| In recent years,with the rapid development of China’s real estate market and the continuous rise of housing price,a large amount of capital has been attracted to the real estate industry.Excessive financialization has become more and more serious,and the mismatch of financial resources has become increasingly prominent,which has become a potential threat to the healthy development of China’s economic and financial system.In order to prevent the real estate enterprise the management behavior of blind expansion,to guide the capital to take off the virtual to real,the government also successively introduced including "three line four file" financing new rules and a series of new rules of real estate loan policy of concentration of business,to promote the safe and prudent operation of commercial banks,guide the healthy development of real estate industry,maintain the smooth running of the national economy and firmly hold the bottom of systemic financial risk does not occur,Both have important strategic significance.Under this background,the integrated application of qualitative and quantitative analysis,this paper to our country in recent years,real estate finance policy,especially the "three line four file" financing new rules and in view of the real estate loan concentration limit differentiated credit policy,a detailed and in-depth analysis,and through the PSM-DID model above the specific influence real estate new rules for the empirical test,Guided by the research objectives,the main work of this paper can be summarized into the following three aspects:Firstly,based on a detailed review of previous scholars’ studies on the relationship between the real estate market and financial policies,this paper describes the current situation of the misallocation of financial resources and the distortion of the real estate market in China,and makes an in-depth analysis of the manifestations,causes and harms of the misallocation of financial resources and the distortion of the real estate market.On the basis of this,the paper combs the financial policies for the development of real estate industry in China in recent years,and makes a detailed analysis of the main content and mechanism of action.Secondly,this paper takes real estate enterprises in THE CSMAR database as research samples to construct the PSM-DID model.Empirical analysis is made on quarterly data from the fourth quarter of 2019 to the third quarter of 2021,including company documents,balance sheets,income statements,cash flow statements,operating capacity,debt paying capacity,profitability,relative value indicators and industry categories.It is found that the new real estate regulation policy in recent years has a great impact on the financing and business behavior of real estate enterprises.Under the impact of the policy,the sales and purchase activities of real estate enterprises,as well as the blind expansion of the industry have been significantly inhibited.Thirdly,based on the previous research conclusions,this paper puts forward targeted policy recommendations.On the one hand,we should continue to adhere to the macro-control policies for the real estate market,deepen the supply-side structural reform of the financial sector,and steadily promote the deleveraging of real estate enterprises.On the other hand,to further improve the financial supervision system,improve the real estate financial risk monitoring and early warning system;In addition,differentiated real estate credit policies should also be improved to support reasonable housing demand;At the same time,increasing financial support for manufacturing,science and technology industries and other real sectors,promoting capital from the real estate sector into the real economy sector,play an important role in financial services for the real economy,and play an important role in promoting the high-quality development of China’s economy and society. |
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