Research On The Impact Of Financial Supervision Policy On The Risk Of Real Estate Enterprises

The development of the real estate industry plays a pivotal role in the development of China’s economy,however,along with the rapid development of the real estate market and the previous lax financial regulation policy,problems such as real estate investment bubbles and debt risks of real estate enterprises have also become increasingly prominent.Under the policy of "housing and housing without speculation",the Chinese government has introduced a series of financial regulatory policies in the real estate finance sector in recent years.Due to the strengthening of regulation and the expected rise in policy uncertainty,the investment and financing of real estate enterprises have been restricted and the financial risks have intensified.Based on this,this thesis takes China’s real estate listed enterprises as the research sample and combines theoretical and empirical evidence to study in depth the impact of the strength of financial regulatory policy implementation and the degree of uncertainty on the default risk and bankruptcy risk of real estate enterprises,which has certain practical significance and theoretical value for the future development of financial regulatory policy and real estate enterprises.This thesis carries out the research in a qualitative and quantitative manner.Firstly,the literature on financial regulatory policy,real estate enterprise risk and their correlation is reviewed through literature research method and theoretical research method,and the concepts and risk measures of financial regulatory policy and real estate enterprise risk are summarised and summarised;secondly,the theoretical basis of financial vulnerability theory,effective financial regulation theory,financial constraint theory and risk spillover effect theory is elaborated and The research hypothesis is proposed based on the theoretical research.Next,the current situation of the risk of Chinese real estate enterprises under the financial regulatory environment is analysed.The results show that the financial regulation of real estate enterprises in China is in the middle to upper level,while the risk problems of real estate enterprises in China are also more prominent.The empirical analysis is used to test the hypotheses by collecting and collating data on listed real estate enterprises in China and relevant regulatory data,firstly,the data are described and tested in a basic way,furthermore,the hypotheses are tested using a fixed effects regression model,and the model is continued to be tested for endogeneity in terms of two-way causality and omitted variables;robustness tests are conducted based on models such as substitution variables,and heterogeneity is discussed based on property rights,size and region.Finally,the impact of excessive financial regulation and uncertainty on firm risk and the interaction effects of the two are discussed.After the above analysis,the thesis concludes that the intensity of financial regulation has a significant negative impact on the default risk and bankruptcy risk of real estate firms,while the uncertainty of financial regulation has a significant positive impact on the default risk and bankruptcy risk of real estate firms.There are significant differences among firms of different ownership,size and region,and further study concludes that excessive regulatory intensity is detrimental to firms,and increased regulatory uncertainty will continue to have a negative impact on firms.Based on the above findings,this thesis proposes targeted countermeasures for China’s real estate enterprises at the level of enterprise operation and decision-making,enterprise risk management,and enterprise sustainable development,as well as recommendations for financial regulators at the level of financial regulatory policy formulation,financial regulatory strength,and real estate enterprise risk mitigation.