讲座题目：Real Estate Risk, Corporate Investment, and Financing Choice

主讲人：邓筱莹（武汉大学经济与管理学院金融系助理教授）

时间：2016年6月22日周三中午12:30

地点：学院南路校区主教学楼913

主办单位：中央财经大学金融学院

中国资产管理研究中心

主讲人介绍

邓筱莹现为武汉大学经济与管理学院金融系助理教授，新加坡国立大学地产金融学博士，主要研究领域为房地产金融、公司金融与房地产经济。

摘要

This paper examines how asset risk impacts corporate investment and financing decisions. We derive a general model that incorporates risk, adjustment cost and depreciation features of assets-in-place into investment decisions. The model suggests that the risk and adjustment cost of assets-in-place reduce both corporate investment and financing. We empirically test the model using a panel of United States firms from 1985 to 2013 with data on real estate risk exposure. Evidence shows that real estate risk is negatively associated with firms’ long-term investments and long-term external financing in equity and debt. The effect on firm leverage, however, depends on asset types and risk measures. Overall, in contrast to previously documented positive effects of the real estate value, real estate risk exposure exhibits mostly the opposite effects on investment, financing and capital structure.