Real Estate Development Investment And Urban Innovation Output

For more than 40 years of reform and opening up,China's economic development has shifted from factor-driven and investment-driven to innovation-driven.The Nineteenth National Congress put forward the "three-step" strategy,emphasizing the necessity of improving the ability of independent innovation and occupying the global technological competition opportunities.As a major pillar supporting economic development,the real estate industry's impact on the improvement of urban innovation capacity cannot be ignored.Ignoring it may make it difficult for researchers to correctly analyze the influencing factors of urban innovation capacity.The impact of innovation is particularly important.In recent years,The crowding-out effect of real estate industry on regional innovation has received extensive attention from the academic field.This paper explores the inter-city panel data of 70 large and medium-sized cities in China from 2006 to 2016 to establish an SDM model,and measures the impact of urban real estate develop investment level on its innovation output.The result of the study indicates that the level of urban real estate develop investment has a significant impact on its innovation output.Moreover,this effect presents a crossover effect between neighboring cities.There is an inverted "U" relationship between urban real estate develop investment level and its innovative output,but there is a difference in the degree of influence in different urban agglomerations,and the inflection points of cities in the first,second,third and other lines show an increasing trend.The inflection points in the central cities are significantly higher than those in the east and west,showing a central collapse phenomenon.Further research also shown that real estate investment mainly affects urban innovation output through two channels: housing prices,government science and technology expenditures.In summary,in cities with low levels of real estate development and investment,real estate supervision can be appropriately relaxed to maximize the promotion effect of real estate development,and in cities with high levels of real estate development and investment,supervision should be strengthened,and house price control policies or government technology should be used.Support policies to achieve a win-win situation.