房地产投资对行业全要素生产率的影响——基于信贷中介效应的视角

The Impact of Real Estate Investment on TFP——Based on the Perspective of Credit Intermediary Effects

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.