摘要
本文基于2002—2020年沪深A股制造业上市公司数据,运用逐步检验法和Bootstrap方法,探讨了住房租金波动对制造型企业投资力度的影响效应与机理问题,丰富了制造型企业投资行为理论。研究发现,住房租金上涨对制造型企业投资力度呈显著的挤出效应,住房租金价格指数每上涨1%,制造型企业投资力度下降0.01%。住房租金会通过三条传导路径作用于制造型企业投资活动:一是住房租金上涨会抑制企业融资能力,进而对企业投资产生挤出效应;二是住房租金上涨显著推高劳动力成本,倒逼企业加大投资力度;三是住房租金上涨推高制造业产品消费水平,提高制造型企业内部现金流,进而加大企业投资力度。以融资能力为中介传导路径的影响效应显著大于以劳动力成本和产品消费水平为中介传导路径的影响效应。最后,建议政府关注住房租金波动对制造型企业投资力度的挤出效应,合理引导市场供需,解决制造型企业的融资难题。
Based on the panel data of 31 provinces in China from 2002 to 2020,using the step-by-step test method and the Bootstrap method,this paper discusses the impact and mechanism of housing rent fluctuations on the investment intensity of manufacturing enterprises,and enriches the investment behavior theory of manufacturing enterprises.The results show that housing rent increase significantly restrains the manufacturing enterprises’investment—for every 1%increase in the housing rental price index,the investment intensity of manufacturing enterprises drops by 0.01%.Housing rent influences manufacturing enterprises’investment mainly through three conduction paths:the first is to inhibit the financing capacity of enterprises,and crowd out the manufacturing enterprises’investment;the second is to push up the labor cost,and force the manufacturing enterprises to increase the investment;the third is to increase the manufacturing products’consumption level,and improve the internal cash flow,thus promoting the manufacturing enterprises’investment.And the intermediary effect of the financing capacity is larger than that of the product consumption level and the labor cost.Finally,it is suggested that the government should pay attention to the crowding-out effect of housing rent fluctuations on the investment of manufacturing enterprises,guide the market supply and demand,and solve the financing problems of manufacturing enterprises.
作者
刘广平
张冰冰
孙向征
姜晗
Liu Guangping;Zhang Bingbing;Sun Xiangzheng;Jiang Han(School of Economics and Management,Hebei University of Technology)
出处
《调研世界》
CSSCI
2022年第6期38-45,共8页
The World of Survey and Research
基金
河北省教育厅青年拔尖人才项目“住房租金波动对制造型企业投资的影响机理与对策研究”(BJ2021061)
教育部人文社科青年基金项目“保障房供需匹配的演化系统动力学模型构建与仿真实验研究”(19YJCZH245)的资助。
关键词
住房租金
企业投资
制造型企业
中介效应
影响机理
Housing Rent
Enterprises’Investment
Manufacturing Enterprises
Intermediary Effect
Influence Mechanism
