| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18762 |
| 来源ID | Working Paper 18762 |
| Is There Evidence of a Real Estate Collateral Channel Effect on Listed Firm Investment in China? | |
| Jing Wu; Joseph Gyourko; Yongheng Deng | |
| 发表日期 | 2013-02-01 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | Previous research on the United States and Japan finds economically large impacts of changing real estate collateral value on firm investment. Working with unique data on land values in 35 major Chinese markets and a panel of firms outside the real estate industry, we estimate investment equations that yield no evidence of a collateral channel effect. One reason for this stark difference appears to be that some of the most dominant firms in China are state-owned enterprises (SOEs) which are unconstrained in the sense that they do not need to rely on rising underlying property collateral values to obtain all the financing necessary to carry out their desired investment programs. However, we also find no collateral channel effect for non-SOEs when we perform our analysis on disaggregated sets of firms. Norms and regulation in the Chinese capital markets and banking sector can account for why there is no collateral channel effect operating among these firms. We caution that our results do not mean that there will be no negative fallout from a potential real estate bust on the Chinese economy. There are good reasons to believe there would be, just not through a standard collateral channel effect on firm investment. |
| 主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Portfolio Selection and Asset Pricing ; Corporate Finance ; Regional and Urban Economics ; Regional Economics ; Real Estate |
| URL | https://www.nber.org/papers/w18762 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576436 |
| 推荐引用方式 GB/T 7714 | Jing Wu,Joseph Gyourko,Yongheng Deng. Is There Evidence of a Real Estate Collateral Channel Effect on Listed Firm Investment in China?. 2013. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18762.pdf（236KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
