| Since China's entry into WTO,China has actively participated in the trend of economic globalization,and the volume of foreign trade has grown by leaps and bounds.However,China's export mode of sacrificing quality for quantity and the weakening of demographic dividend advantage urgently need export enterprises to transform from price competition to quality competition.On the contrary,in the domestic market environment,in the past 20 years since the housing system reform in 1998,house prices have shown an overall and continuous upward trend,which will have a certain impact on the quality of export products.This paper analyses the price of real estate and the quality of export products in order to provide theoretical and practical reference for improving the quality of export products and regulating the real estate market.Firstly,from the theoretical point of view,through the theory of national competitive advantage and the model of partial equilibrium monopoly competition,it is found that there are three mechanisms between rising house prices and the quality of export products:(1)cost effect.The rapid rise of house prices is manifested by the rising cost of land for enterprises and the requirement for higher wages for employees due to the rising cost of living,which makes it difficult for some enterprises to carry out technological innovation,thus reducing the quality of products of export enterprises.(2)Net speculative effect.The rise of house prices makes enterprises more inclined to invest assets in real estate industry,thus occupying part of R&D expenditure,to a certain extent,reducing the quality of export products,but speculation may also be profitable,making enterprises have more funds for R&D.(3)Financing effect.Rising house prices increase the value of mortgage assets,ease the financing constraints of enterprises,and have more funds for innovative R&D investment.Secondly,based on the data of 139812 enterprises in 289 cities in China from 2000 to 2013,the KSW method(2013)is used to measure the export quality of enterprises at the micro level.It is found that China's export product quality is generally concentrated at about 0.2,mostly low-quality products,less medium-quality products and less high-quality products,but the overall quality has been on the rise since 2008.The overall quality of the high-tech industry is the highest,followed by the low-tech industry.The overall quality of the medium-tech industry is the lowest.The product quality gap between the high-tech industries is greater than that between the low-tech industries.After the basic regression of the total sample,the endogenous problem is solved by lag variable method,instrumental variable method and generalized moment estimation method(GMM).The conclusion is that house price has a U-shaped effect on the quality of export products.When the house price is less than 8300 yuan,the negative effect of cost effect is stronger.When the house price is more than 8300 yuan,the positive effect of financing effect and speculation effect is more obvious.R&D has always played a significant role in promoting product quality;the cost effect of wage representation has always played a significant hindrance role;the financing effect has always played a promoting effect,but not significant enough under the system GMM;speculative effect has significantly promoted the quality improvement under the lag variable method;instrumental variable method has promoted but not significant enough,but significantly inhibited the quality improvement under the system GMM.After focusing on speculation,we find that it plays a significant impediment role in high housing price areas,and plays a significant role in promoting low and medium housing price areas.Thirdly,from the perspective of the medium-sized industry,this paper also uses the binary marginal decomposition to decompose the export product quality of the industry,and finds that relying on the entry of the industry is the strongest way to improve the export product quality of the industry.When considering housing prices,it is found that most enterprises will improve the quality of export products through the rise of housing prices by influencing the quality of existing enterprises and withdrawing from the industry,thus improving the quality of export products in the industry.In the study of heterogeneity conditions,it is further found that enterprises with stronger financing capacity,enterprises in eastern regions,foreign-funded enterprises and industries of Hong Kong,Macao and Taiwan enterprises are better able to improve the quality of export products when prices rise by influencing the quality of existing enterprises and exiting industries under the U-shaped relationship.However,collective enterprises only affect the quality of products under existing scale.Private enterprises exit the industry because of low quality.Corporate enterprises enter the industry.There is no dual marginal effect in state-owned enterprises.Finally,according to the three channels and current policies of the rising house prices affecting the quality of export products,this paper puts forward relevant suggestions. |
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