| According to the data,despite the global economic slowdown,China's economic growth rate is still at the forefront of major economies.In 2017,China's GDP exceeded 74 trillion Yuan,an increase of 6.7% over the previous year.However,Sino-foreign joint ventures and even wholly foreign-owned enterprises have begun to enter the Chinese market,which has intensified market competition.China's industrial enterprises can no longer be satisfied with the previous "sufficient enough" mentality,and it is imperative to strengthen their independent innovation capabilities to enhance their core competitiveness,in order to cope with fierce market competition and seize the immediate opportunities.In addition,China has successively put forward basic national policies such as “making a country with strong talents” and “rejuvenating the country through science and education”,and R&D investment is rising every year.In 2016,the total investment in R&D expenditure in China was 1,567.67 billion Yuan,an increase of 10.6% over the previous year,and the growth rate was 1.7 percentage points higher than the previous year.Relevant research shows that innovation is an important driving force for a country's economic development.The Chinese economy has entered a new normal,and implementing an innovation-driven strategy is the main driving force for China's economic transformation.However,the comparative gap between China's R&D intensity(2.1%)and Japan,the United States(generally above 2.5%)is still not small.At the same time,many industries in China have carried out reasonable reforms in the market,such as insurance,banking,housing,etc.,with the acceleration of urbanization and the improvement of the overall economic environment.However,due to speculative demand and the need for asset preservation,a large amount of funds poured into the real estate market,and real estate prices in most cities rose rapidly.The highest real estate prices have even risen hundreds of times,compared with the beginning of the reform.The rise in real estate prices has led to problems such as the lack of relative funds in the market,rising prices and rising living costs of urban residents.These problems have reduced the consumption of people's products,the sales profits of industrial enterprises have decreased,and the operating costs of enterprises have increased,which has greatly increased the burden on industrial enterprises.At the same time,many industrial enterprises have also entered the real estate industry based on the pursuit of profit.To a certain extent,these have oppressed the amount of industrial enterprises' investment in their own research and development funds,which has affected the cumulative improvement of industrial enterprises' technological innovation capabilities.This paper firstly collates domestic and foreign literatures on the relationship between real estate prices and technological innovation capabilities of industrial enterprises.Then it focuses on the impact mechanism of the relationship between housing prices,R&D investment and technological innovation capability of industrial enterprises from the perspective of the restriction-control policy,mainly from the credit mitigation effect,cost effect and crowding effect.Based on the above analysis,this paper makes use of the panel data of 295 listed industrial enterprises in China from 2007 to 2016,adopts the fixed effect model,and uses Eviews9.0 statistical software to verify the impact of real estate price changes on the technological innovation ability of industrial enterprises from the empirical aspect.This paper analyzes the intrinsic influence path of R&D investment as a mediator variable,and discusses the impact of real estate price changes on industrial enterprises' technological innovation ability based on real estate purchase restriction regulation policy.The regression results show that the real estate price change is significantly negatively correlated with the technological innovation capability of industrial enterprises.R&D investment is a significant intermediary variable between the two,and the purchase restriction policy can alleviate the weakening of industrial enterprises' technological innovation ability caused by the rise of real estate prices.In addition,the size of the enterprise and the net profit of the enterprise are both significant factors influencing the technological innovation capability of industrial enterprises.Finally,this paper puts forward relevant suggestions from the rational regulation of the real estate market,the increase of R&D investment and the enhancement of technological innovation capability and the rational layout of urban industrial institutions. |
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