高房价对行业全要素生产率的影响——来自中国工业企业数据库的微观证据

发布时间：2018-02-20 17:27

  本文关键词： 房产泡沫 经济增长 资源错配 全要素生产率　出处：《经济评论》2017年06期 　论文类型：期刊论文

【摘要】：1998年住房市场化改革以来,中国房价经历了快速增长,房地产部门成为国民经济支柱产业,而全要素生产率增长却在下滑。作为供给面的重要因素,全要素生产率是决定潜在经济增长的根本性力量。利用匹配的中国工业企业数据和35个大中城市宏观数据,本文探究了高房价对行业全要素生产率的影响,尝试从全要素生产率的视角分析高房价与中国潜在经济增长的关联。研究发现,首先,高房价对行业全要素生产率产生了负面影响,房价收入比提高10%,行业全要素生产率下降2.56%,这说明高房价并没有通过流动性效应改善资源配置效率,反而导致要素配置扭曲程度加大;其次,高房价通过拉高房地产投资收益,挤出了企业研发部门的资源投入,抑制了企业全要素生产率的改善,进而制约潜在经济增长。本文研究结果为房地产过度繁荣所产生的负面效应提供了新的证据。
[Abstract]:Since the housing market reform in 1998, housing prices in China have experienced rapid growth. The real estate sector has become the pillar industry of the national economy, while the total factor productivity growth is declining. Total factor productivity (TFP) is a fundamental force in determining potential economic growth. Using matching data of Chinese industrial enterprises and macro data of 35 large and medium-sized cities, this paper explores the impact of high house prices on industry TFP. This paper attempts to analyze the relationship between high house prices and China's potential economic growth from the perspective of total factor productivity. The ratio of house price to income has increased by 10%, and the total factor productivity of the industry has dropped by 2.56. This shows that high house prices do not improve the efficiency of resource allocation through the effect of liquidity, on the contrary, they cause the distortion of factor allocation to increase. Secondly, high house prices increase the return on real estate investment by raising the real estate investment income. The research results of this paper provide new evidence for the negative effects of the excessive boom of real estate industry by squeezing out the resource input of the R & D department of the enterprise, restraining the improvement of the total factor productivity of the enterprise, and then restricting the potential economic growth.
【作者单位】： 武汉大学经济与管理学院;上海大学经济学院;浙江财经大学金融学院;
【基金】：国家自然科学基金青年项目“高房价对我国全要素生产率影响的机制分析及数量测度”(项目编号:71503186) 国家社会科学基金重大项目“供给侧结构性改革与发展新动力研究”(项目编号:16ZDA006)的资助
【分类号】：F299.23;F424
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本文编号：1519565