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این مقاله علمی پژوهشی (ISI) به زبان انگلیسی از نشریه الزویر مربوط به سال ۲۰۲۲ دارای ۱۱ صفحه انگلیسی با فرمت PDF می باشد در ادامه این صفحه لینک دانلود رایگان مقاله انگلیسی و بخشی از ترجمه فارسی مقاله موجود می باشد.
کد محصول: h795
سال نشر: ۲۰۲۲
نام ناشر (پایگاه داده): الزویر
نام مجله: Cities
نوع مقاله: علمی پژوهشی (Research articles)
تعداد صفحه انگلیسی: ۱۱ صفحه PDF
عنوان کامل فارسی:
مقاله انگلیسی ۲۰۲۲ : سیاست پولی و تامین مالی شرکت: شواهدی از صنایع مختلف
عنوان کامل انگلیسی:
Monetary policy and corporate financing: Evidence from different industries
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Abstract
To reveal the effect of monetary policy on corporate financing, this study compared the effect of tightened monetary policy on bank loans and commercial credit financing for real estate companies and manufacturing companies. We further analyzed the land purchase behaviors of typical real estate companies under different monetary policies. The results indicated the following: (1) The effects of monetary policy were heterogeneous among different industries. Tightened monetary policy significantly inhibited the financing scale of manufacturing companies in terms of both bank loans and commercial credit, but it had no effect on real estate companies. (2) The phenomenon of financing discrimination was found to exist among listed Chinese companies. Bank credit preference for state-owned enterprises was demonstrated for both the real estate and manufacturing industries. Lastly, (3) when positive expectations regarding real estate market development were not changed, government intervention through monetary policy was ineffective. These findings can provide a reference for real estate market regulation and credit allocation. The government should seek to change overly positive expectations regarding housing prices and strengthen the construction of a prudential regulation system to avoid the systemic financial risks caused by the real estate market. Meanwhile, it is necessary to relax the financing constraints of private enterprises and change the soft budget constraints of state-owned enterprises to eliminate credit discrimination.
Keywords: Real estate market, Monetary policy, Panel regression model, Expectation
۱.Introduction
The real estate industry is a typical highly leveraged industry, and the development of real estate enterprises depends on the looseness of the financing environment. There is, therefore, a natural connection between real estate risk and financial risk. It was housing market volatility, after all, that triggered many recessions around the world (Crowe, Dell’Ariccia, Igan, & Rabanal, 2013; Williams, 2016; Zhu, 2005). In response, many countries, including China, undertook various government interventions. Given the capital-intensive nature of the real estate industry, monetary policy is an important means of regulation. The central Chinese government first tried to influence corporate financing through monetary policy, and then it intervened in the business activities of enterprises. Did tightened monetary policy actually affect corporate financing? When bank credit was blocked, were there alternative financing channels for companies? Answering these questions can provide detailed evidence regarding monetary policy’s effect on corporate financing…
۵.conclusions
This study compared the effects of tightened monetary policy in China on financing in different industries and analyzed the reasons for heterogeneity. Giving full consideration to property rights, the phenomenon of ownership discrimination in the allocation of credit resources was confirmed. To further examine monetary policy’s effect on business activities, we analyzed the spatiotemporal distribution of residential land purchased by typical real estate companies. The main conclusions are described below.
First, the effects of monetary policy were heterogeneous among different industries. Tightened monetary policy did not affect the scale of bank loans and commercial credit financing for listed real estate companies. This finding was confirmed by the market performance of two typical companies, Poly and Vanke. Specifically, the area and spatial distribution of residential land purchased by typical real estate companies under tightened monetary policy were not significantly different from those during the loose period. However, tightened monetary policy significantly inhibited the financing scale of manufacturing companies in terms of both bank loans and commercial credit…
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