Research On The Impact Of Asset Management Rules On The Financing Of Real Estate Enterprises

The real estate industry is a capital-intensive industry,which is closely related to financial agencies and markets.Therefore,the financing issue of the real estate industry is not only critical to its own development,but also of great significance to macroeconomic and financial stability.In order to prevent financial risks,China issued the Asset Management Rules in 2018,which regulates various types of financial business.Against this background,this paper studies the impact of the Asset Management Rules on the financing of real estate enterprises.First of all,it summarizes the relevant economic theories from the aspects of corporate financing strategy,debt maturity structure and capital cost,etc.,and sorts out the latest literature about real estate corporate financing,the influence of the Asset Management Rules,and other aspects.Secondly,after analyzing the core content of the Asset Management Rules,and figuring out the financing characteristics and current situation of real estate companies,this paper summarizes and sorts out the mechanism of the Asset Management Rules affecting the financing of real estate enterprises.Thirdly,taking the A-share listed real estate companies from 2014 to2020 as the original sample,and the promulgation of the Asset Management Rules as a quasi-natural experiment,the control group of real estate companies is first matched by the propensity score matching method(PSM),and then the double difference(DID)is used to test empirically the effect of the Asset Management Rules on the debt financing scale,debt maturity structure,equity financing scale and financing cost of real estate enterprises.Furthermore,this paper discusses the effect of the Asset Management Rules on the financing of real estate enterprises with different nature of equity,different scales and different leverage ratios.In addition,this article also does robustness tests.At last,some relevant suggestions are put forward from three perspectives,including the financial regulatory agency,real estate enterprises and financial institutions.The empirical results of this paper find that: since the promulgation of the Asset Management Rules,(1)the debt financing scale of real estate companies has significantly reduced;(2)the debt maturity structure of real estate companies has changed significantly,and the proportion of long-term debt has declined;(3)The equity financing scale of real estate enterprises has increased significantly;(4)the financing cost of real estate enterprises has increased significantly.(5)The impact of the Asset Management Rules on the financing of housing enterprises of different scales,equity nature and leverage ratios is heterogeneous in terms of debt financing scale,debt maturity structure,equity financing scale and financing cost.The research in this paper contributes to understand the changes in the financing behavior of real estate enterprises under the background of financial regulatory changes,helps to identify potential risks prospectively,and has enlightenment significance for enterprises to make reasonable financing arrangements and adapt to the new development environment.