“脱虚向实”效果如何:差异化房地产政策与实体企业融资

What is the effect of“from deficiency to reality”:differentiated real estate policy and real enterprise financing

虚拟经济成为我国经济增长的支柱产业导致我国经济不断“脱实向虚”,对我国实现供给侧结构性改革产生了巨大的阻力,对此政府出台了一系列政策。文章以我国32个城市颁布的房地产限购政策为准自然实验,选取全国288个地级市2010~2018年的面板数据作为研究对象,检验房地产限购政策是否促进了实体企业融资。使用双重差分法进行实证检验,结果表明,房地产限购政策的出台显著提高了实体企业的融资水平。

Virtual economy has become the pillar industry of China's economic growth,which leads to the continuous“de reality to virtual”of China's economy,which has brought great resistance to the transformation and development of China's economy and the realization of supply side structural reform.Therefore,the government has issued a series of policies of“taking away from the false to the real”.This paper takes the real estate purchase restriction policy issued by 32 cities as the quasi natural experiment,selects the panel data of 288 prefecture level cities in China from 2010 to 2018 as the research object to test whether the real estate purchase restriction policy promotes the financing of real estate enterprises.The results of empirical test by using double difference method show that the introduction of real estate purchase restriction policy has significantly improved the financing level of real estate enterprises.