Beyond the collateral channel: Real estate prices and manufacturing firm investment in China

被引：0
|
作者：
Wu, Yan [1 ]
Heerink, Nico [2 ,3 ]
Yu, Linhui [4 ]
机构：
[1] Hangzhou City Univ, Hangzhou, Peoples R China
[2] Nanjing Agr Univ, Environm & Dev Acad, Coll Publ Adm & China Resources, Nanjing, Peoples R China
[3] Wageningen Univ & Res, Dev Econ Grp, Wageningen, Netherlands
[4] Zhejiang Univ, Sch Econ, Hangzhou, Peoples R China
来源：
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2024年 / 94卷
基金：
中国国家自然科学基金;
关键词：
Real estate price; Firm investment; Collateral channel; Cost channel; CORPORATE-INVESTMENT; PRODUCTIVITY GROWTH; HOUSE PRICES; MARKET; LEVEL; BUBBLES; WAGES;
D O I：
10.1016/j.iref.2024.05.031
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Recent studies show that real estate price appreciation raises firms ' debt capacity and therefore investment. However, appreciation of real estate prices may also push up production costs and thus discourage investment incentives. Using a large panel data set of Chinese manufacturing firms, we document that local real estate price appreciation had significant and robust negative effects on firm investment. The size of the negative effect is economically large, with a one standard deviation change in real estate prices explaining 17% of the variation in firm investment. Further exploration reveals that such negative effects of real estate prices on investment are stronger for firms in labor intensive sectors.
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页数：14
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