Monetary Policy, Housing Heterogeneity and Profitability Empirical Evidence from Real Estate Listed Companies

Measuring the impact of macro-monetary policy on the profitability of micro real estate companies, and analyzing the difference between corporate behavior and profit of real estate companies arising from the role of monetary policy based on the quarterly data of 130 real estate listed companies in China from 2008 to 2017. Results show that the change of monetary policy has a significant positive correlation with the profitability of real estate enterprises. At the same time, the profitability of different types of real estate companies will be affected differently in the face of monetary policy shocks, small and medium-sized real estate companies are more affected by monetary policy, and large real estate companies are not affected by monetary policy. In addition, real estate companies with national or local government backgrounds are more affected by monetary policy than private real estate companies.