公募REITs上市是否会让国有房企信用利差收窄?  

Will the Listing of Publicly Traded REITs Narrow CreditSpreads of State-owned Real Estate Enterprises?

作　　者：吴凡 魏玮[1] WU Fan;WEI Wei(Business School,East China University of Political Science and Law,Shanghai 201620,China)

机构地区：[1]华东政法大学商学院,上海201620

出　　处：《合肥工业大学学报（社会科学版）》2024年第3期112-124,共13页Journal of Hefei University of Technology(Social Sciences)

基　　金：国家社会科学基金项目(22BJY233);教育部人文社会科学基金项目(21YJC790124)。

摘　　要：利用2014年1月至2023年6月相关企业的财务数据以及已发行的债券数据,以我国公募REITs试点上市为准自然实验,分析其对国有房企的信用风险影响。研究结果表明:公募REITs试点上市之后国有房企的信用利差显著收窄,违约概率和信用风险降低,该结论在一系列的稳健性检验后依然成立;相关机制研究发现,试点上市之后国有房企的信息披露质量加强、融资约束程度得到改善,进而信用利差降低;异质性分析表明,公募REITs试点上市对债券信用利差的降低作用在中央国企、运营能力强的企业以及有担保的企业中更加明显。Utilizing the financial data and issued bond data from state-owned real estate enterprises from January 2014 to June 2023,this paper conducts a quasi-natural experiment based on the pilot of the listing of publicly traded REITs in China to study its impact on the credit risks of the enterprises.The results indicate that the credit spreads of state-owned real estate enterprises significantly narrow after the pilot of publicly traded REITs listing,achieving a reduction in default probability and credit risk.This conclusion holds true after a series of robustness tests.Additionally,mechanism analysis reveals that the pilot policy will enhance information disclosure quality of state-owned real estate enterprises and alleviate financing constraints,leading to a decrease in credit spreads.Finally,heterogeneity analysis suggests that the pilot of publicly traded REITs listing leads to a more significant reduction in the credit spreads of bonds for central state-owned enterprises,enterprises with strong operational capabilities,and those with guarantees.

关 键 词：公募REITs试点 国有房企 信用利差 双重差分模型 

分 类 号：F064.1[经济管理—政治经济学]