Leverage Ratio of Real Estate Enterprises,Housing Price and Systemic Financial Risk
To clarify the relationship between the leverage ratio of real estate enterprises and systemic finan-cial risks is conducive to the healthy development of the real estate market and the prevention and reduction of fi-nancial risks.Based on the panel data of 30 provinces(municipalities and autonomous regions)from 2005 to 2021,this paper empirically tests the influence of housing-enterprise leverage ratio on systemic financial risk by using the bidirectional fixed-effect model and spatial Dubin model.It is found that there is a"U"-shaped relationship of promotion first and then inhibition between the leverage ratio of real estate enterprises and systemic financial risk,and the inflection point is about 77.35％.The housing price level has a significant negative regulating effect on the"U"-shaped relationship,and the rise of housing price can inhibit the influence of the leverage ratio of real estate enterprises on the systemic financial risk.The spatial perspective analysis shows that the rising leverage ratio of real estate enterprises in other provinces can play a"warning role"and thus restrain systemic financial risks in their own provinces.Therefore,the regulatory authorities should rationally supervise the leverage ratio of real es-tate enterprises,and flexibly implement the deleveraging-ratio policy of real estate enterprises in combination with the housing price regulation policies.
Real estateEnterprise leverage ratioHousing pricesSystemic financial risksU-shaped rela-tionshipSpace spillover
万方数据
维普
