Research On The Impact Of Three Red Line Financing Regulation On The Stock Price Of Real Estate Enterprises

China’s real estate industry has been the leading industry in the national economy,driving GDP growth for a long time,and at the same time driving local government revenue,as well as the expansion of real estate enterprises and the development of upstream and downstream enterprises,and the housing demand of residents has been further improved.However,with the rapid growth of China’s real estate market,real estate enterprises began to appear a large proportion of financing,high investment fever,housing prices rise fast and a series of problems.Based on the above background,on August 20,2020,the Ministry of Housing and Urban-Rural Development and the People’s Bank of China issued "three red lines" financing regulations(referred to as "SDHX financing regulations" in this thesis).The SDHX financing regulations has a great impact on the earnings of real estate enterprises,such as interest bearing liabilities,capital liquidity,shareholder returns,investment and sales;It triggered a series of risks of real estate enterprises in credit,debt,operation,sales,delivery and policy supervision;It also led to the overall fluctuation and downward trend of A-share real estate industry share price;Moreover,during the release and implementation of the SDHX financing regulations,the stock prices of typical real estate enterprises have declined significantly.However,how to clarify the impact and loss of the policy on real estate enterprises? As well as investment strategy adjustment,policy effect evaluation and other issues have attracted the attention of many scholars,business managers and so on.Therefore,this thesis first summarized the development stages of China’s real estate from the beginning of marketization to now and the corresponding changes in macro-control policies,combed the relevant research results at home and abroad on event study methods,policy information affecting stock prices and SDHX financing regulations,and clarified the research significance and research framework.At the same time,it defines the basic concepts and theories of real estate financing,real estate industry share price,SDHX financing regulations and event study method.Then,it summarizes the background of the SDHX financing regulations and their impact on the earnings and risks of real estate enterprises,and the performance of A-share real estate industry and enterprise stock prices.Subsequently,using the event study method,we tested the impact of the SDHX financing rules on the stock prices of A-share real estate enterprises,and combined with the research hypothesis,we empirically tested the impact of the stock prices of real estate enterprises with different natures.Finally,some suggestions are put forward for real estate enterprises,investors and policy makers.The results of the study found that the announcement date of the SDHX financing regulations had a negative impact on the stock price.The AAR value on the event day was-0.0080,and the Significant at the 1% level,but not significant during the event window period;the implementation of the SDHX financing regulations had a large negative impact on the stock price during the event window period,with a CAAR value of-0.0390,which was significant at the 1% level.In addition,The implementation of the SDHX financing regulations has a greater negative impact on the stock prices of state-owned enterprises during the event window period,with a CAAR value of-0.0633,and It is significant at the 1% level,while the CAAR value of private enterprises is-0.0269,but the significance is low;at the same time,during the event window period,the negative impact on the stock prices of real estate companies in the "red-orange" group is greater,with a CAAR value of-0.1201,significant at the 5% level,while the CAAR value of the "yellow-green" group was-0.0188,but not significant.