The impact of purchase restriction policy on deleveraging of listed real estate enterprises in China
Improving the housing market system is an important issue in the national economy.As the main means for the government to stabilize and regulate the real estate market,the purchase restriction policy has a significant and far-reaching impact on real estate enterprises and the construction of the housing market system.Using rele-vant data from real estate listed companies from 2008 to 2013 and 2015 to 2021,this study empirically analyzes the impact and path of two rounds of purchase restriction policy on the leverage ratio of real estate listed companies by constructing a strength double difference model.The results show that the purchase restriction policy significantly re-duces the leverage ratio of listed real estate companies,but the effect of the second round of purchase restriction pol-icy is not significant;After distinguishing the debt maturity structure,it was found that the first round of purchase restrictions had a more significant inhibitory effect on the short-term leverage ratio of listed real estate companies;Heterogeneity analysis shows that the purchase restriction policy significantly reduces the leverage ratio of real estate listed companies in the municipalities with the highest administrative level,and has a more significant impact on non-state-owned real estate listed companies;The economic consequences test shows that the purchase restriction policy not only promotes the deleveraging of listed real estate companies,but also suppresses their transition from re-al to virtual,reducing the risk of debt default for listed real estate companies.This article helps to deepen our under-standing of the role of market expectations in policy-making in China,which has certain implications for continu-ously optimizing China's policy of"housing for living,not for speculation,and implementing policies tailored to the city".
purchase restriction policyreal estate listed enterprisesleverage ratioDID with intensity index
万方数据
维普
