上市房地产企业与商业银行财务绩效关系研究

Research on the Relationship between Listed Real Estate Enterprises and Financial Performance of Commercial Banks

摘要: 1998年以来，中国房地产市场快速发展，但也伴随着风险。本研究探讨了中国上市房地产企业与银行业之间的财务绩效关系及其影响机制。研究发现，两者之间存在紧密的信息、流动性和投资者情绪关联，导致财务绩效相互影响。静态分析显示，两者存在微弱的负相关性，极端市场条件下风险传染效应有限。时变分析表明，市场繁荣时相关性增强，低迷时减弱。银行财务状况对房地产企业影响更大，且政策变化是关键因素。为此，建议加强联合监测、提高信息透明度、建立跨市场监管机制、鼓励金融创新并加强风险管理，以及制定审慎的房地产政策。这些措施有助于维护金融市场稳定，促进经济可持续发展。

Abstract: Since 1998, China’s real estate market has developed rapidly, but it is also accompanied by risks. This study explores the financial performance relationship between listed real estate enterprises and banking industry in China and its influencing mechanism. It is found that there is a close information, liquidity and investor sentiment correlation between the two, which leads to the mutual influence of financial performance. Static analysis shows that there is a weak negative correlation between them, and the risk contagion effect is limited under extreme market conditions. Time-varying analysis shows that the correlation increases when the market is booming and weakens when the market is downturn. The financial situation of banks has a greater impact on real estate enterprises, and policy changes are the key factors. To this end, it is suggested to strengthen joint monitoring, improve information transparency, establish cross-market supervision mechanism, encourage financial innovation and strengthen risk management, and formulate prudent real estate policies. These measures help to maintain financial market stability and promote sustainable economic development.