房价、资源错配与企业创新——基于房价效率因素和非效率因素的分析

Housing Price,Resource Misallocation and Enterprise Innovation:Analysis Based on Housing Price Efficiency Factors and Non-Efficiency Factors

推动企业创新成为破解当下我国房地产价格与实体经济发展趋势背离困境的关键。基于2003-2017年我国29个省份的面板数据,利用三阶段最小二乘法估计纳入房价效率的结构宏观模型,析解了房地产价格定价的组成部分;分离并测算出房地产定价的效率因素和非效率因素;构建地区错配系数衡量资本错配与劳动力错配程度;实证检验了房价不同组成部分通过资本错配、劳动力错配影响企业创新的作用机制。研究结果表明:我国房地产定价中非效率因素是近年来房价持续上涨的重要影响因素;且房价非效率因素的增加是价格扭曲的体现,会引起资本市场、劳动力市场的资源错配;房地产定价效率的提升可能在一定程度上改善资源错配的情况,而非效率因素的增加则是房价影响企业创新的最主要因素。

Promoting enterprise innovation is the key to solving the dilemma of deviation between real estate price and real economy development trend in China. Based on the panel data of 29 provinces,regions in China from 2003 to 2015,this paper incorporated the three-stage least square method into the structural macro model of housing price efficiency and analyzed the components of real estate price pricing,separated and calculated the real estate pricing efficiency and non-efficiency factors. Then this paper constructed regional mismatch coefficient to measure the degree of capital mismatch and labor mismatch. The mechanism that different components of housing price influence enterprise innovation through capital mismatch and labor mismatch is tested empirically. The results show that the non-efficiency factors of real estate pricing in China are the important factors influencing the continuous rise of housing price in recent years. Moreover,the increase of non-efficiency factors of housing price is the reflection of price distortion,which will lead to resource misallocation in capital market and labor market. The improvement of real estate pricing efficiency may improve the situation of resource misallocation to some extent,while the increase of non-efficiency factors is the most important factor affecting enterprise innovation.