| After the implementation of the plan to revitalize the old industrial base in Northeast China in 2003,the economic index in Northeast China showed a high-speed growth trend of double digits,but this extensive economic growth model driven by direct investment has not been continuing consistently.Since China’s economy has entered the new normal,the economy of the Northeast region has declined sharply,becoming the region with the lowest overall economic index among the four plates in China.The "new northeast phenomenon" has attracted much attention from all walks of life.How to crack the "new northeast phenomenon" has become a major issue facing the northeast region at present.In September 2021,the State Council agreed to the "14th Five-Year Plan for Comprehensive Revitalization of Northeast China",which clearly stated that it was necessary to "explore a new development path with higher quality,better efficiency,better structure and full release of advantages,to promote the comprehensive revitalization of Northeast China to achieve breakthroughs".In the process of China’s economy transitioning from high-speed growth stage to high-quality growth stage,the main driving force of economic growth comes from the improvement of total factor productivity.Improving total factor productivity is an urgent requirement to promote high-quality economic development.Therefore,in order to promote high-quality and high-level economic growth in the Northeast region,it is fundamentally necessary to improve the total factor productivity of the Northeast.However,existing studies show that house prices are an important factor affecting the growth of total factor productivity growth.Rising house prices will lead to resource misallocation,crowd out enterprise R & D and innovation investment,and hinder the improvement of total factor productivity.Therefore,this paper attempts to analyze the impact of house prices on total factor productivity in Northeast China,and at the same time decompose the total factor productivity,to explore the impact of house prices on technical efficiency,technological progress,scale efficiency,and pure technical efficiency.In addition,considering the massive outflow of labor in Northeast China in recent years,this paper introduces labor mobility as a control variable into the model,which is more in line with the actual situation of Northeast China and makes the research more accurate.Based on expounding the impact mechanism of house prices on total factor productivity and calculating the total factor productivity in Northeast China,this paper uses the panel data of 36 prefecture-level cities in Northeast China from 2005 to2019,and uses a fixed-effect model to empirically analyze the impact of house prices on total factor productivity and its decomposition indicators in Northeast China.The empirical results show that there is a significant negative correlation between house prices and total factor productivity,which means that the rise of house prices will significantly inhibit the growth of total factor productivity in Northeast China.Moreover,housing prices also play a significant inhibitory role in the growth of technical efficiency,technological progress,pure technical efficiency,and scale efficiency.In addition,to verify whether the negative impact of house prices on TFP varies from province to province,this paper divides the entire sample into Hei,Ji,and Liao groups according to provinces to test the impact of house prices on total factor productivity respectively.The empirical results show that the negative impact of house prices on total factor productivity does not differ due to grouping,but the investment in science and education,the level of infrastructure The effects of industrial structure,government financial intervention,and opening to the outside world on total factor productivity are different due to the grouping test.Finally,based on theoretical analysis and empirical tests,it puts forward relevant policy suggestions on how to improve the total factor productivity in Northeast China. |
