Research On The Impact Of Differentiated Regulation Policies On Stock Prices Of Real Estate Companies

In the past 20 years,along with the rapid development of the real estate market,problems such as high property prices,high indebtedness and a high degree of financialisation have gradually come to the fore,which has led the relevant government departments to be more vigilant about the real estate industry.The implementation of these policies has played a significant role in the healthy development of the real estate market.In this context,the thesis investigates the impact of different types of regulatory policies on the stock prices of real estate companies,and further explores the strength and mechanism of real estate regulatory policies.Paper from the "room for not fry" policy selection after put forward the policies of the four typical policy(" mortgage rate linked to the benchmark interest rate ","three red lines","centralized management of mortgage loans","two concentrations of land")as the research object,first of all,the selection of the four goal,in accordance with the direction control,regulation and control policy and regulation scope,It also analyzes the influence mechanism of the four policies on the stock price of real estate companies.Secondly,event study and multiple regression are used to analyze the impact of a single policy among the four policies on the stock prices of real estate companies.Then,the impact results of a single policy are summarized,and the differences in the impact of different types of regulatory policies are analyzed by comparing and analyzing the differences in the impact of four policies.Finally,eight corporate characteristics indicators are selected from the aspects of company size,property right nature,market and internal financial performance to analyze the difference of policy impact among different real estate companies.The empirical results show that the policy of "mortgage rate linked to the benchmark interest rate" and "two concentrations of land" have a significant positive impact on the stock prices of real estate companies.The "three red lines" policy and the "centralized management of mortgage loans" system had a significant negative impact on the stock prices of real estate companies.Economic means,demand end,expansionary and national regulation and control policies have a greater impact on the stock prices of real estate companies.Real estate companies with small size,private ownership,Shenzhen stock market,high debt level,good growth,low industry status,low profitability and large operating cash flow are more affected by the policy.After drawing the above conclusions,the paper puts forward some countermeasures and suggestions to the government and investors.Paper differentiation research on the effects of macro-control on the real estate company’s stock price,can enrich the different types of regulation and control policy of real estate company stock price impact study,helps the market main body deeper understanding of the regulation and control policy influence on the stock market,investment decisions for the relevant investors and real estate company’s strategy adjustment to provide certain theoretical basis,it also provides certain reference opinions for the government to formulate scientific and effective real estate control policies.