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

Lutong Yu () and Hong Zhang
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Lutong Yu: Tsinghua University
Hong Zhang: Tsinghua University

A chapter in Proceedings of the 24th International Symposium on Advancement of Construction Management and Real Estate, 2021, pp 585-595 from Springer

Abstract: 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.

Keywords: Real estate corporate bonds; Change rules; Spatial and temporal distribution characteristics; Statistical analysis; GMM (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-15-8892-1_42

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DOI: 10.1007/978-981-15-8892-1_42

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