投资性购房对企业实体经济投资的抑制影响研究

Research on the Inhibitory Influence of Housing Speculation on Enterprise Real Economy Investment

近年来,我国居民投资房地产市场的热情居高不下,在一定程度上助推了商品房价格的持续攀升,并对我国的经济发展造成了巨大影响。居民商品房投资性需求的增加会抑制除房地产业、建筑业和金融业以外的企业的实体经济投资,其影响机制为:投资性购房增加—房价上升—工资水平上升—企业实体经济投资减少。相较于民营企业,国有企业在我国特殊的历史背景下更容易获得土地资源,因而受到由工资水平上升带来的成本抑制效应影响较小。此外,面对房地产行业的高进入门槛以及实体经济生产的高额成本,家庭部门对商品房投资性需求的增加会促使实业企业将生产投资转向回报率更高的金融渠道。

In recent years,the enthusiasm of Chinese residents to invest in the real estate market has remained high,contributing to the rise of housing prices to a certain extent and generating huge impact on economic development. The increase of housing speculation will inhibit the real economy investment of enterprises apart from real estate,construction and financial enterprises,whose impact mechanism is as follows:housing speculation increases-housing price rises-wage level rises-enterprise real economy investment decreases. Compared with private enterprises, state-owned enterprises have an easier access to land resources under the special historical background of our country,so they are less affected by the cost-inhibiting effect brought about by rising wages. In addition,in the face of the high barriers to enter in the real estate industry and the high cost of production in real economy,the increased speculative demands will prompt industrial enterprises to shift production investment to financial channels with higher returns.