荣昭和西南财经大学博士生黄佳琳合作的论文“Housing Boom, Real Estate Diversification, and Capital Structure: Evidence from China”已经被国际期刊Emerging Market Review正式接受发表。
摘要：By exploiting the unique situation in China that numbers of listed firms diversified into the real estate industry during the recent housing boom period, we find that firms' real estate diversification positively influences their subsequent leverage ratios. Further investigations suggest that such an increase in leverage mainly comes from short-term debt instead of long-term debt. We also find that housing price growth and state ownership are underlying mechanisms through which real estate diversification stimulates leverage. Last, we find that firms with real estate diversification enjoy less financing cost deterioration and less market value deterioration when they raise more debt.