The Impact Of Fiscal Policy Tools And Fiscal Monetary Policy Tools On Resource Allocation And Performance Of Real Estate Enterprises

Under the background of frequent changes in macroeconomic policies and rapid development of the real estate industry,fiscal policy tools and monetary policy tools in the allocation of resources in the operation and management of real estate enterprises are facing more complicated environmental and adjustment problems.It is an urgent problem for real estate enterprises to rationally allocate their strategic resources in order to obtain sustainable competitive advantages in the process of fiscal and monetary policy tool changes.At the same time,research on the resource allocation of real estate enterprises,and explore whether the adjustment of resource allocation will be beneficial to corporate performance continually.How to implement resource allocation effectively and improve the performance of real estate enterprises by combining fiscal and monetary policy tools that reflect the economic policy environment? This leads to the thinking of the relationship between fiscal policy tools,monetary policy tools,resource allocation and performance of real estate enterprises.The fiscal and monetary policy tools are the bridge between the policy objectives and policy implementation under the economic policy environment,and reflecting the loose or tight state of the current macroeconomic environment.It is of great significance to achieve the current policy objectives by applying economic policy tools rationally and effectively.Affected by a series of factors,such as the economic policy environment,the definition of policy issues in key industries and the economic policy objectives,the choice of fiscal and monetary policy tools will present different characteristics,and the expected results will be different.Due to its special economic status and social status,listed real estate companies have undoubtedly become the focus of the government's use of fiscal and monetary policy tools.In this context,this paper uses the theory of policy tools to conduct a systematic study on the macroeconomic policy regulation of real estate industry in China.Under the idea of "policy environment-policy tools",the panel data of listed companies in the real estate industry from 2009 to 2015 were used for empirical analysis by descriptive analysis,correlation analysis and multiple linear regression analysis.Exploring the relationship between fiscal and monetary policy tools and strategic resource allocation of real estate enterprises,how the fiscal and monetary policy tools will affect the real estate industry,and how they will affect the allocation of enterprise resources and enterprise performance in the real estate industry.Combined with the internal and external environmental factors of the enterprise,such as the external capital dependence of the real estate enterprise and the nature of the enterprises,this paper analyses the impact of fiscal and monetary policy tools on the allocation of resources deeply,and then based on the theory of resource allocation,further analyses the relationship between resource allocation and performance of real estate enterprise.And the moderating effect of fiscal and monetary policy tools on the relationship between them.The results show that loose fiscal policy tools and monetary policy tools will encourage real estate enterprises to implement a greater resource allocation.And the stronger financial dependence of real estate enterprises can strengthen the relationship between monetary policy and resource allocation,while the moderating effect of external financial dependence of real estate enterprises for fiscal policy tools is not significant.At the same time,when non-state-owned enterprises implement resource allocation,the size of resource allocation is more affected by fiscal and monetary policy tools.With the increase of the change range of real estate enterprises' resource allocation,there is an Sshaped curve relationship between the change range of real estate enterprises' resource allocation and their performance.In the initial stage of resource allocation,the increase of resource adjustment cost will have a negative correlation with the performance of real estate enterprises.With the further expansion of the change range of its resource allocation,the effect of strategic resource adjustment begins to appear.At this time,the benefits generated starts to appear and grows rapidly with the expansion of the adjustment range.When the benefits and costs are offset to the critical point,the resource adjustment behavior of the real estate enterprises will have the opposite effect on performance.As a moderating effect,the combination of loose fiscal and monetary policy tools will ease the s-shaped curve relationship.On the contrary,the combination of tight fiscal and monetary policy tools will strengthen the relationship.