Abstract:
This paper empirically examines the impact of real estate investment on the efficiency of resource allocation in the manufacturing sector. Using data from the Annual Survey of China’s Manufacturing Firms, China City Statistical Yearbook and the Urban Household Survey, we find that the more the investment of fixed asset in real estate, the lower the efficiency of resource allocation in the manufacturing sector. The paper demonstrated that one important reason is that the SOEs get the loan with low cost, invest in real estate and crowd out the investment in industry.
罗知, 张川川. 信贷扩张、房地产投资与制造业部门的资源配置效率[J]. 金融研究, 2015, 421(7): 60-75.
LUO Zhi, ZHANG Chuanchuan. Credit Expansion, Real Estate Investment and the Efficiency of Resource Allocation in Industry. Journal of Financial Research, 2015, 421(7): 60-75.
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