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| Credit Expansion, Real Estate Investment and the Efficiency of Resource Allocation in Industry |
| LUO Zhi, ZHANG Chuanchuan
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Economic Development Research Center, Wuhan University; School of Economics,
Central University of Finance and Economics |
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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.
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Received: 02 March 2015
Published: 19 April 2018
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