Hui Wang;Hong Xu;
Demand for funds is high for listed real estate companies.The degree of debt financing has a great impact on their business performance.This paper examines the relationship between debt financing and business performance under different growing abilities by building a panel threshold regression model for 107 listed real estate companies in China.It is shown that a negative declining effect exists between the rate of debt and business pe rformance.Also,there is a triple threshold effect for companies with different growing abilities.The negative influence decreases with the growing abilities of business.As a result,listed real estate companies should adopt appropriate debt financing scale based on their development levels in order to maximize the benefits.
panel threshold model;;debt financing;;business perfo rmance;;growing abilities
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