Empirical Study On The Impact Of Monetary Policy Environment On Financing Efficiency Of Listed Real Estate Enterprises In China

Real estate is the pillar industry of our national economy.After the financial crisis of 2008,real estate investment has played an irreplaceable role in the development of national economy.Meanwhile,the real estate industry is a capital-intensive industry,the development,construction and sales of real estate need financial support.The change of monetary policy environment has an important impact on real estate enterprises.The change of monetary policy environment will affect the funds flowing to real estate enterprises from the internal and external aspects.On the one hand,the increase of the total amount of credit funds will decrease the cost and the difficulty of enterprises 'financing.On the other hand,the loosing of credit policies will reduce residents 'willingness to make housing loans,which will reduce the hot sales of the real estate market and slow down the speed of payment collection of real estate enterprises.While monetary tightening has the opposite effect.This paper focuses on financing efficiency of real estate and studies the effect of monetary policy environment change on financing efficiency of listed real estate enterprises.Firstly,this paper uses the BCC model to measure the financing efficiency of listed real estate enterprises.And then take the measured financing efficiency as the explained variable,Then,by taking the measured financing efficiency as the explained variable,the paper studies the influences of the change of total credit supply,reserve ratio policy,interest rate policy and commercial bank supervision policy on the financing efficiency of listed real estate enterprises.This paper studies the financing efficiency of 115 listed real estate enterprises.The results show that the overall financing efficiency of our listed real estate enterprises has not yet reached a fully effective state.There is a large space for our listed real estate companies' financing efficiency to improve.The study also finds that the efficiency of our real estate enterprises declines in the asset formation stage,while the efficiency of capital withdrawal stage is gradually improved.This shows that under the tight policy,our listed real estate enterprises begin to pay attention to internal financing,improve capital management,and speed up the sales collection.This paper studies the impact of monetary policy environment change on the financing efficiency of our listed real estate enterprises.The research shows that a relatively flexible policy can improve the financing efficiency of listed real estate enterprises.The faster the growth of credit scale,the lower the statutory reserve ratio of financial institutions,the larger deposit and loan spreads,the more sufficient the capital of commercial banks,the higher the financing efficiency of listed real estate enterprises.This paper further illustrates that real estate is a capital intensive industry,which are highly dependent on external funds and greatly influenced by macroeconomic conditions,economic and financial policies.According to the research conclusion,this article put forward the proposal from enterprise internal operation and the external macro environment.This paper argues that enterprises should strengthen policy research,optimize internal management and improve financing efficiency.In addition,the state should deepen market-oriented reform,build a multi-level financial system,and highlight the long-term mechanism construction.