摘要
基于中国省际面板数据,构建动态面板和门槛面板模型,采用系统GMM方法与门槛面板估计方法对其进行估计,以此探究中国房地产业利用FDI的影响因素及机理。研究发现:中国房地产业利用FDI存在显著的集聚效应和路径依赖;中国房地产开发企业的"泛地产化"趋势所产生的"示范效应"以及房地产业外资进入成本较低、升值空间较大的事实,是影响中国房地产利用FDI的重要因素;金融运行、基础设施条件、城镇居民消费能力、贸易开放、制度因素、区位条件等控制变量对中国房地产业利用FDI的影响效应各异。综合研究结果发现,房地产业若过分依赖和利用FDI将对中国房地产业的可持续发展产生冲击。
Based on the inter - provincial panel data, this paper where a dynamic and threshold panel model are build and the methods of system GMM and threshold panel estimation are used is to explore the factors and mechanism of FDI using in the real estate industry of China. The study found that： The agglomeration effects and path dependence exist in the FDI using of Chinese real estate; the ＂demonstration effect＂ which caused by the trend of real estate of the real estate development enterprises in China, the low entry costs and the appreciation of the larger space are the important factors of FDI using in the estate ; The effects of the control variable of the financial environment, infrastructure conditions, the spending power of urban residents, trade liberalization process, institutional factors, geographic conditions on FDI using are different ;The volatility, unstable real estate is more likely to become the speculation object of foreign investors. In addition, from the overall findings, it will have a bad effect on sustainable development of China＇ s real estate industry if the real estate industry relay on the use of FDI excessively.
出处
《贵州财经大学学报》
北大核心
2013年第3期77-86,共10页
Journal of Guizhou University of Finance and Economics
基金
国家软科学基金项目"统筹城乡发展的制度屏障和综合配套改革的路径选择--以重庆为例"(2007GXS3D094)
中央高校基本科研基金(SWU1209457)的支持
关键词
房地产业
FDI变动
投机性
预警机制
real estate
changing of FDI
speculative
early warning mechanisms
