房价、要素市场扭曲与工业结构升级

Housing Price,Factor Market Distortion and Industrial Structure Upgrading

工业结构升级是实现中国工业向全球产业链价值链中高端攀升以及工业经济高质量发展的主要路径,但过度攀升的房价与扭曲的要素市场对中国工业结构升级存在不利影响。使用中国工业企业数据库微观企业数据,利用中国土地政策变化形成的外部冲击构建的变量,实证检验了房价与要素市场扭曲对工业结构升级的影响效果与作用机制,研究发现:房价上涨通过影响工资和技术创新方式提高企业的要素总扭曲程度,但房价对要素市场扭曲的影响效果在不同类别企业间存在显著差异;企业工资水平、要素投入比例与技术创新通过房价上涨导致要素市场扭曲,但并不是房价影响要素市场扭曲的完全中介;仅在房价相对过高的地区,要素市场扭曲才对工业结构升级产生显著抑制作用,说明房价过高导致要素市场扭曲,而要素市场扭曲是制约中国工业结构升级的因素之一。这一实证研究结果对于中国房地产产业发展、要素市场改革与工业结构高质量发展均具有重要的参考意义。

Industrial structure upgrading is the main path for China’s industry to climb to the mid-high level of global industrial value chain and achieve high-quality development of the industrial economy.But excessively rising house prices and distorted factor markets have negative influences on the upgrading of China’s industrial structure.This paper empirically examines impact of housing prices on distortion of enterprise factor allocation,using micro-data of industrial enterprises and constructing instrumental variables based on external shock of land policy change in China.The results show the following.(1)The rise of house prices increases total distortion of enterprise factor allocation through affecting wages and technological innovation,and there are significant differences between different types of companies.(2)The housing price fluctuations increase the relative distortion degree of enterprise factors by influencing wages,capital-labor ratio and technological innovation,but these channels are not all the mediators via which housing price changes influence the distortion.(3)Only in areas with relatively high housing prices,the distortion of the factor market has a significant inhibitory effect on the upgrading of the industrial structure,indicating that the distortion of the factor market caused by excessive housing prices is one of factors restricting the upgrading of China’s industrial structure.The empirical research results of this article have important reference significance for the development of China’s real estate industry,the reform of factor market and the development of high-quality industrial structure.