住房拥有率与创新:来自中国69个城市的证据

Homeownership and Innovation: Evidence from China ’s 69 Large-and Middle-sized Cities

现有文献尚未考察住房拥有率和异质性人力资本对创新的影响。有鉴于此,使用2005-2015年中国69个大中城市数据,研究住房拥有率对城市创新的影响及其中介机制,结果发现:(1)住房拥有率对创新投入和产出有显著的抑制作用,因此,应形成“租售并举”的住房体系;(2)住房拥有率经房价而非人口流动影响创新,因此,应防止房价涨跌对创新的影响;(3)人力资本较低城市的住房拥有率对创新的抑制作用比人力资本较高城市更大,因此,应重视人力资本较低城市的创新问题。

The extant literature hasn't exploited the effects of homeownership and heterogeneous human capital on urban innovation. Employing the city-level databases of China's 69 large-and middle-sized cities during 2010-2015, this paper elucidates the intermediary effects of homeownership on innovation. The research finds that homeownership has negative effects on innovation input and output. Thus, homeownership and rental markets should be developed in balance. Homeownership affects innovation by virtue of housing price rather than population migration. As such,we should prevent the negative impact of housing price volatility on innovation. Moreover, the effects of homeownership on innovation are more significant and greater in lower human capital cities than that in higher human capital cities. Hence, we should pay more attention to the innovation in lower human capital cities.