高房价“驱逐”了公司的研发活动吗?——来自创业板的经验证据

Does Real Estate Price Bubble Drive Outa Company's R&D Activity?——The Evidence form GEM Company

在中国房地产价格过高的背景下,从研发活动成本的角度,使用中国创业板上市公司的数据,对房地产价格是否影响企业研发迁移进行了深入探讨。研究发现:首先,所在地房地产价格越高,公司研发活动的迁移程度更大,这说明高昂的房地产价格提升了公司的研发成本,使其不得不将研发活动迁往房地产价格更低的地区,降低了所在地的创新活动水平。其次,地区制度环境能够缓解房地产价格对公司研发活动迁移产生的影响,说明完善的地区制度环境从一定程度上降低由房地产价格上升带来的研发成本,减轻房地产价格对地区创新活动的不利影响。研究不仅为当前房地产价格到地区创新活动的传导机制提供了新的经验证据,也为各地如何提高创新活动水平,有效实施创新驱动发展战略提供了参考依据。

Based on thebackground of real estate price bubble,this paper,using GEM companies,examines whether the real estate price impacts R&D transfer of companies from the viewpoint of R&D cost.We find that :the degree of R&D transfer increases when firms are headquartered in areas with and the regional institutional environment alleviates the negative effect of real estate price.The results suggest that real estate price bubble increases the R&D cost and firms respond to high real estate price by transferring their R&D centers to other cities with lower real estate price.A good institutional environment can decrease the negative impact of real estate price on R&D activity.Our study provides new evidence about the mechanism through which real estate price affects regional innovation.Also,the findings are beneficial for local governments to adopt appropriate strategy to stimulate the level of innovative activities.