制度质量、宏观经济政策与创新实践——基于房地产行业的实证分析

Institutional Quality,Economic Policy and R&D:Empirical Analysis Based on the Real Estate Industry

为研究制度质量、宏观经济政策与企业创新实践之间的关系,选取了2011~2017年中国房地产上市公司的非平衡面板数据,运用固定效应模型进行实证分析。结论表明:财政补贴对房地产企业创新投入具有正向影响;紧缩的货币政策会削弱财政补贴对房地产企业的创新投入;制度质量水平的提升对房地产企业的创新投入具有正向调节作用。基于相关理论和实证结果,研究认为,政府不仅应该优化财政调控政策结构,还亟需着眼于提升政府效率,以激发房地产企业创新动力,进而促进房地产行业稳定高速增长。

In order to study the impact of institutional quality and economic policies on the R&D investment of the enterprises, data of the Chinese listed real estate companies from 2011 to 2017 is collected. Using the fixed effects panel regression method, the following basic conclusions are obtained. Firstly, fiscal subsidies to the Chinese real estate enterprises facilitate the R&D investment of these enterprises. Secondly, the positive effects on R&D investment due to the fiscal subsidies are weakened by the implementation of the contractionary monetary policy. Thirdly, the improvement on the institutional quality leads to an increase in R&D investment of these enterprises. Based on the empirical results, it is suggested that the government should not only emphasize the optimization of the fiscal subsidy structure, but also focus on the improvement of government efficiency, so as to stimulate the innovation for Chinese real estate enterprises and further promote the stable and rapid growth of the real estate industry.