Analysis On The Influence Of Macro-control On The Financing Of Real Estate Enterprises

China's real estate industry has become China's economic pillar industry since the real estate marketization reform in 1998.There are two reasons for the government to regulate the real estate industry.One is to curb the overheating of the real estate market,prevent it from causing a housing bubble,and lead to a financial crisis.The second is to guide the development of real estate in a standardized and healthy direction.Analyze the effect of macro-control on real estate financing,so as to more accurately regulate the financing of real estate enterprises,adjust the financing structure of real estate enterprises,and control financing risks.As a leading enterprise in the real estate industry,Y Company observes the impact of macro-control on the financing of Y Company and seeks the financing mode of the main role of macro-control,which is conducive to the government to correctly guide the development direction of real estate financing,thus maintaining social stability.This paper first analyzes the financing structure of Y company,summarizes the characteristics of Y company's financing structure,and then reviews the macro-control policies related to the real estate industry in China from 2003 to 2018,and qualitatively analyzes the macro-control financing for Y company.influences.Finally,a quantitative analysis of the impact of macroeconomic regulation and control on Y company financing,that is,to find out the indicators of the policy variables that are consistent with the “strong-weak-strong-weak-strong” five-stage regulation of the intensity of regulation since 2003,and then total financing The representative indicators of quantity,internal financing,bank loan and equity financing are used as dependent variables,and the representative indicators of monetary policy and fiscal policy are used as independent variables to analyze the impact of macro-control policies on Y company financing methods through multiple linear regression.The following two conclusions are drawn:(1)The impact of macro-control policies on different financing methods of Y Company is different,which has a great impact on bank borrowing and internal financing,and has little impact on equity financing;(2)monetary policy than fiscal policy The impact on Y company financing is great.According to the results of empirical analysis,three suggestions for China's macroeconomic policy regulation are proposed:(1)coordination of fiscal policy and monetary policy to accurately regulate real estate financing;(2)macroeconomic regulation and control of real estate financing mainly adopts monetary policy;(3)real estate The macro-control of corporate finance mainly starts with bank loan financing and internal financing.