An Analysis of Transmission Effect of Capital Structure on Stock Price Fluctuation of Real Estate Enterprises:Based on the Structured GARCH Model
The capital structure of China's real estate enterprises has been in a state of high debt and high leverage for a long time.In the process of rapid development of real estate for more than 20 years,the high leverage risk has been ignored,and it is even considered as the inherent model of the development of real estate enterprises.The capital structure factor is introduced into the structured GARCH model to test the transmission effect of the capital structure of real estate enterprises on stock price fluctuation.The re-sults show that China's real estate market has structural characteristics,and the leverage multiplier is syn-chronized with the stock price fluctuation.Excessive debt level will not improve the scale effect of real es-tate enterprises,but will inhibit the growth of stock returns.
real estate enterprisescapital structurestock price fluctuationstructured GARCH model
国家科技期刊平台
NSTL
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