题目：Local Effects of Housing Price Appreciation on Industrial Investment: Firm-level evidence of China
摘要: We examine the effect of booming housing price in China on manufacturing
investment using a combined firm- and city-level panel data set for the period 2003-2007.
Our results show that there was a significant negative association between local housing
prices and the investment ratio of manufacturing firms in the corresponding cities. The effect
is robust in controlling for heterogeneities at firm, sector, and city levels, and in dealing with
the potential endogeneity of housing price. The negative relationship is strongest for firms
which are labor intensive, non-state owned, and have few linkages with real estate sectors.