Effect of Real Estate Enterprises Status on Their Cross-regional Investment Behavior

Abstract

Abstract: This paper introduces the ‘enterprise status’ concept of social economics into the real estate market to measure the individual differences among real estate enterprises, and studies the impact of enterprises' status on the extent and pattern of their cross-regional investment. The results show that the status of real estate enterprises significantly affects their cross-regional investment behavior. The higher status a real estate enterprise has, to a larger extent it would make cross-regional investments and the more inclined it is to join hands with others to make such investments. In addition, the increase of economic policy uncertainty will strengthen the positive relationship between the status of real estate enterprises and the degree of their cross-regional investment, while weakening the positive relationship between their status and their cross-regional co-investment, as well as the negative relationship between their status and their independent cross-regional investment. The effect of real estate enterprises' status on their cross-regional investment behavior is effective only under the following conditions:the real estate enterprises are private-owned and the investment market operates under a sound regulatory system. If both the nature of the real estate enterprises ownership and the regulatory system of investment destination are considered, it can be found that when only private real estate enterprises choose to carry out cross-regional investment in the region with a sound regulatory system, the high status of enterprises will positively affect the extent of cross-regional investment, and they are more inclined to choose a cross-regional co-investment model. If the real estate enterprises are state-owned or the regulatory system of investment destination is not sound enough, the influence of enterprises' status on the extent and pattern of their cross-regional investment is not significant.

Key words: enterprises' status, real estate enterprise, cross-regional investment behavior, economic policy uncertainty, regional system

Liu Guangping, Sun Wei. Effect of Real Estate Enterprises Status on Their Cross-regional Investment Behavior[J]. Management Review, 2023, 35(11): 45-61.

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