Housing Market Speculation and Firm Productivity:Evidence from China  

作　　者：Qianhui Yu Yanying Chen Feng Helen Liang 

机构地区：[1]School of Economics and Management,Dalian University of Technology,China [2]Gordon Ford College of Business,Western Kentucky University,USA

出　　处：《China & World Economy》2021年第5期148-174,共27页中国与世界经济（英文版）

基　　金：This research was financially supported by the National Social Science Foundation of China(No.19BJY105).

摘　　要：An appreciation in the price of housing could generate speculation opportunities for enterprises.Many firms try to seize these opportunities for quick returns.This may harm their productivity.We use the real estate boom and the investment activities of Chinese manufacturing firms during 2006–2017 to examine the processes and the net effect of housing market speculation on firm productivity.We find that housing market speculation negatively affects firm productivity by crowding out investments in research and development and productive fixed assets,and the positive effect brought about by a strengthened balance sheet and better financing capacity is outweighed by the crowding-out effect.This negative impact is more evident in state-owned firms,but is mitigated in regions and periods with better business environments.Set in the overheated housing market in China,our study contributes to the existing literature by exploring how firms’investments outside of their main business influence firm behavior and productivity.

关 键 词：firm productivity housing market speculation institutional environment 

分 类 号：F42[经济管理—产业经济]