神戸大学金融研究会
神戸大学金融研究会11月例会
Monetary Economics Seminar of Kobe University
第644回
科研基盤研究(B)「銀行業の将来像：銀行理論に基づく現代・近代比較実証分析による検討」／RIEBセミナー共催
| 日時 | 2026年11月11日（水）16:00～17:30 |
|---|---|
| 会場 | 経済経営研究所 会議室（新館2階） |
| 対象 Intended Audience |
会員の方のみ |
| 使用言語 | 英語 |
| 備考 Note |
報告資料は参加者のみに事前にお送りします Slides data will be sent to the attendees only. |
16:00 ～ 17:30
- 論題
- Corporate Real Estate Exposure: Measurement and Implications (with Jinlu Xue, Xu Feng, Ziwei Ren, and , Jingfeng Zhang)
- 報告者
- Yajun XIAO (Department of Finance, Xi'an Jiatong-Liverpool Univresity)
- 概要
- We construct a firm-level measure of real estate exposure that captures both direct holdings and indirect linkages to the property sector. Firms with greater exposure experience significantly larger increases in borrowing and investment, even after accounting for the value of their direct real estate holdings. This credit expansion is driven by improved cash flow prospects and relaxed cash-flow-based financing constraints, thereby capturing information distinct from that conveyed through the collateral channel. Using a regulatory tightening as a quasi-natural experiment, we establish causality by showing that firms with greater ex ante real estate exposure subsequently experience sharp declines in financing and investment due to deteriorating cash flows, whereas the value of direct real estate holdings does not predict comparable declines.These findings identify a distinct cash flow channel through which real estate cycles propagate via cashflow-based rather than collateral-based lending.