关键词: 房地产,新企业涌入,羊群效应,过度投资,投资效率

Abstract: Under the background of housing system reform and rapid advance of urbanization, China’s real estate industry has been developing rapidly. The empirical study based on the data of China’s real estate listed companies from 2002 to 2016 reveals that there exists“Herd Behavior”in the investing activities of those companies. The regression result of the two-stage fixed effect model shows that new companies swarming into the real estate industry would intensify the market competition and reduce the rate of return on net assets of the existing companies. The result of the two-stage quantile regression shows that the impact of the new companies swarming into the real estate industry on the existing companies has heterogeneity, the smaller scaled real estate listed companies would be affected more from such new companies. These indicate that there exist over-entrance and over-investment in China’s real estate industry. Therefore, the government has to provide rational guidance, give full play to its regulatory role, and improve the market access and elimination mechanism, so as to promote the sustainable and healthy development of the real estate industry.

Key words: real estate; inrush of new enterprises; herd behavior; over-investment; investment efficiency