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Benmelech, E., Garmaise, M.J. and Moskowitz, T.J. (2005) Do Liquidation Values Affect Financial Contracts? Evidence from Commercial Loan Contracts and Zoning Regulation. The Quarterly Journal of Economics, 120, 1121-1154.

has been cited by the following article:

• TITLE: Housing Collateral Value, Debt Level and Corporate Investment

  AUTHORS: Huihui Li

  KEYWORDS: Housing Collateral Value, Collateral Channel, Mediating Effect

  JOURNAL NAME: Modern Economy, Vol.10 No.2, February 13, 2019

  ABSTRACT: This paper uses the micro data of Chinese listed companies from 2003 to 2015 and the house price data of each province to study the relationship and the mechanism between the housing collateral value of listed companies and the company’s investment. The study found that corporate investment is positively correlated with the value of housing collateral and the housing collateral value has a positive impact on corporate investment by acting on debt capacity. The results show that there is a collateral channel betweenthe housing collateral value and the company’s investment, which provides direct evidence for the positive impact of the housing collateral value to corporate investment.