房价上涨对企业经营投资的影响研究——来自中国非房地产上市公司的经验证据

Research on The Relationship between Housing Price and Enterprise Investment——Empirical Evidence from Non-real Estate Listed Companies in China

本文利用我国地级市非房地产上市公司数据检验房价与企业投资之间的关系,试图从房价视角出发探讨我国实体经济投资面临的挑战。结果表明:房地产价格通过融资约束效应和经营成本效应以及投资偏向效应影响企业投资行为,房价上涨对企业投资的抑制作用占主导。其中,经营成本效应起负面作用。同时,还发现房价上涨诱发了企业投资房地产市场的积极性,抑制了企业总投资;进一步考虑房价对不同地区企业投资的影响,结果表明中部地区城市房价上涨对投资的抑制作用显著大于东部地区,而西部地区则不显著。

This paper uses 2216 non-real estate listed enterprises in 279 cities in China from2005 to 2013 panel data to examine the relationship between housing prices at the urban level and investment by listed companies. The results show that: real estate prices through Financing constraint effect, operating cost effect and investment bias effect affect enterprises’ investment behavior,and the effect of the housing price restrains enterprises’ investment dominated. Among them, the operation cost effect has a negative effect, at the same time, also found that the rise in housing prices induced enterprises to invest in real estate. Further considering the impact of housing prices on business investment in different regions, the results show that the inhibiting effect of housing price rise on investment in the central region is significantly greater than that in the eastern region, but not in the western region.