Real Estate Prices and Corporate Investment: Theory and Evidence of Heterogeneous Effects across Firms
研究了房地产价格如何通过抵押品渠道和成本渠道影响企业生产性投资，并利用法国数据发现这种效应因企业房地产持有量不同而存在差异。
Abstract In this paper, we investigate the effect of real estate prices on productive investment. We build a 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. 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.