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房价如何影响实体经济投资的相关研究一直是学界的热点。本文通过构造面板平滑转换模型,基于2001年至2014年中国A股非金融地产上市公司数据,实证研究了房价涨幅与企业固定资产投资变化之间的非线性关系。结果发现,当房价涨幅超过6.5%的快速上涨区间时,主要对企业固定资产投资产生负面效应,而当房价涨幅低于6.5%时,对投资主要起正面促进作用。因此,政策部门应对房市进行更精准的调控,既抵御经济下行风险,也要防止房地产市场“金融化”为完全的金融投资品市场。
How housing prices affect the real economy investment research has always been a hot academic circle. Based on the panel smooth transition model, based on the data of Chinese A-share listed non-financial real estate companies from 2001 to 2014, this paper empirically studies the nonlinear relationship between the increase of house prices and the change of fixed assets investment. The results showed that when the price increases rose more than 6.5% of the rapid rise in the interval, the main investment in fixed assets of enterprises have a negative effect, and when the price increase of less than 6.5%, the investment plays a positive role in promoting. Therefore, the policy department should carry out more precise regulation and control of the housing market, not only resist the economic downside risks, but also prevent the real estate market “financial ” as a complete financial investment goods market.