经济高质量发展视野下的城市地价与企业研发投入

Urban Land Price and Enterprise R&D Investment from the Perspective of High-quality Economic Development

城市地价对于创新发展而言到底是"双刃剑"还是"单刃刀"?宏观层面的探讨通常因忽略了城市地价与微观企业研发行为的关系而难以给出清晰的判断。基于微观企业视角,利用2011年～2015年中国沪深股市342家上市公司与中国36个城市的匹配数据,实证考察城市地价与企业研发投入之间的关系,发现城市地价与企业研发之间存在非线性的"倒U型"关系,即当地价水平较低时,一定程度的地价上涨有助于推动企业研发,但当地价达到一定门槛值时,地价的继续上涨将对企业研发产生抑制效应。进一步研究发现:商业用地、工业用地和住宅用地三种土地类型中,企业研发受工业地价的影响最为明显;从分区域和企业性质来看,中西部内陆城市的企业研发活动受地价影响更为明显,民营企业研发活动受地价的影响大于国有企业。这一研究结论有助于理解供给侧结构性改革过程中地价与企业研发支出间的关系,同时可为创新政策的制定提供经验参考。

In terms of innovation and development,is urban land price a "double-edged sword"or a "single-edged sword"?Usually it is difficult to give clear judgments due to the the overlook of the relationship between urban land prices and micro-enterprise R&D behavior in macro-level discussion.Based on the perspective of micro-enterprise,this paper used the matching data from 2011 to 2015 between 342 listed companies in China's Shanghai and Shenzhen stock markets and 36cities in China,to empirically investigate the relationship between urban land prices and R&D investment.What it found is the existence of the non-linear "inverted U-shaped"relationship between urban land price and enterprise R&D.That is,a certain degree of land price increase would help drive enterprise R&D when the land price level was low,and when the land price reached a certain threshold,the continuous increase would have a negative impact on the enterprise R&D.Further studies also confirm among three type of commercial,industrial and resident land,industrial land has the most significant impact on enterprise R&D.In views of different regions or enterprise nature, the R&D activities of enterprises in inland cities of the central and western regions in China are more affected by land prices,and the R&D activities in private enterprise are more affected by land prices than those in state-owned enterprises.All these conclusions help to understand the relationship between land price and en- terprise R&D investment in the supply-side structural reform,and provide an empirical reference for innova- tion policy making.