房地产价格改进企业投资偏好了吗?——基于抵押渠道效应与成本效应的机制分析  

Do Real Estate Price Improve Firm Investment Preference ?——Mechanism Analysis Based on Mortgage Channel and Cost Effect

作　　者：王柏杰 陈胜[1] WANG Bai-jie;CHEN Sheng(School of Public Policy and Administration,Northwestern Polytechnical University,Xi’an 710071,China)

机构地区：[1]西北工业大学公共政策与管理学院,陕西西安710071

出　　处：《经济问题》2025年第4期81-90,共10页On Economic Problems

基　　金：国家社会科学基金项目“中国式地方政府债务”(21FJYB011)。

摘　　要：以2008—2022年中国A股非房地产上市公司为样本并匹配地级市的房地产价格,通过实证分析发现:(1)房地产价格上涨阻碍了企业投资规模的增长,该结论通过了内生性检验和稳健性检验。(2)在机制分析中,验证了房地产价格上涨通过抵押渠道效应提高了企业投资规模,通过成本效应降低了企业投资规模两大传导路径。(3)异质性分析进一步发现:一线城市的企业投资规模与房地产价格正相关,非一线城市则相反;制造型企业投资规模受到房地产价格上涨的负面影响较小,但国有企业和非国有企业投资规模均与房地产价格负相关。Selecting the China's A-share non-real estate listed companies from 2008 to 2022 as samples,matched with real estate prices at the prefecture level,the empirical analysis results show that:(1)Rising real estate prices hinder the growth of firms' investment scale,and this conclusion withstands endogeneity and robustness tests.(2)In the mechanism analysis,it is confirmed that there are two main transmission paths:rising real estate prices increase firms' investment scale through the collateral channel effect and decrease it through the cost effect.(3)Heterogeneity analysis further reveals that in first-tier cities,firms' investment scale is positively correlated with real estate prices,while in non-first-tier cities,the opposite is true;the investment scale of manufacturing firms is less negatively impacted by rising real estate prices,but both state-owned and non-state-owned enterprises' investment scales are negatively correlated with real estate prices.

关 键 词：房地产价格 企业投资偏好 抵押渠道效应 成本效应 

分 类 号：F832.5[经济管理—金融学]