| Since the market operation of China’s real estate in 1998,there are three main features,first,house prices rose rapidly;Second,real estate investment is large and growing fast;Third,the profit rate of the real estate industry is much higher than that of the real economy.Capital has a profit-driven nature,and the high rate of return in the real estate industry has attracted a large number of capital inflows from other industries.A large number of industrial companies have withdrawn capital from the real economy and invested in the real estate industry,leading to the dual dilemma of"Industrial Hollowing" and "asset bubble".The innovation of the real economy can not get enough capital investment,and the accumulation of knowledge is coherent.If the capital investment is insufficient,the innovation ability of enterprises will decline,and the competitiveness of the industry will be affected.Under the background that the real estate industry is increasingly prosperous and the siphon effect is increasing,if we ignore its impact on corporate innovation activities,it is difficult to fundamentally understand the external constraints that hinder Chinese innovation.This will hinder the implementation of China’s innovation strategy.First,we find that there are three positive links between house prices and business innovation:(1)With rising housing prices and higher mortgage value,enterprises can get more credit resources from banks.(2)Technology intensive enterprises are more likely to develop in developed cities with high housing prices and promote local innovation.(3)Highly educated people are more likely to enter the developed cities with high housing prices and promote innovation and development.Secondly,real estate investment has a negative impact on enterprise innovation in four aspects:(1)Direct extrusion effects and indirect extrusion effects,The direct effect refers to the crowding out effect of the real estate investment directly on the innovation investment The indirect effect refers to the rise in house prices that leads to an increase in the operating costs of enterprises which in turn leads to the crowding out of corporate innovation investment.On the one hand,the rental cost of factory buildings and offices is rising.On the other hand,the cost of living of high-tech personnel is relatively high,and the treatment requirements for enterprises are relatively high,which improves the labor cost of enterprises.(2)the excessive"prosperity" of the real estate market will produce a negative incentive to innovative talents.(3)the soaring housing price will weaken the consumer’s willingness to consume,distort the consumption structure and weaken the demand for innovative products.(4)from the allocation of credit resources,real estate projects have higher investment return rate and lower risk than R&D projects,so banks and other financial institutions prefer to provide real estate projects with funds.Based on the theoretical analysis,this paper uses the data of 2,132 manufacturing listed companies from 2006 to 2013,adopts the fixed effect model and instrumental variable method,and focuses the research theme on whether the rapid rise in house prices will negatively affect the innovation of manufacturing enterprises.In addition,this paper tries to investigate heterogeneity between different cities,ownership and subdivision industries,so as to provide more detailed policy basis for the implementation of China’s innovation strategy.The results show that:At the national level,the rapid rise of house prices significantly inhibits the technological innovation of the enterprise;Regression results of sub sample show that:The obstacle of housing price to enterprise innovation is more obvious in tier one and second tier cities,local.state-owned enterprises and private enterprises,as well as technology intensive and capital intensive industries.For the sake of robustness,this paper selects the growth rate of land supply as the tool variable of housing price growth.The reason for selecting this index is that the land supply area will affect the housing price growth,but it will not directly affect the R&D investment of enterprises.The regression results of the choice of land supply area as a tool variable are basically consistent with the results of the benchmark model,which indicates that the results of this paper are robust.This article also adopts the number of enterprise patents as an indicator of enterprise innovation from the point of view of innovation output.Taking into account the time required from the R&D investment to the conversion to the innovation output,this article selects the lag phase of the house price as the core explanatory variable.The regression result with the number of patents as the dependent variable is basically consistent with the results of the benchmark model,which further proves that the results of this paper are robust.In the formulation of relevant policies,From a national point of view,on the one hand,government departments are committed to reducing the return on investment of the real estate industry and preventing speculative capital from flowing into the real estate industry,for example,a real estate tax may be imposed;On the other hand,government departments need to adopt policies to increase the return on investment of the real economy.From the point of view of sub cities,governments at all levels must pay full attention to the impact of the excessive prosperity of the real estate industry on the real economy.In particular,first-tier cities and second-tier cities should attach great importance to the negative impact of the formation of local real estate bubbles on the ability of enterprises to innovate.According to the nature of enterprise ownership,the government,financial institutions and enterprises should work together to gradually improve the credit environment,eliminate the "ownership discrimination" in the credit market,and improve the strength of financial support for the real economy.From the perspective of manufacturing subdivision industry,government departments should guide capital intensive enterprises to pay attention to the crowding out effect of excessive housing prices on innovation input and make rational investment.For technology-intensive companies,the following two measures can be taken:Firstly,To reduce the pressure of innovative talents,we can encourage the building of talent room.Secondly,encourage the consumption of innovative products. |
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