| Since the reform and opening up,China's economy has developed rapidly,and the real estate industry has become increasingly important to economic growth.According to the National Bureau of Statistics,the added value of the real estate industry in 2017 reached 5396.52 billion yuan,accounting for 6.6% of China's total GDP,and has become a pillar industry in China.As a typical capital-intensive enterprise,real estate enterprises need a large amount of capital for investment and development and need a large amount of external capital,especially debt financing,which also leads to the high debt of real estate enterprises.The asset-liability ratio of real estate enterprises reached 79.1% in 2017,because of the characteristics of real estate enterprise's high debt ratio lead to real estate enterprise bankruptcy probability increase.Only in 2018,there are several real estate companies went bankrupt,the former top real estate enterprise Guangyao Group filed for bankruptcy because of debt crisis.For the healthy development of real estate enterprises,since 2003 the government has changed its attitude of strongly supporting the real estate industry,and gradually controlled the excessive and overheated development of the real estate industry through various macro-control means,and the use of monetary policy tools has become more frequent.The implementation of monetary policy will directly affect the financing cost of real estate enterprises,and then will have a profound impact on the capital structure of real estate enterprises.In addition,under the keynote of "deleveraging" proposed by the central work conference in 2015,it is of more practical significance to study whether monetary policy can effectively affect the capital structure of real estate enterprises,as well as the change of debt financing term and financing mode of real estate enterprises under the implementation of monetary policy.This paper takes real estate enterprises as the research object,mainly studies the impact of monetary policy on the debt financing of real estate enterprises,especially divides monetary policy into quantitative monetary policy and price monetary policy,and subdivides the debt structure of real estate enterprises from debt maturity and debt financing methods.This paper empirically studies the effects of monetary policy on various debt financing modes of real estate enterprises,further studies the differences in debt financing terms and financing modes of real estate enterprises with different property rights,and analyzes the causes.First of all,the first collection of monetary policy on real estate enterprise financing related research literature,the content and results of the literature to form the literature review,and expounds the related theory,from the theoretical analysis of monetary policy will be the impact of financing for real estate enterprises,as the later part of the theoretical basis for empirical analysis.Secondly,this paper analyzes the situation of the implementation of monetary policy in China,making it visually show nearly 10 years of China's monetary policy implementation,as well as the real estate enterprise financing situation and debt structure is analyzed,combined with changes in monetary policy on real estate enterprise's debt financing,make matting for empirical part behind the study.This paper selected the quarterly data of 122 real estate companies listed in SSE and SZSE from 2008 to 2018 as samples,and conducted an empirical study on the impact of different types of monetary policies on the financing of real estate companies.The empirical results show that both price monetary policy and quantitative monetary policy have significant influence on the debt level of real estate enterprises.From the perspective of debt maturity,under the tight monetary policy,both the current debt ratio and long-term debt ratio will significantly decline,but the price-oriented monetary policy has a greater inhibitory effect on long-term debt.From the perspective of debt financing methods,the tightening quantitative monetary policy will significantly inhibit the bank borrowing and commercial credit of real estate enterprises,but not significantly affect the financing of bonds.Under the tight price monetary policy,the commercial credit and bond financing of real estate enterprises will be inhibited,but the impact on bank borrowing is not significant.For real estate enterprises with different property rights,the assetliability ratio of non-state-owned real estate enterprises is lower than that of stateowned real estate enterprises.From the perspective of debt maturity,non-stateowned real estate enterprises prefer short-term financing,which results in its financial stability is lower than that of state-owned real estate enterprises.From the perspective of specific debt financing methods,non-state-owned real estate enterprises use less bank borrowing and bond financing,and more commercial credit,making their capital cost higher.Finally,some suggestions are put forward according to the research results.Firstly,coordinate the use of monetary policy tools to accelerate the process of interest rate liberalization.Secondly,strengthen bank credit supervision and develop small and medium-sized commercial banks.Thirdly,quicken the capital market construction,enlarge the real estate enterprise financing channel.Fourthly,real estate enterprises improve their operating performance and reduce their dependence on external financing. |
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