A Study On The Influence Of Micro-Prudential Regulation On Leverage Ratio Of Real Estate Listed Company

In recent years,many well-known real estate companies have been exposed to the debt crisis,and regulators are concerned about the risk that the increasing leverage ratio of real estate companies will be transmitted from the real estate market to the financial market.Under the original supervision of the real estate industry,they have made many restrictions on the financing of real estate companies.All kinds of signs show that,Maintaining a reasonable level of leverage in the property sector is a pressing issue for regulators.However,as an independent third party outside the enterprise,regulators cannot directly intervene in the management of real estate companies.Instead,they can only indirectly influence the leverage ratio of real estate companies through commercial banks,which is realized through the micro-prudential supervision of commercial banks by regulators.Regulators put forward regulatory requirements on the capital,provisions,leverage ratio,liquidity and other aspects of commercial banks to achieve the desired regulatory objectives.So can the micro-prudential supervision of commercial banks by regulators reduce the leverage ratio of real estate companies? Does microprudential regulation have different influence on leverage ratio of real estate companies of different nature? Does the real estate credit scale play an intermediary role in this process?In order to solve the above problems,this paper puts forward the research hypothesis on the basis of theoretical analysis,and then carries on the empirical analysis.This article selects the real estate in our country from 2014 to 2020 in the financial data of listed companies,with asset-liability ratio to measure the real estate listed companies leverage,with tier 1 capital ratio of commercial Banks,loans ratio,leverage,liquidity coverage on behalf of the regulators of commercial Banks’ capital,reserves of four aspects,such as liquidity,leverage,micro prudent supervision,This paper studies its influence on the leverage ratio of listed real estate companies,and analyzes the heterogeneous influence from different property rights,different scales,different profitability and other aspects.In order to explore the influencing mechanism,this paper also studies the intermediary effect of credit scale in the real estate industry in the influencing process.The results show that(1)the micro-prudential supervision of regulators has a significant impact on reducing the leverage ratio of listed real estate companies.(2)Capital regulation can significantly reduce the leverage ratio of private,large-scale and highly profitable real estate listed companies.Reserve regulation,leverage ratio regulation and liquidity regulation are significantly negatively correlated with the leverage ratio of small and medium-sized real estate companies,while significantly positively correlated with the leverage ratio of large-scale real estate companies.The leverage ratio regulation has a significant negative correlation with the leverage ratio of real estate companies with strong profitability,but has no correlation with the leverage ratio of real estate companies with weak profitability.Reserve regulation and liquidity regulation can significantly reduce the leverage ratio of real estate companies with strong and weak profitability.(3)The credit scale of real estate industry has significant mediating effect on the leverage ratio of listed real estate companies in the process of capital regulation and leverage ratio regulation.Based on the results of theoretical and empirical analysis,this paper puts forward the following suggestions:(1)to control the real estate companies leverage,guard against the real estate market risk,regulators should pay attention to strengthen the micro prudential supervision of commercial Banks,regulators should be of commercial bank’s capital adequacy,a provision provision,leverage and liquidity four aspects to conduct a comprehensive regulation,to ensure that the commercial bank risk control;(2)Commercial banks should strengthen pre-loan,in-loan and post-loan management of real estate companies and attach importance to business quality and risk control;(3)Listed real estate companies should strengthen internal and external management,pay attention to cash flow in internal management,and attach importance to corporate responsibility in external management.