Has High Housing Price Inhibited the Entry of New Firms?: Evidence from China's Industrial Firms

doi:10.16382/j.cnki.1000-5579.2017.01.019

Abstract

Abstract:

Based on China's industrial firm level data during 2001-2007, this paper applies Negative Binomial Model to estimate the impacts of housing price on the location of new manufacturing firms. Because of the wages of China's manufacturing workers do not relate with housing price and the monopolization of China's land market, high housing price has not hindered the entry of new firms but obviously increased its possibility. This is not conducive to the reasonable spatial distribution of China's firms. Therefore,in order to lead to a reasonable distribution of China's firms among cities of different sizes and narrow the economic development gap between regions, it is necessary to adopt policies to raise workers' wage bargaining power and weaken the monopolization of China's land market.

Key words: housing price, firm location, entry of new firms, Negative Binomial Model

HU Cao, FAN Hong-zhong. Has High Housing Price Inhibited the Entry of New Firms?: Evidence from China's Industrial Firms[J]. Journal of East China Normal University (Philosoph, 2017, 49(1): 146-153.

References

陈斌开、金箫、欧阳涤非,2015,《住房价格、资源错配与中国工业企业生产率》,《世界经济》第4期。
范剑勇、莫家伟,2014,《地方债务,土地市场与地区工业增长》,《经济研究》第1期。
范剑勇、莫家伟、张吉鹏,2015,《居住模式与中国城镇化——基于土地供给视角的经验研究》,《中国社会科学》第4期。
刘斌、王乃嘉,2016,《房价上涨挤压了我国企业的出口能量吗?》,《财经研究》第5期。
宁光杰,2014,《中国大城市的工资高吗?——来自农村外出劳动力的收入证据》,《经济学》(季刊)第3期。
王芳芳、郝前进,2011,《环境管制与内外资企业的选址策略差异——基于泊松回归的分析》,《世界经济文汇》第4期。
王文春、荣昭,2014,《房价上涨对工业企业创新的抑制影响研究》,《经济学》(季刊)第1期。
周浩、陈益,2013,《FDI外溢对新建企业选址的影响》,《管理世界》第12期。
周浩、余壮雄、杨铮,2015,《可达性、集聚和新建企业选址——来自中国制造业的微观证据》,《经济学》(季刊)第4期。
周浩、郑越,2015,《环境规制对产业转移的影响——来自新建制造业企业选址的证据》,《南方经济》第4期。
Becker R.and Henderson J. V., 2000, "Intra-industry Specialization and Urban Development", Economics of Cities:Theoretical Perspectives.
Chuang Y. C.and Lin C.M., 1999, "Foreign Direct Investment, R&D and Spillover Efficiency:Evidence from Taiwan's Manufacturing Firms", The Journal of Development Studies, Vol.35, No.4.
Coughlin C.C.and Segev E., 2000, "Location Determinants of New Foreign-owned Manufacturing Plants", Journal of Regional Science, Vol.40, No.2.
Duranton G.and Puga D., 2004, "Micro-foundations of Urban Agglomeration Economies", Handbook of Regional and Urban Economics, Vol.4.
Figueiredo O., Guimaraes P.and Woodward D., 2002, "Home-field Advantage:Location Decisions of Portuguese Entrepreneurs", Journal of Urban Economics, Vol.52, No.2.
Gorg H.and Strobl E., 2001, "Multinational Companies and Productivity Spillovers:A Meta-analysis", The Economic Journal, Vol.111, No.475.
Harris C.D., 1954, "The Market as a Factor in the Localization of Industry in the United States", Annals of the Association of American Geographers, Vol.44, No.4.
He C., 2002, "Information Costs, Agglomeration Economies and the Location of Foreign Direct Investment in China", Regional Studies, Vol.36, No.9.
Head K., Ries J.and Swenson D., 1995, "Agglomeration Benefits and Location Choice:Evidence from Japanese Manufacturing Investments in the United States", Journal of International Economics, Vol.38, No.3.
Helpman E., 1998, "The Size of Regions", Topics in Public Economics:Theoretical and Applied Analysis.
Holl A., 2004, "Manufacturing Location and Impacts of Road Transport Infrastructure:Empirical Evidence from Spain", Regional Science and Urban Economics, Vol.34, No.3.
List J.A.and Mchone W.W., 2000, "Measuring the Effects of Air Quality Regulations on "Dirty" Firm Births:Evidence from the Neo-and Mature-regulatory Periods", Papers in Regional Science, Vol.79, No.2.
Moulton B.R., 1995, "Interarea Indexes of the Cost of Shelter Using Hedonic Quality Adjustment Techniques", Journal of Econometrics, Vol.68, No.1.
Vuong Q.H., 1989, "Likelihood Ratio Tests for Model Selection and Non-nested Hypotheses", Econometrica, Vol.57, No.2.
Wei Y., Liu X.and Parker D., 1999, "The Regional Distribution of Foreign Direct Investment in China", Regional Studies, Vol.33, No.9.

