房价-利率机制对我国外商直接投资的影响——基于全国31省市1999～2017年面板数据  

The Impact of House Price-interest Rate Mechanism on Foreign Direct Investment in China——Based on Panel Data of 31 Provincesand Cities in China from 1999 to 2017

作　　者：闵树琴[1] 许文汇 Min Shuqin;Xu Wenhui(School of Economics,Anhui University,Hefei 230000,China)

机构地区：[1]安徽大学经济学院

出　　处：《工业技术经济》2019年第8期108-115,共8页Journal of Industrial Technological Economics

摘　　要：本文选取1999~2017年我国31个主要省市的面板数据,在考虑存在区域发展差异的基础上,采用固定效应模型与工具变量法实证检验了房价与利率互动对外商直接投资的影响。实证结果显示:房价上涨有利于吸引外商直接投资进驻,但影响因各地区发展不平衡而存在差异,发达地区房价上涨将显著吸引FDI,而对于中部欠发达地区则表现出显著的抑制性;同时房价与利率二者之间相互作用,共同对外商直接投资产生影响,利率机制会使房价对FDI影响更加敏感。最后提出,各地区应合理利用利率调节机制,因地制宜实施房地产调控政策,利用政府干预与市场机制更好地吸引外商直接投资,从而为我国经济发展添砖加瓦。Based on the panel data of 31 major provinces and cities in China from 1999 to 2017,this paper empirical tests the impact of the interaction between house price and interest rate on FDI by using fixed effect model and instrumental variable method,taking into account differences of regional development.The result shows that the rise of house price is beneficial to attracting FDI,but impacts are different because of the unbalanced development of different regions.The rise of house price in developed regions will attract FDI significantly,while it will show remarkable inhibition of less developed regions in central China.At the same time,the interaction between house price and interest rate will affect FDI jointly,house price is more sensitive to the impact of FDI under the interest rate mechanism.Finally,it is proposed that all regions should make rational use of interest rate adjustment mechanism,implement real estate regulation policy according to local conditions,and use government intervention and market mechanism to better attract foreign direct investment,thus contributing to China's economic development.

关 键 词：房价 利率波动 区域差异 外商直接投资 政府干预 房地产调控 

分 类 号：F293[经济管理—国民经济] F832.48