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The Effect of Credit Crunches and Equity Financing Restrictions on the Capital Structure Adjustments of Chinese Listed Real Estate Companies

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  • Hong Zhang
  • Shuai Gao
  • Michael J. Seiler
  • Yang Zhang

Abstract

We construct a natural experiment framework based on a partial adjustment model to analyze the effect of credit crunches and equity financing regulations on capital structure adjustments made by Chinese listed real estate companies in the period 2001–12. The results indicate that when a credit crunch occurs, upward capital structure adjustment speeds significantly slow, while the speed of downward adjustments does not significantly change. Moreover, equity financing regulation has little effect on downward capital structure adjustment speeds but has a significant effect on upward capital structure adjustment speeds.

Suggested Citation

  • Hong Zhang & Shuai Gao & Michael J. Seiler & Yang Zhang, 2015. "The Effect of Credit Crunches and Equity Financing Restrictions on the Capital Structure Adjustments of Chinese Listed Real Estate Companies," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 51(S5), pages 21-32, September.
    • Handle: RePEc:mes:emfitr:v:51:y:2015:i:s5:p:s21-s32
    DOI: 10.1080/1540496X.2015.1062306
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    Cited by:

    1. Cumming, Douglas & Fleming, Grant & Liu, Zhangxin (Frank), 2018. "Shadow banking in Asia: Foreign versus domestic lending to real estate projects," Emerging Markets Review, Elsevier, vol. 35(C), pages 137-147.
    2. Bei Lyu & Hui Chen, 2022. "Effect of Founder Control on Equity Financing and Corporate Performance-Based on Moderation of Radical Strategy," SAGE Open, , vol. 12(2), pages 21582440221, April.

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