中国地方政府融资平台对房地产企业的救助作用

IF 5.3 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2025-03-25 DOI:10.1016/j.pacfin.2025.102744

Wei Kong , Susan Sunila Sharma , Xin-Xin Zhao , Yao-Bo Shi

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引用次数: 0

摘要

近年来，中国房地产市场发生了重大变化和挑战，导致整个行业进入低迷周期，面临多重困难。基于此，本研究以中国32个地级市及以上城市为研究对象，研究地方政府融资平台的土地支撑行为对房地产企业困境的救助效果。研究发现：一是房地产下行周期加剧了地方政府融资平台的征地行为；第二，地方政府融资平台的土地支撑行为对房地产企业的困境起到了救助作用；第三，地方政府融资平台通过加强与房地产企业的合作和减少地价波动两种方式来拯救房地产企业的土地支撑行为。

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The rescue effect of local government financing vehicles on real estate enterprises in China

In recent years, the Chinese real estate market has undergone significant changes and challenges, leading the entire industry into a downturn cycle and facing multiple difficulties. Based on this, this study takes 32 prefecture-level and above cities in China as the research objects to study the rescue effect of LGFVs' land-underpinning behavior on the difficulties of real estate enterprises. The study finds: First, the real estate downward cycle has intensified land acquisition by LGFVs; Second, the land-underpinning behavior of LGFVs exerts a rescue effect on the difficulties of real estate enterprises; Third, the land-underpinning behavior of LGFVs through two methods to rescue real estate enterprises: strengthening cooperation with real estate enterprises and reducing land price fluctuations.

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.