湖南大学学报（社会科学版）2024，Vol.38Issue(2)：68-75,8.DOI:10.16339/j.cnki.hdxbskb.2024.02.009
房地产企业资本结构对股价波动的传递效应分析
An Analysis of Transmission Effect of Capital Structure on Stock Price Fluctuation of Real Estate Enterprises:Based on the Structured GARCH Model
摘要
Abstract
The capital structure of China's real estate enterprises has been in a state of high debt and high leverage for a long time.In the process of rapid development of real estate for more than 20 years,the high leverage risk has been ignored,and it is even considered as the inherent model of the development of real estate enterprises.The capital structure factor is introduced into the structured GARCH model to test the transmission effect of the capital structure of real estate enterprises on stock price fluctuation.The re-sults show that China's real estate market has structural characteristics,and the leverage multiplier is syn-chronized with the stock price fluctuation.Excessive debt level will not improve the scale effect of real es-tate enterprises,but will inhibit the growth of stock returns.关键词
房地产企业/资本结构/股价波动/结构化GARCH模型Key words
real estate enterprises/capital structure/stock price fluctuation/structured GARCH model分类
管理科学引用本文复制引用
王虹,唐媛媛..房地产企业资本结构对股价波动的传递效应分析[J].湖南大学学报（社会科学版）,2024,38(2):68-75,8.基金项目
国家社会科学基金项目:"营改增"后税制改革与分税制、企业税负压力的联动协调研究(17BJY176) （17BJY176）
成都市软科学研究项目:成都创新型企业培育发展对策研究——基于要素协同与创新绩效的视角(2021-RK00-00265-ZF) （2021-RK00-00265-ZF）
四川大学"从0到1"创新研究项目:经济下行压力下减税降费对企业生存风险化解与发展的影响研究(2022CX25) （2022CX25）
