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

被引：1
|
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.
引用
收藏
页数：14
相关论文
共 50 条
  • [21] Real estate price and heterogeneous investment behavior in China
    Wang, Ren
    Hou, Jie
    He, Xiaobei
    ECONOMIC MODELLING, 2017, 60 : 271 - 280
  • [22] Analysis of Real Estate Investment Fund Risk in China
    Liu Chang
    Proceedings of 2008 International Conference on Construction & Real Estate Management, Vols 1 and 2, 2008, : 857 - 860
  • [23] The impact of South African real estate investment trust legislation on firm growth and firm value
    Carstens, Riette
    Wesson, Nicolene
    SOUTH AFRICAN JOURNAL OF ECONOMIC AND MANAGEMENT SCIENCES, 2019, 22 (01):
  • [24] Energy Prices, Real Estate Sales and Industrial Output in China
    Chau, K. W.
    Zou, Gaolu
    ENERGIES, 2018, 11 (07):
  • [25] Competition of Real Estate Agents and Housing Prices in Urban China
    Qiu, Leiju
    Guo, Dongmei
    International Journal of Crowd Science, 2024, 8 (04) : 205 - 211
  • [26] Empirical Study on Real Estate Prices and Bank Lending in China
    Xiong Jiemin
    EBM 2010: INTERNATIONAL CONFERENCE ON ENGINEERING AND BUSINESS MANAGEMENT, VOLS 1-8, 2010, : 3763 - 3766
  • [27] An Empirical Analysis on the Influence Factors of the Real Estate Prices in China
    Rong, Hong-Xia
    PROCEEDINGS OF THE 2ND ANNUAL INTERNATIONAL CONFERENCE ON SOCIAL SCIENCE AND CONTEMPORARY HUMANITY DEVELOPMENT (SSCHD), 2016, 73 : 462 - 467
  • [28] An Empirical Analysis of Influencing Factors in Real Estate Prices of China
    Ah Hui
    Wang Jun
    Wang Ruidong
    Tao Yuanjun
    PROCEEDINGS OF THE 4TH (2012) INTERNATIONAL CONFERENCE ON FINANCIAL RISK AND CORPORATE FINANCE MANAGEMENT, VOLS I AND II, 2012, : 52 - +
  • [29] Real Estate Boom and Firm Productivity: Evidence from China
    Jia, Junxue
    Gu, Jia
    Ma, Guangrong
    OXFORD BULLETIN OF ECONOMICS AND STATISTICS, 2021, 83 (05) : 1218 - 1242
  • [30] The Impact of Foreign Real Estate Investment on Land Prices: Evidence from Mauritius
    Brooks, Chris
    Lamport, Matthew
    Padachi, Kesseven
    Sannassee, Vinesh
    Seetah, Keshav
    Seetanah, Boopen
    REVIEW OF DEVELOPMENT ECONOMICS, 2017, 21 (04) : E131 - E146
12345