房地产企业地位对债务违约风险的影响机制

IF 1.6 Q3 BUSINESS, FINANCE Journal of Property Investment & Finance Pub Date : 2023-10-10 DOI:10.1108/jpif-05-2023-0048
Guangping Liu, Kexin Zhou, Xiangzheng Sun
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引用次数: 0

摘要

目的分析房地产企业地位对债务违约风险的影响机制,探讨企业特征的异质性效应。设计/方法/方法在房地产企业融资“三条红线”监管和新冠肺炎疫情的背景下,笔者选取了2021年第一季度至2022年第二季度在中国沪深a股上市的123家房地产企业作为研究样本。运用社会网络分析方法和Z-score财务风险预警模型对房地产企业状况和债务违约风险进行测度。本文构建了面板回归模型,分析了房地产企业经营状况对其债务违约风险的影响。研究结果表明,房地产企业的经营状况对其债务违约风险有显著负向影响。经济政策不确定性和融资约束分别发挥负向调节和中介作用。进一步研究发现,房地产企业地位对债务违约风险的影响在股权特征上具有异质性,即在非国有企业样本中显著,而在国有企业样本中不显著。现实意义有助于房地产企业重视社会网络的价值,并为房地产企业不断完善风险管理体系提供政策建议。本文以经济政策不确定性为调节变量,融资约束为中介变量,分析房地产企业地位对债务违约风险的影响,有助于更好地理解房地产企业债务违约风险的形成。
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The influence mechanism of real estate enterprises' status on debt default risk
Purpose The aim of this study is to analyze the influence mechanism of real estate enterprises' status on debt default risk and explore the heterogeneity effect of the characteristics of enterprises. Design/methodology/approach Against the background of the “three red lines” regulation of the financing of real estate enterprises and the COVID-19 pandemic, the authors select 123 real estate enterprises listed on China's Shanghai and Shenzhen A-shares markets from the first quarter of 2021 to the second quarter of 2022 as a research sample. The social network analysis method and Z-score financial risk early warning model are used to measure real estate enterprises' status and debt default risk. The authors construct a panel regression model to analyze how the status of real estate enterprises influences their debt default risk. Findings The results show that the status of real estate enterprises negatively and significantly affects their debt default risk. Economic policy uncertainty and financing constraints play negative moderating and mediating roles, respectively. Further research has found that the effect of real estate enterprises' status on debt default risk is characterized by heterogeneity in equity characteristics, i.e. it is significant in the sample of nonstate-owned enterprises but not in the sample of state-owned enterprises. Practical implications It is helpful for real estate enterprises to attach importance to the value of social networks, and the authors provide policy suggestions for real estate enterprises to constantly improve their risk management systems. Originality/value Using economic policy uncertainty as the moderating variable and financing constraints as the mediating variable, the authors analyze how the status of real estate enterprises influences debt default risk, which contributes to a better understanding of the formation of the debt default risk of real estate enterprises.
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来源期刊
CiteScore
3.50
自引率
23.10%
发文量
33
期刊介绍: Fully refereed papers on practice and methodology in the UK, continental Western Europe, emerging markets of Eastern Europe, China, Australasia, Africa and the USA, in the following areas: ■Academic papers on the latest research, thinking and developments ■Law reports assessing new legislation ■Market data for a comprehensive review of current research ■Practice papers - a forum for the exchange of ideas and experiences
期刊最新文献
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