| Since 2003,China's housing prices have continued to grow at a high speed,and the economic consequences of rising housing prices have received wide attention from scholars.When the macro house price rises,the value of corporate real estate increases,which increases the financing ability of the enterprise.When the capital market is imperfect and the bank credit is constrained,the financing ability of the enterprise becomes a competitive advantage,which can improve the competitive position of enterprise product market.At the same time,the value of corporate real estate increases,which reduces the level of risk-taking of enterprises,change the investment structure of enterprise and cause mismatches in resources.Enterprises allocate resources to low-risk and high-reward foam industries,squeeze out investment related to main businesses,and weaken the competitive position of enterprise product market.Therefore,when the macro house price rises,the value of corporate real estate may have two distinct mechanisms of influence on the competitive position of its product market,and the direction of its influence depends on which mechanism dominates.Based on this,this paper explores how the value of corporate real estate affects the competitive position of its product market in the context of macro housing prices.This paper selects the Shanghai-Shenzhen A-share listed company from 2003 to 2017 as the research object,and combines the fluctuation of China's housing prices to explore the impact of real estate value on the competitive position of its product market.The study found that when macro house price rises,the increase in the value of corporate real estate will weaken the competitive position of its product market.Then it explores the mechanism of the value of corporate real estate in the competitive position of its product market.On the one hand,this paper finds evidence that enterprises allocate resources to real estate.The increase in the value of corporate real estate leads to an increase in investment real estate,while investment real estate is significantly negatively correlated with the competitive position of its product market.Therefore,the increase in the value of corporate real estate through the use of more real estate investment to occupy production and operation funds to weaken the competitive position of its product market.On the other hand,this paper finds evidence that the enterprise squeezes out the investment related to the main business(R&D innovation investment),the increase of the value of corporate real estate leads to the reduction of its R&D innovation investment,and the R&D innovation investment is significantly positively related to the competitive position of its product market,because the enterprise can seize the market by reducing costs,improving product quality and increasing product differentiation to enhance its product market competitive position.Therefore,the increase of the value of corporate real estate has weakened the competitive position of its product market by reducing the R&D innovation investment of enterprises.Finally,the research of this paper further reveals that: 1.Compared with enterprises with good business performance,when the business performance is poor,the increase of the value of corporate real estate has a stronger weakening effect on the competitive position of its product market.2.Compared with the industry with low competition intensity,when the competition intensity of the enterprise is high,the increase of the value of corporate real estate has a stronger weakening effect on the competitive position of its product market.3.Compared with enterprises with low degree of financing constraints,when the degree of financing constraints of enterprises is high,the increase of the value of corporate real estate has a stronger weakening effect on the competitive position of its product market.This paper is based on the impact of the value of corporate real estate on the competitive position of its product market when the macro housing price rises.It enriches the research on the consequences of rising housing prices.It has a positive effect on improving the competitive position of the company's product market and guiding enterprises to defy the reality and return to the source.At the same time,the paper also reveals the mechanism of the influence of real estate value on the competitive position of its product market,and further explores the motives and related consequences of the alienation of business operations,supplements the previous research,and provides new research on the competitive position of corporate product market.The perspective has an important guiding role for the sound development of the real economy. |
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