[1]	Yidong Wu, Hao Sun, Xianzhu Wang. The Impact of Housing Prices on the Innovation of Small and Micro Enterprises：Evidence from China’s Small and Micro Enterprise Survey [J]. Journal of East China Normal University (Philosophy and Social Sciences), 2024, 56(1): 161-174.
[2]	Fang ZHANG. The Effect of Economic Policy Uncertainty on the Fluctuation of House Prices：Evidence from Cities of Yangtze River Economic Belt [J]. Journal of East China Normal University (Philosophy and Social Sciences), 2021, 53(6): 165-176.
[3]	Xian-zhu WANG, Bei QIAO. “To Be” or “Not To Be”：On the Impact of Rising House Prices on the Formation of Zombie Enterprises [J]. Journal of East China Normal University (Philosophy and Social Sciences), 2021, 53(6): 152-164.
[4]	Xi-xi ZHANG. Does the Bubble of Housing Price Inhibit the Fertility Rate Recovery？：On the Dynamic Causality between Fertility Rate and Housing Price [J]. Journal of East China Normal University (Philosophy and Social Sciences), 2021, 53(2): 164-175.
[5]	KUANG Wei-da, YU Jia-wei. Homeownership and Innovation: Evidence from China's 69 Large- and Middle-sized Cities [J]. Journal of East China Normal University (Philosoph, 2019, 51(5): 60-66.
[6]	CHEN Zhuo, CHEN Jie. Housing Tenure Structure and Housing Price: From the Perspective of Tenant Share of Urban Families [J]. Journal of East China Normal University (Philosoph, 2018, 50(1): 136-148.
[7]	HU Jin-xing, GU Juan. On the Regional Differences of the Impact of Population Aging on Housing Prices: An Empirical Study Based on Panel Data of 31 Provinces in China [J]. Journal of East China Normal University (Philosoph, 2017, 49(3): 155-160.
[8]	WANG Xian-zhu, WU Yi-dong. Population Aging, Birth Rate and Housing Price: Based on the Regional Characteristics of the Real Estate Market [J]. Journal of East China Normal University (Philosoph, 2017, 49(3): 145-154.
[9]	HU Ming-zhi, NONG Hui-fu, CHEN Jie. A New Test on the Relationship between Population Aging and Housing Price in China:From the Perspective of Housing Reform Dividend Affect [J]. Journal of East China Normal University (Philosoph, 2017, 49(3): 132-144.
[10]	QUAN Lin. Veblen Effect and Game Analysis of Housing: A New Explanation for the Volume and Price Going Up Simultaneously [J]. Journal of East China Normal University (Philosoph, 2017, 49(1): 164-171.
[11]	WANG Sheng, HUANG Zhi-lan. The Relationship among Industrial Structure, Immigrant Structure and Housing Price [J]. Journal of East China Normal University (Philosoph, 2017, 49(1): 139-145.
[12]	SHI You-wen, WANG Ming-fu and LIN Xiao-hong. On the Impact of Interest Rate Fluctuation on the Housing Prices in the Framework of Partial Balance Analysis [J]. Journal of East China Normal University (Philosoph, 2014, 46(1): 128-137.
[13]	ZHANG Chuan-Yong. Regional Differences on Income Distribution Effects of Price Fluctuations: Empirical Study Based on inter-Provincial Panel Data in China [J]. Journal of East China Normal University (Philosoph, 2014, 46(1): 113-120.
[14]	DING Zu-yu. On the Differentiation of Housing Price to Income Ratio in Chinese Cities [J]. Journal of East China Normal University (Philosoph, 2013, 45(3): 121-127.