The Impact of Anti-corruption on the Land Investment of Listed Real Estate Enterprises—Evidence Based on Micro Land Transaction Data
Based on the external impact of anti-corruption since the 18th CPC Na-tional Congress,the difference in difference(DID)method is used to analyze the impact of anti-corruption on land investment of listed real estate companies using the micro land transaction data.It is found that the overall cumulative abnormal returns of listed real estate companies from land transaction are significantly reduced.After anti-corruption,the cumulative abnormal returns increase significantly,the admin-istrative expenses decrease significantly,the land prices increase significantly,and the investment efficiency improves significantly.For the samples of state-owned and non-state-owned companies,there are significant differences in the impact of anti-corruption,and the improved efficiency of land investment is more pronounced for non-state-owned companies.Finally,in order to improve the market environment of land transaction,we give policy suggestions from the perspective of enterprise het-erogeneity.
NETL
NSTL
万方数据
