| In the process of company operation,the investment activities of the enterprise are very important.It not only affects the financing behavior of the enterprise,but also affects the best accumulation of enterprise value.The real estate industry is also the pillar industry of our country.With the continuous expansion of its scale,the problems caused by the principal-agent are becoming more and more obvious.The managers will do some activities for their own interests that will damage the company's investment,resulting in more serious inefficient investment activities in the real estate industry.There are many factors that affect the efficiency of investment,which can be roughly divided into two levels: micro and macro.Chinese scholars have systematically studied the micro-factors,such as internal control,controlling proportion of large shareholders and other internal governance factors as well as managerial characteristics.Macroscopic factors involve market competition,monetary policy,the level of rule of law and other factors,but the national macro-control means of important industrial policy.Industrial policy is the sum of a series of policies formulated by the state to adjust the economic structure and promote economic growth.It is difficult to evaluate the macro level industrial structure and industrial organization form from the micro level.This paper will evaluate the growth of the total supply of industrial policy from the micro level,and study the impact of industrial policy on the investment efficiency of enterprises.Considering the characteristics of high investment and long cycle in real estate industry,the impact of supportive industrial policies on real estate investment is significant.Therefore,this paper defines the perspective of industrial policy as supportive industrial policy,which measures the support of industrial policy to real estate by government subsidy,long-term loans and tax incentives.The impact of industry investment efficiency.This paper chooses the real estate listed companies from 2013 to 2017 as the research object,and uses the model to measure the residual investment efficiency.Through regression analysis,the paper draws the following conclusions:(1)The investment efficiency of the real estate industry is mainly manifested by insufficient investment.(2)government subsidies are positively related to inefficient investment in the real estate sector.(3)long-term loans are positively related to inefficient investment in the real estate sector.(4)there is no significant correlation between tax preferences and inefficient investment in the real estate industry.That is,government subsidies and long-term loans will lead to inefficient investment and reduce the investment efficiency of enterprises.Further study on the impact of government subsidy and long-term loans on over-investment and underinvestment of real estate enterprises shows that government subsidy has also resulted in Over-investment of real estate enterprises in alleviating their underinvestment;long-term loans have aggravated the Over-investment of real estate enterprises,but not alleviated their underinvestment..Finally,according to the conclusions drawn from the regression and the characteristics of the real estate industry,constructive suggestions on the formulation of industrial policy are put forward,and suggestions on how to use the industrial policy to make investment decisions for real estate are provided. |
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