文献类型：期刊文献

中文题名：上市公司、资本虹吸与房价的地区差异

英文题名：On Regional Differences in the Relationship among Stocks,Capital Siphons and Housing Prices

作者：熊艳[1];魏志华[2];李超[3]

机构：[1]华东理工大学商学院,上海200237;[2]厦门大学经济学院,福建厦门361005;[3]上海谱径网络科技有限公司,上海202150

年份：2018

卷号：44

期号：7

起止页码：99

中文期刊名：财经研究

外文期刊名：Journal of Finance and Economics

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2017】；社科基金资助期刊;CSSCI:【CSSCI2017_2018】；

基金：国家自然科学基金项目(71572165;71702056);教育部人文社会科学研究青年基金项目(16YJC630147);上海市哲学社会科学规划青年课题(2016EJB004);中央高校基本科研业务费专项资金(222201624002)

语种：中文

中文关键词：房价;股票市场;地区差异;资本虹吸;螺旋增长

外文关键词：housing prices;stock markets;regional differences;capital siphons;spiral growth

摘要：鉴于上市公司与房价地区差异的研究鲜见,文章首次从地区层面寻找上市公司影响房价的微观传导路径。研究发现,上市公司从一级市场上融资、内部人在二级市场上减持均会"虹吸"全国资金,增加当地货币资本,进而正向影响房价,即高融资或高减持地区成为"虹吸方";融资虹吸与减持虹吸对房价的影响存在差异,减持虹吸引起财富集聚,对房价的影响更多地由富裕阶层的购房需求所推动,而融资虹吸带来的财富影响比较分散。地区股票市值与房价呈现螺旋增长关系,在股市上涨期间替代效应占主导地位,两者的增长率负相关;而在下跌期间财富效应占主导地位,两者的增长率正相关。文章从企业层面阐释了房价地区差异的金融成因及路径,并试图厘清股票市场与房价的增长结构,为地区经济的协调发展提供了参考。
The current research on housing prices mainly concentrates on the cause of fluctuations from the view of the aggregate economy. However,the economic growth rates are relatively stable across time and even across regions,thus making it difficult to reconcile the tremendous yet persistent rising in housing prices.Though the concurring volatile financial factors can partly explain the overall growth of housing prices because of its similar rising trend,the factors taken into account are restricted within the macro perspectives,for example,by investigating the changes of a stock index（such as the Shanghai Composite Index）. The differences across regions of housing prices remain by and large unexplained. In fact,the literature of studying the relationship between financial development and the regional economic gap has been growing,but investigating from the micro perspectives still remains limited.For this reason,this paper attempts to find out the reason why the listed companies yield different effects on housing prices in different regions：capital siphons.The siphon effect originates from the physical term＂siphon phenomenon＂,which refers to the one-way flow of water caused by different gravitational and potential forces.In this paper,we propose that the capital siphon results in the flow of capital from less developed to relatively wealthier regions.Studying the siphon effect after IPO is of great practical significance.First,previous literature pays little attention to capital siphons after IPO.Most of the related studies are qualitative analyses,or merely explore the relationship between stocks and GDP index without micro foundations.Second,capital siphons indeed have important effects on regional differences.This micro level analysis can be decomposed into two questions：First,how do listed companies siphon funds to reserve money for the local real estate market and do capital siphons affect the housing price？Second,when the siphoned capital enters into the real estate market will affect the growth structure of the market value and housing prices？This study shows that financing from the primary market and insiders sell from the secondary market tend to＂siphon＂the national capital and increase the local currency,and then push up housing prices.Equivalently speaking,the area which is financing more or selling more will siphon capital from other areas.The siphon effect from insiders sell is different from that of financing：the former stimulates the accumulation of wealth,that is,the demand of rich strata drives housing prices mainly,while the latter has little impact on wealth accumulation.The price fluctuation in the secondary market determines the growth rhythm of housing prices,and spiral growth relationship is found between the market value of stocks and housing prices at the regional level.The substitution effect of stock markets is dominant in the bull market,in which the growth of the market value is negatively correlated with that of housing prices,while the wealth effect is dominant in the bear market,in which the relationship between the market value and housing prices is positive.In addition,the conclusion remained unchanged when we controlled some potential paths,which includes the population siphon path,the favored economic boost policy path and the first-tier cities siphon path.With the effect that siphoned capital exacerbates regional differences of housing prices is significant,the controversial Opinions for Poverty Alleviation enacted by China Securities Regulatory Commission（CSRC）in2016 becomes reasonable and acceptable.In the future,the central and western regions,which are relatively backward in capital market development,should be offered certain favorable policies to encourage the capital to remain in the original area,in the hope that regional differences in housing prices can be mitigated.This study contributes to the literature in the following aspects：First,it is the leading study to verify the capital siphon effect and to explain the financial causes and paths of regional differences in housing prices from the micro foundations.Second,it studies the influence of listed company on the regional economy from the perspectives of capital and housing prices.Third,it also clarifies the growth structure of stock markets and housing prices.Finally,this study provides a theoretical reference for regional economic coordination policies.