| With the continuous rise of house prices,more and more enterprises extend their investment into the real estate field,which not only enhances the rising trend of house prices,but also increases the difficulty of house price regulation.Moreover,the above situation has buried great hidden dangers for enterprises,especially for the production and operation activities of manufacturing enterprises.Compared with securities investment,real estate investment lacks liquidity.For manufacturing enterprises,their production and operation activities often face seasonal or periodic capital shortage.Therefore,enterprises must ensure sufficient liquidity while ensuring profitability.Taking the manufacturing listed enterprises with securities investment projects from 2014 to 2020 as a sample,this thesis uses the data envelopment analysis method to study the impact of the prosperity of the real estate field on the performance of enterprise securities investment,so as to judge the relationship between house prices and securities investment of manufacturing enterprises.On this basis,with the help of OLS and 2SLS estimation methods,this thesis studies the impact of house prices on securities investment of manufacturing enterprises from three dimensions: financing constraint effect,operating cost effect and investment preference effect.Research shows that before the rise of house prices reaches a certain height,the financing constraint effect is dominant,and there is a positive correlation between house prices and securities investment of manufacturing enterprises.When house prices continue to rise beyond a certain critical value,due to the existence of operating cost effect and investment preference effect,the rise of house prices will have a crowding out effect on securities investment of enterprises,Enterprises are more willing to invest in real estate,which improves the liquidity risk of enterprises.At the same time,more and more hot money flowing into the real estate field will gather risks in the real estate field.Once a crisis occurs,it will cause a heavy blow to enterprises.After further research,it is found that the crowding out effect of rising house prices on the securities investment of manufacturing enterprises is the most serious in the northeast region,while there is a relatively obvious positive correlation between the housing prices in the western region and the securities investment of manufacturing enterprises.When house prices rise,the size of the population and the degree of economic development are the key factors restricting the proportion of manufacturing enterprises investing in securities.When the regional economy and population density are poor,the fewer opportunities for manufacturing enterprises to invest abroad,and the lower the negative impact of housing prices on the securities investment of manufacturing enterprises.The degree of rise in housing prices in the western region is before the critical value,that is,the advantage effect of the financing constraint effect on the manufacturing industry is significantly higher than the disadvantage effect brought by the operating cost effect and the investment preference effect to the manufacturing enterprises.After studying the relationship between housing prices and securities investment of manufacturing enterprises,this thesis puts forward the following suggestions for enterprises:First,it is necessary to clarify the importance of liquidity to the survival and development of manufacturing enterprises,and consciously control the proportion of investment in the real estate field;third Second,it is necessary to be deeply aware of the potential economic risks behind high housing prices,and appropriately reduce investment in real estate projects;To achieve full utilization of funds;Fourth,securities investment should take into account liquidity and profitability,and manufacturing enterprises should increase investment in securities.A good order of economic development depends not only on the conscious compliance of manufacturing enterprises,but also on the macroscopic guidance of the government.Therefore,this thesis suggests that the government should start from the perspective of the healthy development of manufacturing enterprises,and regard maintaining the stability of housing prices as a long-term work.At the same time,based on the local situation,formulate a reasonable regional development plan,create a good securities investment and financing environment,and fully guarantee the realization of the investment and financing needs of manufacturing enterprises. |
