The Impact Of Mortgage Interest Rate-linked Loan Base Interest Rate On The Stock Price Of Real Estate Companies

The real estate industry plays an important role in the national economy.Because the real estate market is closely related to the macro financial policy,every adjustment of interest rate will have a certain impact on the real estate industry,consumers and the stock market.Announcement on interest rate adjustment of newly issued commercial individual housing loans issued by the central bank on August 25,2019,officially announcing that the basic interest rate of commercial personal housing loan is LPR.This mortgage rate reform will have an important impact on the real estate industry in the future,which will affect the yield of real estate stocks.It has important practical significance for real estate development of the real estate industry and the expectation of investors to study the change of the stock price of the real estate company.In this paper,we choose June 14,2019 to July 25,2019 as the estimated window period,and July 26 to September 23,2019 as the event window period.Through event study and multiple regression analysis,this paper studies the impact of the new mortgage rate policy on the stock price of real estate companies.At the same time,it analyzes whether the real estate companies of different scales,transaction markets and enterprise nature are affected to the same degree.The results show that:(1)the new mortgage rate reform is good news for the whole sample of real estate companies.(2)It is good news for companies of different sizes,transaction markets and enterprise nature,but it is better for smaller real estate companies than for larger ones.(3)The impact on real estate companies in Shenzhen stock market is greater than that in Shanghai stock market.(4)The impact on private enterprises is greater than that on state-owned enterprises.