Several real estate enterprises in China(hereinafter referred to as housing enterprises)rely on overseas financing to meet their financing needs,but it is fraught with challenges such as high financing costs.Premised ...Several real estate enterprises in China(hereinafter referred to as housing enterprises)rely on overseas financing to meet their financing needs,but it is fraught with challenges such as high financing costs.Premised on the internationalization of finance,combined with the background of“staying and not speculating”and establishing a long-term mechanism for real estate market,based on the investigation of the financing motives of real estate enterprises,combined with a large amount of data,the present study examines the current situation and predicament of overseas financing of housing enterprises.It proposes four feasible countermeasures to promote sustainable development of real estate enterprises overseas financing including building a special financing system to reduce the cost,expanding various financing channels,strengthening the supervision of overseas bond financing,and reducing the loss devaluation of RMB internally and externally.展开更多
China and Japan own the largest policy banks—state-owned financiers—in the world.Policy banks have recently drawn international attention as the Export-Import Bank of China(CHEXIM)and China Development Bank(CDB)play...China and Japan own the largest policy banks—state-owned financiers—in the world.Policy banks have recently drawn international attention as the Export-Import Bank of China(CHEXIM)and China Development Bank(CDB)play an important role in China5s overseas economic activities.This paper examines the extent to which the CHEXIM and CDB behave similarly to the Japan Bank for International Cooperation(JBIC),their Japanese counterpart in energy loan approvals.Combining third-party data from a new database of Chinese overseas energy finance and various matching databases,this paper proposes a fixed-effect model to compare the determinants of the CHEXIM,CDB and JBIC's overseas energy loans from a comparative perspective.Like their Japanese counterparts,Chinese banks exhibit a certain degree of concern for the recipient'domestic economy but also exhibit riskseeking tendencies.Contrary to claims that China5s policy bank is a tool to gain geopolitical advantage,geopolitical concerns and energy security do not appear to be determinants of the CHEXIM's overseas finance decisions.展开更多
基金The financial support from the Program for the Key Research Projects of FinancialApplication in Shandong Province[2019-JRZZ-09].
文摘Several real estate enterprises in China(hereinafter referred to as housing enterprises)rely on overseas financing to meet their financing needs,but it is fraught with challenges such as high financing costs.Premised on the internationalization of finance,combined with the background of“staying and not speculating”and establishing a long-term mechanism for real estate market,based on the investigation of the financing motives of real estate enterprises,combined with a large amount of data,the present study examines the current situation and predicament of overseas financing of housing enterprises.It proposes four feasible countermeasures to promote sustainable development of real estate enterprises overseas financing including building a special financing system to reduce the cost,expanding various financing channels,strengthening the supervision of overseas bond financing,and reducing the loss devaluation of RMB internally and externally.
文摘China and Japan own the largest policy banks—state-owned financiers—in the world.Policy banks have recently drawn international attention as the Export-Import Bank of China(CHEXIM)and China Development Bank(CDB)play an important role in China5s overseas economic activities.This paper examines the extent to which the CHEXIM and CDB behave similarly to the Japan Bank for International Cooperation(JBIC),their Japanese counterpart in energy loan approvals.Combining third-party data from a new database of Chinese overseas energy finance and various matching databases,this paper proposes a fixed-effect model to compare the determinants of the CHEXIM,CDB and JBIC's overseas energy loans from a comparative perspective.Like their Japanese counterparts,Chinese banks exhibit a certain degree of concern for the recipient'domestic economy but also exhibit riskseeking tendencies.Contrary to claims that China5s policy bank is a tool to gain geopolitical advantage,geopolitical concerns and energy security do not appear to be determinants of the CHEXIM's overseas finance decisions.
