房价上涨、房地产投资与全要素生产率——来自上市工业企业的经验证据

Rising House Prices,Real Estate Investment and Total Factor Productivity——Empirical Evidence From Listed Industrial Enterprises

本文结合2007年至2018年中国上市工业企业数据和216个地级市数据,研究了房价对企业全要素生产率的影响,揭示了企业房地产投资在其中所起的作用。结果表明,高房价抑制了企业的全要素生产率水平,并主要集中于二线城市地区及技术密集型的产业。房价高涨背景下,企业房地产投资的增加通过挤占研发部门的投入降低了全要素生产率水平,并且这种"挤出效应"在低融资约束企业中更为明显。本文为识别房价对全要素生产率的影响提供了新的经验证据,有助于深化对房价上涨的资源配置效应的理解。

Based on the data of China’s listed industrial enterprises and 280 prefecture-level cities from 2007 to 2018,this paper studies the impact of housing prices on firms’total factor productivity,and reveals the role of firms’real estate investment in it.The results show that high housing prices suppress the total factor productivity of firms,which are mainly concentrated in the second-tier urban areas and technology-intensive industries.Under the background of rising housing prices,the increase of real estate investment reduces the level of total factor productivity by squeezing out the input of R&D departments,and this"crowding out effect"is more obvious in firms with low financing constraints.This paper provides new empirical evidence to identify the impact of housing prices on total factor productivity,and helps deepen the understanding of the resource allocation effect of rising housing prices.