How Housing Prices Affectreal Economy

After China stopped the physical distribution of housing in 1998,the real estate market has obviously accelerated its development speed and has greatly promoted the development of the economy.However,with the rapid development of the real estate industry,housing prices have also risen rapidly,which has objectively induced a large amount of investment and even speculative funds into the industry.Under the condition that the amount of social funds is limited,excessive funds will flood into the real estate industry,which will inevitably affect the supply of funds needed for the development of other industries.This paper takes non-real estate fixed assets investment(excluding real estate development investment after fixed assets investment)as the research object,through theoretical and empirical analysis,to clarify the impact path and impact degree of non-real estate fixed asset investment.This paper takes the impact of housing prices on non-real estate fixed assets investment as the entry point,and discusses whether housing prices have a squeeze-out effect or a driving effect on non-real estate fixed-asset investment,and non-real estate types of different types of enterprises and different industries.What is the impact of fixed asset investment? The first part of the thesis mainly reviews the theoretical support and the impact path of the impact of housing price changes on non-real estate fixed assets,and makes theoretical analysis support in inferring the impact of housing prices on non-real estate fixed assets investment.The second part of the paper uses the relevant data to detail the trajectory of housing price and non-real estate fixed asset investment changes and their respective characteristics,which provides the basis for the actual data for the verification of this paper.Finally,this paper uses the dynamic panel model to quantitatively measure the impact of housing prices on non-real estate fixed asset investment,and estimates the impact and impact of housing prices on different types of enterprises and non-real estate fixed assets investment in different industries.Based on the above theoretical analysis and realistic data trajectory analysis,the research of this paper provides powerful theoretical and empirical support.In summary,this paper mainly draws the following conclusions: First,overall,the impact of housing prices on non-real estate fixed asset investment has a significant negative effect,from a macro perspective to confirm that housing prices have a non-real estate fixed asset investment Significant impact;Secondly,the impact of housing prices on non-real estate fixed assets investment of state-owned and non-state-owned enterprises is a significant negative impact,but the impact of housing prices on the two is not the same,the change in housing prices for state-owned enterprises non-real estate The impact of fixed asset investment is greater than that of non-state-owned enterprises' non-real estate fixed asset investment.Third,the change in housing prices has different impacts on non-real estate fixed asset investment in different industries.The change in housing prices is in addition to the construction industry.The development of non-real estate fixed asset investment in the industry has a restraining effect,but it has a significant role in promoting the development of non-real estate fixed assets investment in the construction industry.This is due to the close correlation between the construction industry and the development of the real estate industry.Based on the conclusions of this paper,a number of suggestions are made for reference only.First,the development and regulation of non-real estate fixed assets industry can be cut from the perspective of regulating housing prices,curbing the unreasonable rise in housing prices to create a favorable development environment for fixed asset investment;the second is to combine housing prices for different types of enterprises and even different industries.The regulation of asset investment development should be treated differently.If the excessive suppression of housing price rise may lead to the restriction of the development of China's construction industry.