The effect of the evergrande bankruptcy on Chinese real estate listed firms

IF 2.9 3区经济学 Q1 ECONOMICS

Quarterly Review of Economics and Finance Pub Date : 2024-09-02 DOI:10.1016/j.qref.2024.101918

António Miguel Martins , Nuno Moutinho

引用次数: 0

Abstract

The objective of the study is to examine the intra-industry effects of Evergrande’s bankruptcy on the Chinese real estate listed firms. Based on an event study, we evidence a negative and statistically significant stock price reaction to Evergrande’s bankruptcy announcement. These results are consistent with the contagion effect. We also find the highest negative impact on real estate firms with greater leverage and a higher similarity in cash flows with the bankrupt firm. Finally, the magnitude of the stock market reaction to Evergrande’s bankruptcy is reinforced or mitigated by firm-specific determinants such as size and liquidity.

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恒大破产对中国房地产上市公司的影响

本研究旨在探讨恒大破产对中国房地产上市公司的行业内影响。基于事件研究，我们证明了恒大破产公告对股价的负向反应，且在统计上具有显著性。这些结果与传染效应是一致的。我们还发现，杠杆率较高、现金流与破产公司相似度较高的房地产公司受到的负面影响最大。最后，公司规模和流动性等公司特有的决定因素加强或减轻了股市对恒大破产的反应程度。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Quarterly Review of Economics and Finance ECONOMICS-

CiteScore

6.00

自引率

2.90%

发文量

118

期刊介绍： The Quarterly Review of Economics and Finance (QREF) attracts and publishes high quality manuscripts that cover topics in the areas of economics, financial economics and finance. The subject matter may be theoretical, empirical or policy related. Emphasis is placed on quality, originality, clear arguments, persuasive evidence, intelligent analysis and clear writing. At least one Special Issue is published per year. These issues have guest editors, are devoted to a single theme and the papers have well known authors. In addition we pride ourselves in being able to provide three to four article "Focus" sections in most of our issues.