Study On The Influence Of Inter-provincial Operation Access Mechanism Of Urban Commercial Banks On The Leverage Ratio Of Real Estate Development Enterprises

Development data over the past 20 years show that the banking and real estate industries "share benefits and risks".The rapid expansion of the real estate industry has benefited from the financial support of banks,and urban commercial banks are the backbone of the development of local small and medium-sized enterprises.However,most of the existing researches focus on the risk transmission between the two,and few scholars have conducted researches on whether and how urban commercial banks affect the leverage ratio of real estate enterprises.Based on the quasi-natural experiment of the relaxation of inter-provincial market access mechanism of urban commercial firms in 2006,this paper explores how the relaxation of interprovincial market access mechanism of urban commercial firms will affect the leverage ratio of real estate development enterprises.What’s the mechanism? Based on the provincial panel data from2000 to 2019,this paper constructs a dual fixed effect model through multiple periods of DID,and analyzes and studies three regulatory mechanisms,namely inter-bank competition,bank-enterprise distance and government-bank-enterprise relationship.It is found that the relaxation of interprovincial market access mechanism can inhibit the increase of leverage ratio of real estate development enterprises.The specific mechanism is as follows: under the background of crossregional operation of urban commercial banks,(1)fierce inter-bank competition inhibits the creation of inefficient liquidity of banks,promotes prudent operation,reduces high-risk debt financing behavior,and finally inhibits the increase of leverage ratio of real estate development enterprises;(2)The shortening of the distance between banks and enterprises broadens the debt financing channels of enterprises,reduces financing costs,and finally promotes the increase of leverage ratio;(3)The relationship between government,banks and enterprises broadens financing channels for real estate development enterprises,reduces their dependence on debt financing,and thus restrains the increase of leverage ratio of real estate development enterprises.Finally,it is found that the policy effect in the eastern region is not significant,while the central and western regions show obvious inhibitory effect,and the policy effect in the central region is better than that in the western region.At the theoretical level,this paper has enriched the study on the leverage ratio of the real estate development enterprises by the inter-provincial operation of urban commercial houses,put forward three adjustment mechanisms,and made explanations at the theoretical and empirical level.In terms of policy practice,it points out the positive externalities brought by the relaxation of the interprovincial market access mechanism of urban commercial banks,which provides new thinking for the relevant government departments when formulating the policies of the banking and real estate industries.