Real Estate Policy and Financing Constraints of Small and Medium-sized Enterprises:A Perspective Based on the Housing Sales Restriction Policy
Using the data from the New Third Board,this paper takes the introduction of housing sales restriction policies in a large number of big cities in 2017 and 2018 as the event point,and employs the Difference-in-Differences method to investigate the relationship between housing sales restriction policies and financing constraints faced by small and medium-sized enterprises.The study finds that housing sales restriction policies can significantly reduce the financing constraints of local non-real-estate small and medium-sized enterprises,and this phenomenon remains significant after controlling local housing prices.In terms of channel testing,this paper introduces the variable of in-place real estate funds and finds that the higher the in-place funds,the higher the financing constraints of local non-real-estate enterprises.Therefore,the housing sales restriction policies can reduce the financing constraints of non-real-estate enterprises by reducing the flow of funds to the real estate market.
Small and medium-sized enterprisesHousing sales restriction policiesFinancing constraints
万方数据
维普
