The Listed Companies In The Manufacturing Industry Invest In Real Estate Behavior And Competitiveness Of The Main Business

Since 2000, as China's housing prices rising, more and more individuals and enterprises to invest in real estate, expect from the flood of housing prices rising to grab a slice. Although since 2005, our country has promulgated a series of housing prices control policies to curb housing prices rising, however, housing prices continue to rise. Currently, the problem of housing prices has attracted the highly attention of national and academia.Manufacturing is an important part of China's economy, which change their investment behavior will inevitably impact on the development of economic. Faced with the housing prices rising, China's manufacturing companies have been turning to the field of real estate investment, which have to cause for concern. Manufacturing companies typically take manufacture, production and the process of products as its main business, whether the behavior of real estate investment will affect the competitiveness of the main business, whether the housing prices will promote to the behavior of real estate investment of manufacturing companies, what factors will affect the behavior of real estate investment and the competitiveness of the main business. These issues are worthy of further study.Firstly, this study did some theoretical analysis focus on the impact factors of the behavior of real estate investment of manufacturing companies and the competitiveness of the main business, and put forward the theoretical research hypothesis. Secondly, by the information database of Wind collect the annual financial statements data of A-share listed manufacturing companies during the 2008-2014, constructing the simultaneous equation model of unbalanced panel data, using 2SLS and 3SLS get on the empirical analysis. Finally, verifying the research hypothesis one by one.The result of this study shows that:(1) the behavior of real estate investment of manufacturing companies has a positive correlation with five factors, such as housing prices, the size of company, the profit margin of the main business, capital structure and Tobin's Q;(2) the behavior of real estate investment of manufacturing companies has a negative correlation with ownership concentration;(3) the competitiveness of the main business of manufacturing companies has a positive correlation with five factors, such as the size of company, R & D investment, free cash flow, rate of investment return of human capital and profitability;(4) the competitiveness of the main business of manufacturing companies has a negative correlation with two factors, such as the behavior of real estate investment and the cost of the main business;(5) there is no significant relationship between the competitiveness of the main business of manufacturing companies and the situation of resource.Therefore, when the listed manufacturing companies make the decision of real estate investment, they should consider various factors. In particular, they should pay close attention to the trend of housing prices and the national regulatory policies, avoid the behavior of blind investment. Manufacturing companies should also pay attention to the development of the main business and improve the market competitiveness of the main business, so as to maintain the healthy and sustainable development of companies.