| In recent years,the investment of Chinese real estate sector has been increasing rapidly,and the capital has flooded into the real estate market.But on the other hand,the investment efficiency is lower,the whole society leverage climbed,manufacturing large amounts of money loss,even reviled for industrial hollowing out,a view is rapid growth of real estate investment has hampered China's innovation activities.Since the 18th CPC national congress put forward the implementation of innovation-driven development strategy,China's innovation capacity has been continuously enhanced and innovation level has been continuously improved.But it remains to be seen,at present,China still had in many fields,many key core technology is not completely independent,lack of effective innovation motivation,innovation power is insufficient,the contribution of innovation for the development of the economy is still very limited.The theory of endogenous growth no longer considers technology to be exogenous,but emphasizes technological progress,R&D innovation and knowledge accumulation to promote economic growth.Stock in the process of knowledge production,knowledge is the key variable affect innovation,research and development,capital,research and development personnel is also important factors that influence the real estate market shocks can through various channels,mechanisms influence the output results of innovative activities.Based on this,we believe that it is of great practical significance to study whether the impact of real estate investment impact on urban knowledge production can adversely affect China's innovation activities.Throughout both literature,research on real estate investment affect China's innovation activities to ignore the important influence of stock of knowledge for the innovative activities,also failed to pass the knowledge production mechanism explain real estate impact effects on innovation research perspectives.At the same time,although the real estate investment can produce extrusion effect to other investment,but according to the theory of asset prices and credit constraint,real estate mortgage value by alleviating financing constraints,in turn,promote innovation into the positive effect of nots allow to ignore,this also with the reality of real estate investment overheating city innovation ability still strong basic facts.The "new normal" stage of Chinese economy,the old and new kinetic energy conversion in an important opportunity,innovation is becoming a driving China's economic sustainable development and important determinants to speed up the upgrading of industrial structure,fully focused on real estate investment impact on the city innovation activities affect the problem for the current China's development is necessary.This paper takes the knowledge production function as the entry point and studies the impact of the housing market impact on urban knowledge production by combining theoretical analysis and empirical test.Theory research:through the analysis of the Chinese situation and the existence of credit discrimination,financial repression found credit constraints are important reasons which restrict the development of the research and development enterprise,and real estate investment for R&D influence the existence of "paradox" will lead to the uncertainty of knowledge output;Empirical research:using the prefecture level panel data and the use of state-owned construction land transfer area per capita as a tool variables,by establishing the econometric model,the control variables as much as possible to alleviate endogeneity problem,examine the various areas directly affect the effect of real estate investment in innovation activities,and further to decomposition of the results,trying to expound its behind the transmission mechanism,finally put forward the corresponding policy recommendations.The main conclusion of this paper is that the direct impact of the rapid growth of real estate investment on urban science and technology innovation activities is not significant.In the prefecture-level cities where real estate investment is growing rapidly,the change in the growth rate of the number of patent authorizations that represents its R&D innovation level is not obvious,and neither inhibits nor promotes.This indicates that the real estate impact will not have a significant impact on Chinese urban knowledge production.After further analysis of the total effect,this paper finds that knowledge production is significantly dependent on the accumulation of knowledge stock.Real estate investment has no significant impact on R&D fund flow and R&D personnel input.But real estate investment hampers the efficiency of knowledge production. |
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