Impact Of Purchase Restriction Policy On Real Estate Enterprises

This paper evaluates the impact of the real estate purchase restriction policy,and discusses the impact of the policy on the formation of real estate companies under the premise of examining the short-term and medium-term impact of the policy on real estate prices in cities.First of all.this paper finds that the real estate purchase restriction policy significantly reduces the price of new and second-hand housing in the policy-treated cities,and reduces the dependence of the local economy on the real estate industry.Subsequently,this paper uses the relevant data of real estate listed companies and uses panel data to study the impact of real estate companies.The results show that the real estate purchase restriction policy has reduced the value of real estate companies,improved business efficiency,and improved debt repayment capabilities;In the analysis of the sources of heterogeneity,this paper also finds that there are differences in the significance and direction of the policy effect among enterprises of different sizes;through further analysis and inspection,this paper finds that the real estate purchase restriction policy has caused real estate demand to be higher than that of large-scale real estate.Transfers between businesses and smaller real estate businesses.