Research On The Influence Of Representative Heuristics On Short-term Loan Level Of Real Estate Enterprises

China's economy has entered the new normal and pushed forward the supply side reform,which has provided both opportunities and challenges for the real estate industry.It is of great significance to explore the influence of the irrational financial behavior on the short-term loan of the enterprise to improve the management level of the operating capital and the internal financial management efficiency of the real estate enterprises.The paper mainly explores the relationship between representative heuristics and short-term loan management and the adjustment of exogenous factors on the relationship between the two.The A shares listed in the two cities of Shenzhen and Shanghai as the research object is selected,and on the basis of combing the related literature and the present situation of the short-term borrowing level of the real estate industry,from the perspective of behavioral finance,the level of short-term borrowing as the explanatory variable and the representative heuristic as the main explanatory variable is chosen,theoretical analysis and empirical research carried out.The results shows: the representative heuristic as one of the irrational financial behaviors has a significant influence on the short-term borrowings of the company and is positively correlated.The larger of the representativeness heuristic is,the higher the level of short-term loan will be,and the representative heuristics worsen the internal financial management efficiency of the company;Representative heuristic with different types of equity and age of listing have a positive impact on the level of short-term borrowing.However,the heuristic of state-owned enterprises has a significantly greater impact on short-term borrowing than non-state-owned enterprises.The representative heuristics of listed real estate companies with older ages have a stronger influence on the level of short-term borrowing,and the age of listing has a strong regulatory effect on the degree of influence between the two;Marketization weakens the moderating effect of representational heuristics and short-term borrowing.The real estate enterprises in the high degree of marketization have a weaker influence on the short-term borrowing level than those with low market orientation;The effect of representative heuristics on the level of short-term borrowing is significantly reduced under both the market age and the degree of marketization.The weakening effect of marketization has effectively restrained the strengthening effect of listing age.By studying the influence of the representative heuristic for short-term borrowing,is advantageous to the real estate enterprises short-term borrowing should play a better role of governance,and enterprise internal financial management efficiency is improved,enterprise operation management ability is strengthened.