| In 1998,China’s real estate industry began to be marketized.Since then,h ouse prices have been in an overall growth state.In recent years,national hou sing prices have risen rapidly.Even in 2016,house prices in some cities have reached unprecedented heights..At the same time,under the new economic n orm,enterprise innovation has become more and more important.For enterprise s,their fundamental goal is interest.Only continuous innovation can survive th e fierce economic competition.Under such a social background,current housin g prices have had two effects on industrial enterprise innovation.On the one h and,the rapid rise in housing prices has attracted a large amount of funds into the real estate industry.When industrial enterprises invest limited resources int o real estate,they will not be able to Avoiding the impact of R&D projects th at require a lot of financial support;on the other hand,high housing prices le ad to increased pressure on employees to rent and buy houses,especially highskilled employees who are willing to buy a house,which has a significant neg ative impact.The lower the satisfaction and happiness of the company and eve n the city,the higher the mobility of high-tech employees and the lower the ef ficiency of research and development.Based on the data of China-Shenzhen A-share listed industrial enterprises i n 2011-2016,this paper analyzes the impact of housing price and housing pric e increase on enterprise innovation from the perspective of corporate capital flo w and labor mobility.In addition,based on the existing house price indicators,this paper refers to the Western scholars’ construction method of purchasing h ouse pressure indicators,and also combines the actual situation of 30% down payment and mortgage interest in China to construct a new pressure on house purchase pressure in line with China’s national conditions.Using the pressure i ndicators of purchasing houses in line with national conditions,the mechanism of the impact of housing prices on corporate innovation is analyzed more accu rately from the perspective of labor mobility.On the one hand,from the perspective of capital flow,this paper uses dat a from Shanghai-Shenzhen A-share listed industrial enterprises to find that the rapid rise in housing prices has a significant negative correlation with industrial enterprise innovation.On this basis,the paper further divides the scale of industrial enterprises according to a certain scale classification method,and divides industrial enterprises into three groups of large-scale enterprises,medium-scale enterprises and small-scale enterprises,respectively analyzing the enterprises w ith different scales in fast housing prices.When they rise,what is the differen ce in their impact on the efficiency of innovation? According to the research r esults,the suppression of industrial property innovation has different effects on the innovation of industrial enterprises.Especially for large-scale enterprises,t he negative impact on the rapid rise of housing prices is more significant.In addition,this paper analyzes the nature of enterprises in Shanghai-Shenzhen Ashare listed industrial enterprises,and uses group data to study the nature of di fferent enterprises.When the housing prices rise,it has different effects on ent erprise innovation.The results show that when the house price rises,the nature of different enterprises will have different effects on the innovation of enterpri ses in the face of rising house prices.Among them,non-state-owned enterprise s will be significantly affected,that is,the rapid rise of urban housing prices makes non-state-owned enterprises make limited resources.The allocation to the real estate market has reduced the enthusiasm of the company’s own innovatio n capital investment,which has a significant negative impact on corporate inno vation.State-owned enterprises,due to their particularity,have a relatively loos e financing environment and are therefore less negatively affected.In addition,this paper analyzes from the perspective of labor mobility,bas ed on the data of China-Shenzhen A-share listed industrial enterprises in 2011-2016,combined with the new pressure of domestic purchases in line with Chin a’s national conditions,it is found that the pressure on the purchase of houses and the innovation of industrial enterprises in China are significant.Negative c orrelation.The results show that unsustainable high housing prices will lead to high-tech employees tend to leave or quit or even leave the city,and the mo bility of high-tech employees will inhibit the innovation efficiency of enterprise s.Finally,based on the conclusions obtained,recommendations are made. |
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