房价上涨是否导致了外资企业撤离

Does the Rising House Prices Led to the Exit of Foreign Enterprises

文章基于2003~2013年中国工业企业数据和283个地级市房价数据匹配得到的微观数据库,实证考察房价上涨是否导致外资企业撤离中国。研究结果表明,房价上涨显著提高了外资企业撤离中国的概率,其中,房价上涨对来自发达国家的外资企业、出口导向型外资企业、外商独资企业、绿地投资企业以及东部沿海地区外资企业撤离中国的推动作用更大。研究还发现,劳动力成本效应是房价上涨推动外资企业撤离的主要渠道,且房价上涨通过助推低效率企业退出中国提高了所在地区-行业的资源配置效率。总体而言,虽然房价上涨导致了外资企业撤离,但通过倒逼机制提升了资源再配置效率,对中国经济高质量发展具有积极影响。

In recent years, voices of Exit of Foreign Enterprises from China have appeared from time to time, and the rising cost is considered an important reason. Using the micro data of the China Industrial Statistics Database and housing price data of 283 prefecture-level cities, this paper empirically examines the influence of rising house prices on the withdrawal of foreign investment from China. The result shows the rise of house prices will indeed increase the probability of the withdrawal of foreign firms. The conclusion remains robust after changing the empirical methods and samples, adjusting the statistical caliber, replacing the core variable indicators,and using the macro data from 2000 to 2020 to test. Besides, the impact of rising house prices on the withdrawal of foreign enterprises is heterogeneous. Foreign enterprises of developed countries, export-oriented foreign enterprises, wholly foreign enterprises, greenfield investment enterprises and foreign enterprises in the eastern coastal areas tend to experience a comparatively great withdrawal probability when the house prices rise. This paper also finds that the labor cost effect is the main channel of pushing foreign enterprise withdrawal after the rising of house prices. And rising housing prices have improved the resource allocation efficiency of the region-industry by helping low-efficiency companies to withdraw from China. In general, although rising housing prices have led to the withdrawal of foreign enterprises from China, the reversal mechanism has improved the efficiency of resource redistribution, which has a positive impact on the high-quality development of China′s economy.