本文關(guān)鍵詞： 房產(chǎn)泡沫 經(jīng)濟(jì)增長(zhǎng) 資源錯(cuò)配 全要素生產(chǎn)率　出處：《經(jīng)濟(jì)評(píng)論》2017年06期 　論文類(lèi)型：期刊論文

【摘要】：1998年住房市場(chǎng)化改革以來(lái),中國(guó)房?jī)r(jià)經(jīng)歷了快速增長(zhǎng),房地產(chǎn)部門(mén)成為國(guó)民經(jīng)濟(jì)支柱產(chǎn)業(yè),而全要素生產(chǎn)率增長(zhǎng)卻在下滑。作為供給面的重要因素,全要素生產(chǎn)率是決定潛在經(jīng)濟(jì)增長(zhǎng)的根本性力量。利用匹配的中國(guó)工業(yè)企業(yè)數(shù)據(jù)和35個(gè)大中城市宏觀數(shù)據(jù),本文探究了高房?jī)r(jià)對(duì)行業(yè)全要素生產(chǎn)率的影響,嘗試從全要素生產(chǎn)率的視角分析高房?jī)r(jià)與中國(guó)潛在經(jīng)濟(jì)增長(zhǎng)的關(guān)聯(lián)。研究發(fā)現(xiàn),首先,高房?jī)r(jià)對(duì)行業(yè)全要素生產(chǎn)率產(chǎn)生了負(fù)面影響,房?jī)r(jià)收入比提高10%,行業(yè)全要素生產(chǎn)率下降2.56%,這說(shuō)明高房?jī)r(jià)并沒(méi)有通過(guò)流動(dòng)性效應(yīng)改善資源配置效率,反而導(dǎo)致要素配置扭曲程度加大;其次,高房?jī)r(jià)通過(guò)拉高房地產(chǎn)投資收益,擠出了企業(yè)研發(fā)部門(mén)的資源投入,抑制了企業(yè)全要素生產(chǎn)率的改善,進(jìn)而制約潛在經(jīng)濟(jì)增長(zhǎng)。本文研究結(jié)果為房地產(chǎn)過(guò)度繁榮所產(chǎn)生的負(fù)面效應(yīng)提供了新的證據(jù)。
[Abstract]:Since the housing market reform in 1998, housing prices in China have experienced rapid growth. The real estate sector has become the pillar industry of the national economy, while the total factor productivity growth is declining. Total factor productivity (TFP) is a fundamental force in determining potential economic growth. Using matching data of Chinese industrial enterprises and macro data of 35 large and medium-sized cities, this paper explores the impact of high house prices on industry TFP. This paper attempts to analyze the relationship between high house prices and China's potential economic growth from the perspective of total factor productivity. The ratio of house price to income has increased by 10%, and the total factor productivity of the industry has dropped by 2.56. This shows that high house prices do not improve the efficiency of resource allocation through the effect of liquidity, on the contrary, they cause the distortion of factor allocation to increase. Secondly, high house prices increase the return on real estate investment by raising the real estate investment income. The research results of this paper provide new evidence for the negative effects of the excessive boom of real estate industry by squeezing out the resource input of the R & D department of the enterprise, restraining the improvement of the total factor productivity of the enterprise, and then restricting the potential economic growth.
【作者單位】： 武漢大學(xué)經(jīng)濟(jì)與管理學(xué)院;上海大學(xué)經(jīng)濟(jì)學(xué)院;浙江財(cái)經(jīng)大學(xué)金融學(xué)院;
【基金】：國(guó)家自然科學(xué)基金青年項(xiàng)目“高房?jī)r(jià)對(duì)我國(guó)全要素生產(chǎn)率影響的機(jī)制分析及數(shù)量測(cè)度”(項(xiàng)目編號(hào):71503186) 國(guó)家社會(huì)科學(xué)基金重大項(xiàng)目“供給側(cè)結(jié)構(gòu)性改革與發(fā)展新動(dòng)力研究”(項(xiàng)目編號(hào):16ZDA006)的資助
【分類(lèi)號(hào)】：F299.23;F424
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本文編號(hào)：1519565