Research on the Impact of the “16 FINANCIAL MEASURES” on the Stock Price Crash Risk of Real Estate Listed Companies

The “Financial Article 16”issued in November 2022 is an important sign of China’s real estate financial policy from tightening to bailout. In order to confirm the effect of this policy on the mitigation of extreme capital market risks of real estate enterprises, this article takes A-share real estate listed companies from 2009 to 2024 as a sample, and the implementation of the policy As an exosic shock, empirically study its role and transmission mechanism on the risk of stock price collapse with the help of the panel fixed effect model. The results show that “16 Financial Articles” can greatly reduce the probability of stock price collapse of listed real estate enterprises. After multiple robustness tests, the conclusion is still reliable; information transparency and agency costs play an intermediary role in the relationship between policy and collapse risk respectively. Policies improve the quality of information disclosure of real estate enterprises and reduce negative information. Hoarding, as well as alleviating agency costs in financing-related aspects, effectively suppressing the extreme and sharp decline of stock prices. Heterogeneity testing found that the role of policies on real estate enterprises in the eastern region and low financing constraints is more significant. This article provides a empirical basis for improving real estate financial rescue policies and preventing extreme crises in the capital market.