Measurement of Real Estate Firms'Whitewash Liabilities and its Impact on Firm Operations
Against the background of regulatory policies such as"housing without speculation"and"three red lines",real estate companies may engage in opportunistic behaviors such as"whitewashing liabilities",which may se-riously undermine the quality of corporate financial disclosure,interfere with market decisions and weaken the effect of policies.Therefore,this paper measures the scale of real estate firms'chalking liabilities and empirically examines the impact of real estate firms'chalking liabilities on firms'operations using a sample of real estate listed firms in Chi-na's Shanghai and Shenzhen A-shares from 2011 to 2022.The study found that:Chinese real estate enterprises have the opportunistic behavior of whitewashing liabilities;real estate enterprises whitewash liabilities can avoid debt default in the short term,but in the long term it makes the investment efficiency reduced and cash flow constraints strengthened,which is the essence of short-term interests to replace long-term interests;state ownership can play a governance role,while the gender of the chairman of the board and educational qualifications will have a weaker contribution in the short run.
NETL
NSTL
万方数据
