Housing prices and entrepreneurship in China
Housing prices and entrepreneurship in China
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中国房价与创业
DOI：
10.1016/j.jce.2013.09.001
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发表时间：
2014-05-01
影响因子：
2.7
通讯作者：
Wu, Xiaoyu
中科院分区：
文献类型：
--
作者：
Li, Lixing;Wu, Xiaoyu
在过去的十年里，中国的房价急剧上涨。房屋升值可以放松信贷约束，从而鼓励创业。然而，在中国，房子既是重要的投资渠道，也是结婚的先决条件。住房投资的持续高回报和婚姻市场竞争的加剧使购房成为年轻人及其父母的优先事项，这将挤出创业活动。使用两个大型数据集，我们发现，高房价一般抑制城市成年人的创业活动。对于房屋所有者来说，房屋价值的增值具有正的财富效应，而抵押贷款与收入的比率具有负效应。对于非业主来说，房价与收入的比率越高，创业的可能性就越低。这项研究强调了发展中国家房价飙升对创业的负面影响。(C)2013年由爱思唯尔公司出版的比较经济研究协会。All rights reserved.
Housing price has increased dramatically in China during the past decade. The appreciation of house value could relax credit constraint and thus encourage entrepreneurship. However, a house serves as both an important investment channel and a prerequisite for marriage in China. The continuous high return of investment in housing and intensified marriage market competition make house purchase a priority for young people and their parents, which would crowd out entrepreneurial activities. Using two large datasets, we find that high housing price in general discourages entrepreneurial activities for urban adults. For house owners, while house value appreciation has a positive wealth effect, the ratio of mortgage over income has a negative effect. For non-owners, a higher ratio of housing price over income corresponds to a lower probability of entrepreneurship. This study highlights the negative consequences of surging housing price on entrepreneurship in developing countries. (C) 2013 Association for Comparative Economic Studies Published by Elsevier Inc. All rights reserved.