Research On The Crowding-Out Effect Of Real Estate Investment On Light Industry In Eastern China

In recent years,the fast development of the real estate market in China,driving the prosperity of upstream and downstream industries at the same time also has a great contribution on China's GDP growth,to our country industrial enterprise is undeniable.Real estate enterprises are flawed in many other companies are also unwilling lonely are in real estate industry.In 2008 the world economic crisis and rising cost of land,labor,capital and other elements to Chinese industrial enterprises has brought great impact and even set off a failures.And the real estate industry is outshine others still maintained a rapid development,the continued high rate from TCL,Green,Midea,Hisense,red bean,youngor and other industry giants.At present,the industrial development in China is facing a great challenge,especially small and medium-sized light industry in Wenzhou,east of Dong Guan enterprise closures is thought-provoking,people can not help but ask the plight of industrial enterprise is involved in real estate? The real estate industry leading industrial development at the same time also brought the crowding out?Relative to the capital is abundant,anti-risk ability and monopoly effect more heavy industry,whether the weak light industry by the impact of the real estate industry? If there are crowding out,how much is the size?In order to study of the eastern region real estate investment of China light industry extrusion effect,this article selects the seven provinces of eastern China 1999-2014 panel data for the regression model.Among them,the real estate investment as a share of GDP as the independent variable,and light industry production value of GDP as a dependent variable,the per capita consumption,population,economic growth,exports as control variables.According to the eastern parts of China in 1998 after the real estate market reform of the real estate investment and the change of light industry production value of GDP,by constructing panel data model to prove the relationship between the significant negative correlation exists between the two-that is,there are crowding out.According to the regression results,it is concluded that,in the eastern part of our country real estate investment for light industry influence coefficient is about 0.2.The results show that the region in the eastern part of our country exists significant crowdingout effect on light industry,real estate investment per 1% of the real estate investment as a share of GDP will decrease 0.2% of the light industry production value of GDP.Based on the above analysis,this paper puts forward the following Suggestions: 1.The local government should be alert to the real estate industry brought about by crowding out,correct measures against the real estate market in the crack,speculators,differentiation of housing policy,inhibit the excessive prosperity of land market.2.State and local governments should examine and measure whether the area in the future for the development of light industry,if appropriate,in the development of the real estate industry and light industry should fully consider the local light industry development level and by the size of the real estate investment crowding out,coordinated development of real estate industry and light industry,control the excessive development of the real estate industry.If it is not suitable,it should also consider the means and cost of industrial transfer.3.According to the local industry development and the specific situation of the economic dependency of different specific issues specific analysis,the regional coordinated development of related policies,strengthen the property control of timeliness and pertinence.4.In the wake of the financial crisis,as a result of China light industry general is labor intensive,technical level is relatively low,profit margins,and the increasing factors of Labour and land price of,make the development of light industry need more countries to give certain policy support,can't because the real estate industry and land market in the current profits and ignore the importance of light industry.5.Optimize the industrial layout and structural adjustment,adjust measures to local conditions to develop the local light industry,promote industrial upgrading,increasing investment in vocational education,strengthen the cooperation of enterprises and research institutes,in order to revitalize the traditional light industrial science and technology innovation,leads to the transformation of the manufacturer to produce power.To properly formulate and rationally adjust the corresponding financial policies and guide them to support the development of small and medium-sized enterprises.The improvement of the speed of light industry,small and medium enterprises credit policy and promote,promote pratt whitney between financial institutions and light industry,small and medium enterprises financial systemand the establishment of guarantee system.The construction of a more comprehensive capital market that provides financial services to small and medium light industrial enterprises.