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Research on the Change Rules and Spatial and Temporal Distribution Characteristics of Real Estate Corporate Bonds Based on Panel Data

In: Proceedings of the 24th International Symposium on Advancement of Construction Management and Real Estate

Author

Listed:
  • Lutong Yu

    (Tsinghua University)

  • Hong Zhang

    (Tsinghua University)

Abstract

With the improvement of the capital market, more and more real estate enterprises choose direct financing methods such as issuing stocks and bonds to raise funds. Although IPO and other stock financing methods have high cost and strict supervision, they are still well-favored. In contrast, real estate corporate bonds have the advantages of relatively low and fixed financing cost, however, the market conditions are not active enough, hindering the real estate enterprises from expanding the channels of funding sources comprehensively to some extent. In order to understand the bond financing situation of real estate enterprises comprehensively, this paper collects and organizes the panel data of real estate corporate bonds from 1998 to 2018 and conducts multi-dimensional statistical analysis from the perspectives of the bond characteristics ownership nature and regional distribution of enterprises to explore the change rules and spatial and temporal distribution characteristics of real estate corporate bonds. Meanwhile we apply a time series GMM model to study the impact of macroeconomics on the coupon rate of real estate corporate bonds, hoping to help the financing party and issuer of real estate corporate bonds and relevant regulatory authorities to formulate effective proposals.

Suggested Citation

  • Lutong Yu & Hong Zhang, 2021. "Research on the Change Rules and Spatial and Temporal Distribution Characteristics of Real Estate Corporate Bonds Based on Panel Data," Springer Books, in: Gui Ye & Hongping Yuan & Jian Zuo (ed.), Proceedings of the 24th International Symposium on Advancement of Construction Management and Real Estate, pages 585-595, Springer.
    • Handle: RePEc:spr:sprchp:978-981-15-8892-1_42
    DOI: 10.1007/978-981-15-8892-1_42
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