| The increase in real estate value can promote enterprise investment through the collateral channel effect,or it can crowding out the manufacturing industry through the distortion of capital allocation.Guangdong real estate development national leading,but also faced with the manufacturing industry as the subject of industrial dominance weakened.Therefore,it is of practical significance to study the extrusion effect of Guangdong real estate development on manufacturing industry.Firstly,this paper analyzes the current situation of Guangdong real estate industry and manufacturing industry and points out that the development of Guangdong real estate industry has a large market;Differences in regional development;High return on investment;Some urban land finance is obvious and other characteristics.However,Guangdong's manufacturing industry has different scale,big and weak;Uneven development of the manufacturing sector;The industrial differentiation is significant and the per capita output efficiency is not high.Immediately following analysis of the mechanism of action of Guangdong real estate crowding out of manufacturing,and points out that the crowding out effect of Guangdong real estate development on manufacturing industry is mainly embodied in four aspects: pushing up factor prices,capital of extrusion,sparked speculation and prevent enterprise innovation.Then on the basis of current situation analysis and mechanism analysis,through the selection of each district cities in Guangdong in 2004-2016 panel data,build the fixed effects model empirically Guangdong crowding out of manufacturing,real estate and analyzes this kind of extrusion effect in the pearl river delta core area and the pearl river delta not core area differences,found that:(1)On the whole,the Guangdong real estate development investment for manufacturing crowding out effect was not significant.(2)In the pearl river delta core area,namely,in Guangzhou,Shenzhen,Zhuhai,Foshan,Dongguan and Huizhou,six in real estate development investment has evident on the manufacturing of crowding out,and the crowding out effect is mainly embodied in the of the excessive growth of house prices increase the cost of manufacturing production.(3)In the pearl river delta not core area,due to the larger financing constraints,development of real estate investment has a more significant promoting effect on manufacturing,and the drive effect is mainly embodied in the real estate value rose by collateral channels to promote enterprise investment.Finally,based on the research results,this paper puts forward some countermeasures to solve the manufacturing crowding effect in Guangdong real estate development :(1)Establish the regional coordinated development mechanism of real estate and manufacturing industry;(2)To formulate policies on the regulation of differentiated real estate;(3)Introduction and competition for top talents. |
PDF Full Text Request