An Empirical Study On The Impact Of Rising Housing Prices In The Yangtze River Delta On Corporate Technological Innovation

In recent years,the housing prices in the Yangtze River Delta are rising rapidly,and the high yield of the real estate market attracts a large number of enterprises investment.Real estate developers continue to expand the scale of construction,other enterprises also continue to increase investment in real estate holdings,"speculators"under the impetus of interest are constantly hoarding housing.Housing price inflation caused by real estate price rising,occupies a large number of enterprise capital that reduces liquidity,enterprises for product innovation and R&D investment extrusion.This paper takes panel data of more than 400 listed companies in the Yangtze River Delta region from 2008 to 2016 as sample.This paper uses Poisson regression model,Probit regression model,instrumental variable regression model(AH-IV),GMM model(GMM)as the empirical research methods to study the influence which housing prices and other control variables on technological innovation of enterprises.The final results show that:every 1%increase in housing price index causes the number of enterprises to apply for patents decreassing by 0.002,and causes enterprise R&D spending decreasing by 26.5%.The coefficients are set at the significant level of 1%.This shows that the investment in real estate of enterprises has obvious inhibitory effect on the technological innovation of enterprises.In addition,this paper studies on the "crowding out" and "wealth effect" through theoretical analysis and empirical test,the results show that housing price rising have "crowding out" effect on enterprise technological innovation.This paper proves the transmission mechanism between housing price and enter:prise technology innovation.Finally,this paper adopts a variety of sub sample regression model,including city characteristic sub sample regression model,industry characteristic sub sample regression model,enterprise characteristic sub sample regression model.It helps to reserch how enterprises technical innovation in different city,industry and the characteristics affected by rising prices,what kind of characteristics of the enterprises suffer from "crowding out"of housing price rising.The final results prove the four hypotheses:Firstly the increase of housing price has an inhibitory effect on the technological innovation of enterprises.Secondly,the inhibitory effect in the first-tier cities and the second-tier cities is more strongly;Thirdly,Housing prices are rising,industrial enterprises' tendency to innovate is much lower than that of others.Fourthly,A-share listed companies have the sensitivity of the housing price and real estate yields higher,strong capital and financing advantages,their real estate investment leaded by housing price rising will squeeze spending on research and development.so housing price's rasing inhibits the level of technological innovation of the enterprise.