摘要
基于2005-2017年294个地级市的面板数据,分析在以信贷发展水平为中介的情境下,房地产投资对我国行业全要素生产率的影响。结果表明在全国层面,信贷是房地产投资通过挤占效应抑制全要素生产率增长的重要中间媒介,三者之间存在显著的不完全中介效应;在分区域层面,房地产投资对全要素生产率的直接影响和间接影响存在显著的区域差异性,但总体作用的趋势是一致的。
Based on the panel data of 294 prefecture level cities in 2005-2017,this paper analyzes the impact of real estate investment on TFP in the context of credit development level as an intermediary.The results show that at the national level,credit is an important intermediate medium for real estate investment to restrain the growth of TFP through the crowding effect,and there is significant incomplete intermediary effect among them;at the regional level,there are significant regional differences in the direct and indirect effects of real estate investment on TFP,but the overall trend is consistent with the national trend.
作者
鞠方
王姣
朱兴宇
JU Fang;WANG Jiao;ZHU Xing-yu(Business School, Xiangtan University, Xiangtan,Hunan 411105, China)
出处
《湖南大学学报(社会科学版)》
CSSCI
北大核心
2020年第5期62-70,共9页
Journal of Hunan University(Social Sciences)
基金
湖南省社科评审委员会重大项目:新形势下湖南投资增长点探索研究(XSP18ZDA003)
国家自然科学基金项目:人口老龄化、住房空置与房地产金融风险控制——基于异质空间DSGE模型分析(71873117)。
关键词
房地产投资
全要素生产率
信贷发展水平
中介效应
real estate investment
total factor productivity
credit development level
intermediary effect