Research On Extrusion Effect Of Real Estate To Manufacturing

The real estate industry has always been one of China's pillar industries.Because of its long industrial chain,it is closely linked with major industries such as construction,finance,and chemical engineering.Real estate is both a consumer product and an investment product.As a consumer product,it can satisfy people's housing needs;as an investment product,it can play an important role in maintaining value.Over the past 10 years,China's real estate has developed rapidly and house prices have remained high.In2016,the price increase of large and medium-sized cities represented by Beijing,Shenzhen,and Shanghai accelerated,and land prices soared to a new high.At the same time,the manufacturing industry is facing problems such as high costs,difficulties in financing,heavy taxes and fees,and lack of protection of property rights.The overall manufacturing industry is not strong,some industries have serious excess production capacity,and high-end products are insufficiently supplied.They are still in the middle of the global value chain.At the end,it is difficult to make great breakthroughs with scientific and technological innovation.Therefore,it is necessary to analyze whether China's manufacturing-based real economy lacks competitiveness,lack of innovative capabilities,low quality of products,and lack of overall growth are related to the relative overheating of real estate investment.This paper demonstrates the squeeze effect of real estate investment on manufacturing from both theoretical and empirical perspectives.First of all,using the theory of producers to analyze the mechanism of real estate investment extrusion,starting from the perspective of capital and real estate prices to explore the path of real estate to the manufacturing industry.Secondly,a descriptive statistical method is used to conduct a comparative analysis of the real estate and manufacturing industry in Shandong Province.Finally,using capital,innovation activities,consumption,and labor as intermediary variables,the panel data models for 17 cities are constructed.The empirical analysis of the three aspects of the company and the company's conclusions are as follows: First,from a macro perspective,real-time investment in real estate has a catalytic effect on the manufacturing industry.Real estate that lags behind will increase capital costs,inhibit innovation activities,and reduce consumption.Demand,increased labor instability and other ways have a negative effect on manufacturing output.Second,from the perspective of the region,in the first and second gradients,real estate investment has obvious crowding-out effect on the manufacturing industry,and it is more of a pulling effect for the third gradient.This is closely related to the difference in the economic development of the three gradients and the different industries.Third,from the point of view of different ownership enterprises,real estate development has a negative effect on the output value of enterprises by affecting funds and consumption,of which private enterprises are most affected and state enterprises are least affected.Based on the above findings,this paper proposes the following policy recommendations: First,to curb the irrational exuberance in the real estate market,severely crack down on speculative behavior,and administrative means and economic instruments must be doubled.The second is to guide the return of finance to its origin and create a good financial environment for serving the real economy.The third is to formulate differentiated real estate policies and enhance the targeting of real estate regulation.Fourth,give full play to the guiding role of fiscal policy and promote the transformation and upgrading of the manufacturing industry.Fifth,fully tap the consumption potential of the western region and the vast rural areas.The sixth is to build and improve the capital market system and diversify the real estate investment.