| 来源类型 | Discussion paper
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| 规范类型 | 论文
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| 来源ID | DP11883
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| DP11883 Real estate prices and corporate investment: theory and evidence of heterogeneous effects across firms |
| Denis Fougère; Rémy Lecat
|
| 发表日期 | 2017-02-28
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| 出版年 | 2017
|
| 语种 | 英语
|
| 摘要 | In this paper, we investigate the effect of real estate prices on productive investment. We build a simple theoretical framework of firms’ investment with credit rationing and real estate collateral. We show that real estate prices affect firms’ borrowing capacities through two channels. An increase in real estate prices raises the value of the firms’ pledgeable assets and mitigates the agency problem characterizing the creditor-entrepreneur relationship. It simultaneously cuts the expected profit due to the increase in the cost of inputs. While the literature only focuses on the first channel, the identification of the second channel allows for heterogeneous effects of real estate prices on investment across firms. We test our theoretical predictions using a large French database. We do find heterogeneous effects of real estate prices on productive investment depending on the position of the firms in the sectoral distributions of real estate holdings. Our preferred estimates indicate that a 10% increase in real estate prices causes a 1% decrease in the investment rate of firms in the first decile of the distribution but a 6% increase in the investment rate of firms belonging to the last decile. |
| 主题 | Industrial Organization
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| 关键词 | Firms’ investment
Real estate prices
Collateral channel
Financial constraints
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| URL | https://cepr.org/publications/dp11883
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| 来源智库 | Centre for Economic Policy Research (United Kingdom)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540695
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推荐引用方式
GB/T 7714 |
Denis Fougère,Rémy Lecat. DP11883 Real estate prices and corporate investment: theory and evidence of heterogeneous effects across firms. 2017.
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