Research On The Impact Of Real Estate Investment On The Optimization And Upgrading Of Industrial Structure

With the increasingly severe constraints of resources and environment,China’s economic development has to carry out dynamic energy conversion and structural adjustment.The Nineteenth National Congress of the Communist Party of China clearly put forward that we should further deepen the structural reform of the supply side.To achieve high-quality economic development,we must promote the transformation of old and new momentum,cultivate and strengthen new and emerging industries through innovation and entrepreneurship,transform and upgrade traditional industries,and drive the transformation of new and old momentum by innovation.In recent years,China’s industrial restructuring has achieved some results,but the overall industrial structure is still relatively backward,some industries have excessive capacity,and emerging industries are underdeveloped.The optimization and upgrading of industrial structure is an important task of economic development in the future.Since the housing reform,China’s real estate industry has developed rapidly.Real estate industry chain has strong relevance and wide coverage,which has effectively stimulated the development of China’s economy and once become a pillar industry of the national economy.However,with the expansion of real estate,the negative economic externalities of real estate investment are becoming more and more obvious.In factor market,real estate investment raises factor cost,result of which the profit of non-real estate sector has been redact.In the investment market,the real estate industry has absorbed a large amount of financial capital and enterprise investment,so that the investment of the real economy is insufficient.At the same time,the expansion of real estate investment pushes up the cost of land,resulting in a rapid rise in house prices,that has squeezed the real consumption of the market,which has led to imbalances in economic structure.In previous literature studies,scholars discussed the impact of housing prices on industrial structure optimization and upgrading,and concluded that housing prices have crowdingout effect on technological innovation of industrial enterprises.Scholars also discussed the capital crowding-out effect of real estate investment on industrial sector investment,but less discussed the impact of real estate investment on industrial structure optimization and upgrading.From the perspective of real estate investment,based on economic growth theory,investment theory and industrial structure theory,this paper analyses the path of the impact of real estate investment on industrial structure optimization and upgrading,and makes an empirical analysis with 63 large and medium-sized cities.This paper is mainly divided into three parts: The first chapter is the theoretical analysis,which mainly summarizes the relevant theories of the impact of real estate investment on industrial structure optimization and upgrading,and analyzes its impact path.The second chapter is the analysis of the current situation.Through the construction of measurement indicators,this chapter analyze the development status of real estate investment and industrial structure optimization and upgrading,then the correlation analysis is carried out.The third chapter is empirical analysis.Firstly,the econometric model is constructed and the overall regression of 63 large and medium-sized cities is carried out.Secondly,the cluster analysis method is adopted to explore the regional differences.Finally,the conclusion of this study is summarized and the corresponding policy recommendations are put forward.Through the above analysis,this paper concludes that: On the whole,the growth of real estate investment scale has no obvious impact on the rationalization of industrial structure,but it has promoted the upgrading of industrial structure.From the perspective of real estate investment structure,residential investment restrains the process of industrial structure rationalization,while non-residential investment promotes the rationalization of industrial structure.In the aspect of upgrading,the impact of residential investment on the upgrading of industrial structure is not obvious,while non-residential investment promotes the upgrading process of industrial structure.On the basis of overall regression,the results of sub-regional studies show that there are regional differences in the impact of real estate investment on industrial structure optimization and upgrading.