房地产企业杠杆率对其财务风险的影响——基于经济政策不确定性的调节效应研究
The Effect of Leverage Ratio on Financial Risk of Real Estate Enterprises—A Study on the Moderating Effect Based on Economic Policy Uncertainty

房地产行业作为现金依赖性行业，其面临的高杠杆问题尤为突出。如何有效利用财务杠杆效应来获取收益，并且在此过程中合理规避财务风险，是目前房地产行业急需解决的一大难题。本文以2010年至2022年的上市公司数据为样本，深入研究了房地产企业的杠杆率对其财务风险的影响，并进一步探讨了经济政策不确定性对房地产企业杠杆率和财务风险的调节效应。研究结果显示，房地产企业的杠杆率增加会导致其财务风险的加剧。此外，进一步分析表明，经济政策不确定性在一定程度上削弱了房地产企业杠杆率对财务风险的影响，并且这一现象在非国有企业中更为明显。这些研究结果为房地产行业确定财务杠杆水平以及政府制定调整经济政策提供了有益的参考和建议。
As a cash-dependent industry, the real estate industry is facing a particularly prominent problem of high leverage. How to effectively use the financial leverage effect to obtain income and reasonably avoid financial risks in the process is a major problem that the real estate industry needs to solve urgently. Based on the data of listed companies from 2010 to 2022, this paper deeply studies the impact of the leverage ratio of real estate enterprises on their financial risks, and further explores the moderating effect of economic policy uncertainty on the leverage ratio and financial risk of real estate enterprises. The results show that the increase in the leverage ratio of real estate enterprises will lead to an increase in their financial risks. In addition, further analysis shows that economic policy uncertainty weakens the impact of real estate enterprises’ leverage on financial risks to a certain extent, and this phenomenon is more obvious in non-state-owned enterprises. These research results provide useful references and suggestions for the real estate industry to determine the level of financial leverage and the government to formulate adjustment economic policies.