The purpose of this paper is to explore the influence of the rise in housing prices on enterprise financing and also the sustainability and heterogeneity of this effect.,Empirical test, panel data, fixed-effect model, IV and 2SLS were used in this paper.,The empirical results indicate that the mortgage effect does exist, and the authors further analyze the heterogeneity of this effect by dividing the sample based on the degree of financial development and property rights; the empirical results reveal that the mortgage effect is significantly higher in places with the high level of financial development. Besides, compared to the SOE enterprise, the mortgage effect has more influence on non-SOE companies.,The results indicate that the mortgage effect should be considered when regulating housing market, and in order to improve the financing capability of company, its profitability and financial market efficiency should be emphasized.,This paper not only confirms the existence of the mortgage effect, but also explores its sustainability and heterogeneity, which reveals the risk and bubble in the effect of house market on enterprise financing, and enlightens how to promote financing ability of company.

中文翻译：

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房价与企业融资：抵押效应存在吗？

本文的目的是探讨房价上涨对企业融资的影响，以及这种影响的可持续性和异质性。本文采用了实证检验，面板数据，固定效应模型，IV和2SLS。 ，实证结果表明抵押效应确实存在，作者根据金融发展程度和产权划分样本，进一步分析了抵押效应的异质性。实证结果表明，在金融发展水平较高的地区，抵押贷款效应明显更高。此外，与国有企业相比，抵押效应对非国有企业的影响更大。结果表明，在调节住房市场时应考虑抵押效应；