Abstract
ABSTRACTWe construct a natural experiment framework based on a partial adjustment model to analyze the effect of credit crunches and equity financing regulations on capital structure adjustments made by Chinese listed real estate companies in the period 2001–12. The results indicate that when a credit crunch occurs, upward capital structure adjustment speeds significantly slow, while the speed of downward adjustments does not significantly change. Moreover, equity financing regulation has little effect on downward capital structure adjustment speeds but has a significant effect on upward capital structure adjustment speeds.
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