The homes of those in charge of firms are an important source of finance for ongoing businesses. We use firm level accounting data, transaction level house price data and loan level residential mortgage data from the UK to show that a £1 increase in the value of the residential real estate of a firm’s directors increases the firm’s investment and wage bill by £0.03 each. These effects run through smaller firms and are similar in booms and busts. In aggregate, the homes of firm directors are worth 80% of GDP. Using this, a back of the envelope calculation suggests that a 1% increase in real estate prices leads, through this channel, to up to a 0.28% rise in business investment and a 0.08% rise in total wages paid. We complement this with evidence on how a firm responds to changes in the value of its own corporate real estate; we find that, in aggregate, the residential real estate of directors is at least as important for activity. We use an estimated general equilibrium model to quantify the importance of both types of real estate for the propagation of shocks to the macroeconomy.

中文翻译：

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房屋价值与企业行为

负责公司事务的人员的住所是正在进行的业务的重要财务来源。我们使用来自英国的公司级会计数据，交易级房价数据和贷款级住宅抵押贷款数据来表明，公司董事的住宅房地产价值每增加1英镑，会使公司的投资和工资支出增加0.03英镑每。这些影响贯穿于较小的公司，在繁荣和萧条中类似。总体而言，公司董事的住所占GDP的80％。使用此方法，不可靠的计算表明，通过此渠道，房地产价格上涨1％，导致商业投资最多上涨0.28％，支付的总工资最多上涨0.08％。我们用有关企业如何应对自身公司房地产价值变化的证据来补充这一点；我们发现 总体而言，董事的住宅房地产至少对活动同样重要。我们使用估计的一般均衡模型来量化这两种类型的房地产对于冲击向宏观经济的传播的重要性。