非房地产企业进入房地产行业对其全要素生产率的负面影响——基于中国A股上市公司数据的实证研究

The Negative Impacts of Non-Real Estate Enterprises' Investments in Real Estate Industry on Their Total Factor Productivity: An Empirical Study Based on the Data of China's A-share Listed Companies

理论上,非房地产企业进入房地产行业会损害实体经济发展。其作用机制在于,进入房地产行业会挤出主营业务的研发投入,从而降低企业全要素生产率的增长率。基于2003—201 5年中国上市公司数据的实证研究也证明了这一点。以三种方式测度全要素生产率并分别进行回归分析,结果均表明跨界投资房地产行业的行为降低了企业的全要素生产率。在控制内生性之后,结果依然成立。最后,反事实分析也表明,若实际投资房地产的企业选择不投资房地产行业,其全要素生产率会显著增加;若实际未投资房地产的企业选择投资房地产行业,其全要素生产率的变化不显著。这表明,抑制房地产泡沫将有助于实体经济发展。

Theoretically, the investments of non-real estate enterpri ses in the real estate industry would harm the development of the real economy, because their investments in the real estate industry would reduce their RD input in their main business, which would in turn reduce the growth rate of the enterprises＇ TFP. Based on the data of China＇s A-share listed companies from2003 to 2015, this paper makes an empirical study, of which the results have verified it. This paper adopts three kinds of methods to measure their TFP and conducts a regression analysis respectively.The results all show that the investments of the non-real estate enterprises in the real estate industry have reduced their TFP. When the endogeneity is controlled, the results remain valid. Finally, the counterfactual analysis also shows that if the enterprises that have invested in the real estate industry choose not to invest in the real estate industry, their TFP would increase significantly. If the enterprises that have no actual investments in the real estate industry choose to invest in the real estate industry, the changes of their TFP would be not significant. This shows that to curb the housing bubble will be conducive to the development of the real economy.