| After 1998, with the end of the welfare housing distribution in our country, the real estate market began to gradually to the market-oriented reform. At the same time, sales market became more active. Commercial housing sales in 2000 were 393.544 billion yuan, surged to 7629.241 billion yuan in 2014, with the average annual growth rate of 23.58%. Commodity house average sales price from $2112 yuan per square meters in 2000 rose to 6324 yuan per square meters in 2014, with the average annual growth rate of 8.15%. The continuing growth of house prices make the real estate industry always maintained a higher profit margin. Normally, when a certain industry maintained excess yields would attract capital flow into the industry. From the point of view, real estate development enterprises this year completed investment rose from 498.405 billion yuan in 2000 to 9503.561 billion yuan in 2014, with the average annual growth rate of 23.44%.By observing the data we can find that a large number of industrial enterprises have participated in the real estate industry. On the one hand, the real estate industry don’t have technological spillover effect, on the other hand, the real estate industry is a capital intensive industry. For manufacturing, the continuous investment in real estate industry will affect the firm’s R&D expenditure, thereby inhibiting the independent innovation of the firm. Finally, the continuous investment in real estate industry may cause a decline in production efficiency of the enterprise. Given this logic, the paper use the data of listed manufacturing enterprises in China, firstly researched on the increase rate of house will cause firms to enter the real estate industry, secondly based on the research studied what impact will happen on the enterprises which participate in the real estate industry.Specifically, this paper use the TFP to measure the efficiency of enterprises, then makes a research on the increase rate of house how to impact on firms’ participation in the real estate industry, further analysis whether the involvement in real estate industry will affect the production efficiency of the enterprise.To sum up, this paper is departed to six parts:The first part is the introductory theory, which introduces the background and meaning of the research, methodology, literature review and innovation point.In second chapter, this article mainly discussed the rate of house appreciation’s impact on industrial enterprise behavior, according to the theoretical analysis, as a result of the capital profit-driven and the convenience for the listed industrial enterprises to participate in the real estate industry, it will choose to join the real estate industry in the face of the rise of housing price. Then this paper mainly studies the rate of house appreciation’s impact on TFP of the industrial enterprise which choose to participate in the real estate industry.The third chapter is the empirical part, including the calculation of the TFP, the empirical study of the rate of house appreciation’s impact on industrial enterprise behavior and its impact on TFP of the industrial enterprise which choose to participate in the real estate industry.The last part includes conclusion and suggestions. Finally, the author points out some shortcomings in the process of this study and puts forward some solutions. |
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