This paper takes the 2004-2016 non-financial listed companies on Shanghai and Shenzhen stock exchanges as research samples,combined with urban and macro-level data about land use right transfer in prefecture-level cit...This paper takes the 2004-2016 non-financial listed companies on Shanghai and Shenzhen stock exchanges as research samples,combined with urban and macro-level data about land use right transfer in prefecture-level cities,and tries to capture the intrinsic link between land finance and leverage of non-financial listed companies.The study finds that the increase in local govermments'reliance on land finance will increase the probability of corporate overleverage.In the case of introducing control variables that may interfere with the cstimation results and using instrumental variables to alleviate the potential endogeneity,the conclusion remains robust.On this basis,this paper further studies the relationship between land finance and corporate solvency and sustainable development capability.It finds that the increase in reliance on land finance will increase the company's short-term solvency risk and future solvency pressure,while reducing the profitability and sustainability of overleveraged companies.This phenomenon is particulatly evident in high-leveraged companies such as real estate companies in regions with lower collateral value,state-owned enterprises,and enterprises in the eastem region.This paper provides a new perspective for further understanding of the high leverage among non-financial enterprises and the prevention and resolution of debt risks in the context of China's supply-side structural reform.展开更多
基金National Social Science Fund Project" The Impact of Land Finance on the Real Economy and the Reconstruction of Corresponding Incentive System from the Perspective of Financial Instruments"(17BJL037).
文摘This paper takes the 2004-2016 non-financial listed companies on Shanghai and Shenzhen stock exchanges as research samples,combined with urban and macro-level data about land use right transfer in prefecture-level cities,and tries to capture the intrinsic link between land finance and leverage of non-financial listed companies.The study finds that the increase in local govermments'reliance on land finance will increase the probability of corporate overleverage.In the case of introducing control variables that may interfere with the cstimation results and using instrumental variables to alleviate the potential endogeneity,the conclusion remains robust.On this basis,this paper further studies the relationship between land finance and corporate solvency and sustainable development capability.It finds that the increase in reliance on land finance will increase the company's short-term solvency risk and future solvency pressure,while reducing the profitability and sustainability of overleveraged companies.This phenomenon is particulatly evident in high-leveraged companies such as real estate companies in regions with lower collateral value,state-owned enterprises,and enterprises in the eastem region.This paper provides a new perspective for further understanding of the high leverage among non-financial enterprises and the prevention and resolution of debt risks in the context of China's supply-side structural reform.
