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The relationship between the financialization of real estate and real enterprises’ resilience

Author

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  • Fu, Yimang
  • Liu, Zhiwen
  • Xiang, Feiyun

Abstract

This study employed a fixed-effects model to examine the relationship between the financialization of real estate (FRE) and real enterprises’ resilience (RER), using data from Chinese A-share listed companies across 31 provinces between 2013 and 2024. The findings revealed that FRE is significantly negatively associated with RER, and corporate innovation investment negatively moderates this relationship. Additionally, this study provides supporting evidence for the presence of a financing constraints channel. Heterogeneity analysis demonstrated that the negative relationship is more pronounced among non-state-owned enterprises, those with a high reliance on external financing, and those located in eastern regions. This study provides empirical evidence for understanding the transmission channels of macro-financial risks to micro-level enterprises, offering insights for implementing differentiated policies to enhance the resilience of the real economy and promote high-quality economic development.

Suggested Citation

  • Fu, Yimang & Liu, Zhiwen & Xiang, Feiyun, 2026. "The relationship between the financialization of real estate and real enterprises’ resilience," Finance Research Letters, Elsevier, vol. 105(C).
    • Handle: RePEc:eee:finlet:v:105:y:2026:i:c:s1544612326007658
    DOI: 10.1016/j.frl.2026.110237
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