Research On The Influence Of High Housing Price On China's Manufacturing Innovation

Innovation is the primary driving force for development.As a major component of industry,manufacturing industry plays a decisive role in the industrial development of the whole city.The real estate industry is an important part of China's tertiary industry.Some studies believe that the rise in housing prices will not only affect the daily life of urban residents,but also promote the development of the real estate industry.The investment in the real estate market will further increase,and the output of the real estate industry will further improve,thus driving the development of the directly related industries led by the construction industry.At the same time,with the booming of the real estate market,the demand for manufacturing related products will further increase,which will also drive the development of all industries including manufacturing,which can inject impetus into the development of manufacturing industry to some extent.However,according to the current industrial development in China,while the real estate industry is booming all over the country,the manufacturing industry has not developed steadily as expected.Its growth rate has not shown an obvious upward trend in recent years,and the growth rate of the manufacturing industry in some regions has even started to decline.According to the analysis,the main reason for the development of manufacturing industry is that most of the output value of China's manufacturing industry is concentrated in the processing,manufacturing and assembly industries,which is greatly affected by the market and cost,which also leads to the lack of independent innovation ability and core competitiveness of China's manufacturing industry.Based on the above background,this paper studies the influence of Chinese manufacturing innovation under high housing price.This paper collects data on housing prices,manufacturing innovation,urban innovation,per capita GDP and urban road area of 285 large and medium-sized cities in mainland China from 2005 to 2016,and constructs an innovation index.Based on the viewpoints of a large number of outstanding scholars,this paper constructs a regression model of urban manufacturing innovation and urban housing price,and USES urban land transfer area as an instrumental variable for empirical research.The regression results show that the high housing price has a significant restraining effect on the improvement of China's urban manufacturing innovation.The manufacturing industry has a great impact on the innovation of the whole city,and the restraining effect of high housing price on the innovation ability of the city's manufacturing industry will also spread,inhibiting the improvement of the innovation ability of the whole city.And for first-,second-and third-tier cities,the effect of high housing prices has significant heterogeneity.At the same time,this paper also establishes the intermediary effect model and analyzes the transmission mechanism of the influence of high housing price on manufacturing innovation.The results show that the influence of urban housing price on the whole city will be transferred to the innovation and development ability of manufacturing industry by squeezing out r&d capital and relaxing financing constraints,etc.Meanwhile,housing price will also have relevant effects on the innovation ability of urban manufacturing industry by influencing the selection of innovative r&d talents and foreign trade.Therefore,city managers at all levels in the practice of the central committee of the communist party of China innovation driven development strategy,not only have to pay much attention to science and technology research and development work in direct support of capital,talent,also should adopt appropriate methods to control urban property prices,and make reasonable prices to sustain in a certain space,to promote the innovative development of the industry.