Real estate prices and firm borrowings: Micro evidence from China

被引：25

作者：

Chen, Pu ^{[1
]}

Wang, Chunyang ^{[2
]}

Liu, Yangyan ^{[3
]}

机构：

[1] Renmin Univ China, Sch Econ, Beijing, Peoples R China

[2] Peking Univ, HSBC Business Sch, Beijing, Peoples R China

[3] China Merchants Bank, Beijing, Peoples R China

来源：

CHINA ECONOMIC REVIEW | 2015年 / 36卷

关键词：

Real estate prices; Borrowings; Collateral effect;

D O I：

10.1016/j.chieco.2015.10.002

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Real estate price appreciation can lessen firm's financial constraint by increasing its collateral value. This paper studies this channel by utilizing a large firm-level dataset during the 2000-2007 period on Chinese firms. In contrast to Wu, Gyourko, and Deng (2015) that collateral channel effect in China does not exist either for firms overall or for private firms, we provide empirical evidence on the presence of collateral channel effect and show the effect is significant for private firms but not significant for state owned enterprises, whose behavior is more of political based. Further analysis shows that firms significantly change their debt structures in response to real estate price shocks. (C) 2015 Elsevier Inc All rights reserved.

引用

页码：296 / 308

页数：13

共 26 条

[1] The multitask theory of state enterprise reform: Empirical evidence from China [J].