Does Affordable Housing Supply Improve Companies’ Human Capital Accumulation?

Cai Qingfeng, Wu Guanchen, Li Dongxu

The Journal of World Economy ›› 2024, Vol. 47 ›› Issue (3) : 184-212.

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The Journal of World Economy ›› 2024, Vol. 47 ›› Issue (3) : 184-212.

Does Affordable Housing Supply Improve Companies’ Human Capital Accumulation?

  • Cai Qingfeng, Wu Guanchen, Li Dongxu
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Abstract

This study manually collects over 200000 records of affordable housing construction in China between 2007 and 2020, and empirically tests the impact of affordable housing construction near A-share listed companies’ headquarters on the firms’ human capital accumulation. The findings indicate that for every one standard deviation increase in the supply of affordable housing around the headquarter, the firm’s human capital increases by 9.1%; this effect remains robust after using the instrumental variables method and different fixed-effects (FE) models. The supply of affordable housing helps to mitigate the crowding-out effect of high housing prices on human talent, increasing the company’s attractiveness, motivating companies to increase investment in talent training, which further improves employee job satisfaction, accumulating human capital. Heterogeneity tests show that the impact of affordable housing on corporate human capital is more significant among small companies, private companies, and cities with developed urban rail transit and low commuting pressure. This study fills the gap in empirical research on housing system reform and corporate finance, helps explore the micro-impact of national housing security policy, and provides empirical and policy implications for local governments to improve housing security policies and high-quality regional economic development.

Key words

affordable housing / talent factor / human capital accumulation / corporate innovation

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Cai Qingfeng, Wu Guanchen, Li Dongxu. Does Affordable Housing Supply Improve Companies’ Human Capital Accumulation?[J]. The Journal of World Economy, 2024, 47(3): 184-212

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