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Debt financing costs, patient capital, and the resilience of real estate enterprises

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  • Yang, Yingjun
  • Cheng, Lihong
  • Ni, Lin
  • Xu, Xin

Abstract

This study examines listed real estate companies in China from 2008 to 2023, focusing on the impact of debt financing costs and patient capital on corporate resilience. The findings indicate that increasing debt financing costs significantly suppress resilience, exhibiting a U-shaped dynamic trend of initially decreasing and then increasing effects. There is also a significant negative correlation between patient capital and resilience. In addition, patient capital has an important moderating effect on the relationship between debt financing costs and resilience, with different effects found between firms with standard and non - standard audit opinions.

Suggested Citation

  • Yang, Yingjun & Cheng, Lihong & Ni, Lin & Xu, Xin, 2025. "Debt financing costs, patient capital, and the resilience of real estate enterprises," Finance Research Letters, Elsevier, vol. 83(C).
    • Handle: RePEc:eee:finlet:v:83:y:2025:i:c:s1544612325009481
    DOI: 10.1016/j.frl.2025.107689
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    1. Suo, Wen & Qiao, Pengliang, 2025. "Patient capital, green innovation bubble, and corporate ESG performance," Finance Research Letters, Elsevier, vol. 86(PF).

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