房价上涨对制造型企业投资的影响效应

文章基于2002-2017年31个省、自治区和直辖市的沪深A股制造业上市公司面板数据,采用面板回归方法分析了房价上涨对制造型企业投资行为的影响及区域差异特征。研究发现:无论是在全样本的回归结果还是分地区样本的实证结果,均显示房价上涨会对制造型企业的主营业务投资产生非常显著的挤出效应;房价上涨对制造型企业投资行为的影响存在明显的区域性差异,在经济欠发达的西部地区,房价上涨对制造型企业主营业务投资的挤出效应更强,经济发达的东部地区相对较弱;较高的金融发展水平能够在一定程度上缓解房价上涨对制造型企业主营业务投资产生的挤出效应;房价上涨对中部地区制造型企业主营业务投资的影响不显著。

The Influence Effect of the Rise in Housing Prices on the Investment of Manufacturing Enterprises

Based on the panel data of 31 listed companies of Shanghai and Shenzhen A-share manufacturing industry in 31 provinces,autonomous regions and municipalities from 2002 to 2017,this paper uses panel regression method to ana lyze the impact of rising house prices on the investment behavior of manufacturing enterprises and the characteristics of regional differences.The research finds that whether in the regression results of the whole sample or in the empirical re sults of the samples in different regions,the rise in housing prices have a very significant crowding out effect on the main business investment of manufacturing enterprises;there are obvious regional differences in the impact of rising house pric es on the investment behavior of manufacturing enterprises.In the underdeveloped western region,the crowding out effect of rising house prices on the main business investment of manufacturing enterprises is stronger than that in the developed eastern region;a higher level of financial development can alleviate the crowding out effect of rising house prices on the main business investment of manufacturing enterprises to a certain extent;the impact of rising house prices on the main business investment of manufacturing enterprises in the central region is not significant.