摘要
制造业投资效率的提高对于实现我国供给侧结构性改革和经济高质量发展具有重大意义。本文基于2004-2018年沪深A股制造业上市公司数据,采用Richardson(2006)模型测算制造业企业投资效率,进而研究高房价对我国30省(市)制造业投资效率的影响效应和作用机制。结果表明:高房价抑制了制造业投资效率的提升;中介机制研究表明,高房价能够通过房地产投资、创新水平渠道抑制制造业投资效率提升。
the improvement of investment efficiency of manufacturing industry is of great significance to the realization of supply side structural reform and high-quality economic growth in China.Based on the data of Ashare Manufacturing Listed Companies in Shanghai and Shenzhen from 2004 to 2018,this paper studies the impact of high house prices on the investment efficiency of manufacturing industry in 30 provinces(cities)in China.The results show that high house prices are not conducive to the improvement of manufacturing investment efficiency.In terms of influencing channels,high house prices hinder the improvement of investment efficiency of manufacturing industry by increasing real estate investment and reducing innovation level.
出处
《投资研究》
CSSCI
北大核心
2021年第7期53-65,共13页
Review of Investment Studies
基金
国家自然科学基金项目:“突破“胡焕庸线”的城镇化:效应、模式与促进政策”(72063034)
教育部人文社会科学基金项目:“一带一路”与长江经济带的联通:基于西南区域的价值链视角(17XJC790011)
云南财经大学研究生创新基金项目:经济政策不确定性、管理层权力制衡与房地产企业债务融资决策(2021YUFEYC020)。
关键词
高房价
制造业
投资效率
high house price
manufacturing
investment efficiency
