executives’ political background positively influence on firm value, financing ability and land reserves exists only before 2009. Finally, this paper analyzed the business models by case study, and finds that the business model strengthen the political connections is another alternative mechanism. This suggests that the effect of the real estate enterprise rely only on the role of the executives’ political background to establish the political connections is gradually weakening, and the effect of taking business model innovation to establish political connections is gradually increased. This suggests that the operating mechanism has changed from opaque to the transparent and compliance direction in the real estate industry. The main contribution of this paper is: Firstly, it enriches the theory researches on political connections. From the special nature of the real estate enterprises, the paper focuses on the multi-dimensional influence of political connections on the resource acquisition ability. Secondly, this paper examines the changes in the way of real estate enterprises strengthen the political connections. The paper studies the changes of the ways to strengthen the political connections from opaque interpersonal connections way to transparent and compliance way. This proves that the development of real estate industry market has become prominently stronger in China.

Date of Award	15 Jul 2014
Original language	Chinese (Traditional)
Awarding Institution	City University of Hong Kong
Supervisor	Hao ZHANG (Supervisor)