Research On The Impact Of The Housing Price Rise On Enterprise Innovation

At present,the disappearance of China's demographic dividend and the strengthening of environmental resources constraints have led to a downward trend in economic growth.Therefore,it is particularly important to move from “factor-driven” development to“innovation-driven” development as soon as possible.According to the endogenous growth theory,we know that knowledge and innovation ability are important factors in achieving economic growth.Maintaining high-quality economic development depends more on the improvement of independent innovation capability.Technological innovation is the source of power for a country's economic development and the fundamental driving force for enterprise development.In the process of technological innovation,the supply of factors is crucial,especially the supply of financial resources.The continuous rise in housing prices has led businesses and individuals to be keen on real estate speculation,prompting the concentration of bank credit funds to the real estate industry,squeezing the development of non-real estate industry,resulting in the “de-reality” of financial resources and the increased risk of the financial system.This paper firstly combs the relevant literature on the factors influencing enterprise innovation and how housing prices affect enterprise innovation.It theoretically analyzes the impact mechanism of housing price increase on enterprise innovation ability and proposes research hypotheses.Based on the above research,this paper uses the data of China's manufacturing listed companies to match the panel data of 30 provincial administrative regions from 2013 to 2017,constructs a mediation effect model,and incorporates corporate investment real estate as an intermediary variable to empirically test the housing innovation's ability to innovate.The impact and conduction path.In addition,taking into account the differences in ownership of enterprises and the existence of different financing constraints,this paper classifies the samples according to the degree of ownership and financing constraints,and further explores the impact of rising house prices on the innovation ability of enterprises based on corporate heterogeneity.According to the empirical results:(1)The rise in house prices has significantly inhibited the innovation ability of enterprises,and investment real estate is the mediator of the influence of house prices on the innovation ability of enterprises.That is,the rise of real estate prices induces enterprises to carry out a large amount of real estate investment,and then squeeze out the R&D investment of enterprises.(2)The rise in housing prices has significantly promoted the willingness of enterprises to investin real estate,both for state-owned enterprises and non-state-owned enterprises.The rise in housing prices has a crowding out effect on the R&D intensity of state-owned enterprises,but the impact on non-state-owned enterprises is not very significant.(3)When the financing constraints of enterprises are high,the impact of rising house prices on corporate investment real estate is not significant,but there is a significant negative correlation between R&D intensity.When the company has lower financing constraints,the rise in house prices has obviously promoted the investment of real estate,but it has no significant inhibitory effect on R&D investment.(4)In addition to the investment real estate impact path,the rise in housing prices also inhibits the innovation investment of enterprises through the path of enterprise labor costs.Finally,this paper proposes policy recommendations to curb excessive housing price increases,establish a healthy and orderly financial market,increase policy support for corporate R&D,and reduce business operating costs.