| Since the end of the welfare housing distribution in 1998,the strong demand for commercial housing has promoted the continuous rise of housing prices,attracting a large number of nonreal estate enterprises to enter the real estate industry,especially those manufacturing enterprises whose main business accounts for a large proportion of the overall business activities.A certain impact has been brought about to the real economy.From the micro perspective,this paper analyzes the impact on the decision on real estate investment of the housing price changes and that on the company's financing constraints,main business investment and other business conditions after entering the real estate industry based on collateral effect and crowding-out effect,with data of Shanghai and Shenzhen A-share listed companies in the manufacturing industry from 2007 to 2016.First of all,this paper proposes two mechanisms by which the rise of housing prices affects non-real estate companies holding investment real estate through theoretical analysis – the collateral effect and the crowding-out effect.The former focuses on the positive effect of the real estate bubble reducing the agency costs and external financing risk premiums caused by information asymmetry between borrowers and lenders by increasing the value of real estate mortgages,and thereby alleviating the corporate financing constraints;the latter is concerned with the negative impact of resource mismatch and suppression of innovation caused by rising house prices,which reduces TFP and increases production costs,thereby inhibiting the company's main business input,so that credit resources further spillover the real economy.Secondly,this paper describes the real estate holdings of the listed companies in Shanghai and Shenzhen A-shares from 2007 to 2016,and compares the operating characteristics of holding and non-holding real estate enterprises.The results show that under the collateral effect,the high housing prices increase the overall credit supply in the capital market,and the holding investment real estate enterprises has more obvious trend of the free cash flow changing following the real estate market,and better access to credit markets;under the crowding-out effect,the R&D investment of holding enterprises is significantly inhibited,and main business investment of non-holding enterprises is crowded out more strongly.Then,this paper conducts an empirical analysis on the impact of investment real estate on corporate financing constraints and main business investment in the context of rising housing prices,using data of the listed companies in Shanghai and Shenzhen A-shares from 2008 to 2016.The results show that the rise in housing prices has a significant mitigation effect on corporate financing constraints with holding investment real estate.When the company's debt resources increase,the investment in corporate investment real estate will further crowd out that in main business;in contrast,the increase in house prices will not significantly inhibit the main business of enterprises holding productive real estate.This paper changes the measurement of financing constraint to ensure the robustness of the results.Finally,this paper selects YOUGOR for case study,and analyzes the changes in other business conditions except for financing constraints and main business inputs after entering the real estate industry in terms of assets,liabilities,cash flow and profits.The results show that the collateral effect of credit-easing is reflected in the increase in the company's land and housing mortgage loans during the period of housing prices rising,however the corresponding resources have not been invested in the clothing sector under the crowding-out effect.The profit margin of the real estate business shows no obvious advantages considering the company's leading position and clothing industry upgrading,the motivation of entering the real estate industry is gradually lost.In summary,the real estate boom is a double-edged sword for non-real estate companies holding real estate.To this end,this paper puts forward the following suggestions: First,deepen the differential real estate control policy.It is conducive to accelerating the definancialization of real estate and reducing the risk of corporate capital chain breakage.Second,establish a sound system of multi-level external financing to guide traditional industries to return to the real economy through means of credit structure adjustment.Third,call for industrial policies to vigorously support the transformation and upgrading of the manufacturing industry,focusing on easing the financing difficulties and strengthening financial support for innovation,which are keys to the better development of the real economy. |
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