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房价上涨对资源错配的影响研究

The Study on the Impact of Rising Housing Price on Resource Misallocation

【作者】 李鑫;

【导师】 周华东;

【作者基本信息】 合肥工业大学 , 西方经济学, 2022, 硕士

【摘要】 我国目前发展主题是高质量发展,全要素生产率是助推经济实现持续增长的源泉,减少资源错配和要素扭曲有助于提升全要素生产率。目前我国存在的资源错配问题对我国经济高质量发展产生了负面影响,缓解和消除资源错配问题具有较强的现实意义。我国房价近年来实现了大幅上涨,房价的波动对于家庭、企业和宏观经济发展均会产生影响,对我国社会公平的实现影响深远。因此本文围绕房价波动和制造业资源错配展开研究。本文研究我国持续上涨的房价对289个城市制造业资源错配的影响,并具体考察对于资本和劳动要素配置的影响。基于中国工业企业数据库、城市统计年鉴等,本文测度位于不同城市各行业的资源错配及要素扭曲指数,并从区域维度和行业维度分析了资源错配和要素错配的动态变化。运用双重固定效应模型和中介效应模型实证分析房价变动对资源错配的影响及其机制,并从微观视角进一步检验房价对企业生产要素和生产率的影响。研究发现,房价上涨显著加剧制造业资源错配和要素扭曲。进一步研究发现,房价上涨对于资源错配的影响存在地区、时间和行业差异。机制检验表明,工资在房价影响资源错配关系中发挥部分中介作用,房地产投资额对资源错配为非线性影响。本文的启示在于要保持房价平稳适度增长,促进资金、劳动力合理流动,从而改善制造业资源配置,实现制造业高质量发展。

【Abstract】 At present,the theme of China’s development is high-quality development,and total factor productivity is the source of boosting sustainable economic growth.Reducing resource misallocation and factor distortion is conducive to improving total factor productivity.Now the phenomenon of resource misallocation in China has a negative impact on the high-quality development of China’s economy,and it is of great practical significance to alleviate and eliminate the problem of resource misallocation.China’s housing prices have risen sharply in recent years.The fluctuations of housing price will have an impact on families,enterprises and macroeconomic development,as well as the realization of social equity in China.Therefore,this paper focuses on the housing price fluctuations and manufacturing resource mismatch.This paper studies the impact of rising housing prices on manufacturing resource mismatch in 289 cities in China,and specifically investigates the impact on the allocation of capital and labor factors.Based on China Industrial Enterprise Database and Urban Statistical Yearbook,etc.,this paper measures industries’ resource misallocation and factor distortion index in different cities,and the dynamic changes of resource mismatch and factor mismatch are analyzed from regional dimension and industry dimension.The paper also use dual fixed effect model and the mediation effect model to analyse the influence of housing price fluctuation on resource misallocation and its mechanism.And we further examine the impact of housing price changes on production factors and productivity of enterprises from micro perspectives.It is found that the rising housing prices significantly intensify the resource misallocation and factor distortion of the manufacturing industry.Further research shows that the impact of rising housing prices on resource mismatch varies by region,time and industry.The mechanism tests reveal that wage is a mediator in the relationship between housing prices and resource mismatch,and the effect of real estate investment on resource mismatch is nonlinear.The enlightenment of this paper is to maintain the steady and moderate growth of housing prices,promote the rational flow of capital and labor,so as to improve the resources allocation and achieve high-quality development of manufacturing.

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