房价上升对企业创新投资的影响——基于中介效应的检验

The Impact of Rising House Prices on Corporate Innovation Investment--A Test Based on Mediation Effect

基于地区房价与中国A股上市公司2000-2017年的匹配数据,考察了房价上升对企业创新投资决策的影响及中间传递渠道。实证结果显示,房价上升的信号和预期会减弱企业创新投资意愿,从而形成对创新投资的挤出效应,而高房价本身对创新活动的抑制作用有限。房价上涨对企业短期创新和长期创新投资具有分离效应,通过强化低水平的短期创新而抑制了长期创新水平的提升。机制分析表明,投资收益和杠杆约束是房价上升减弱企业创新研发活动的中间传递渠道。

Based on the matching data of regional house prices and Chinese A-share listed companies from 2000 to 2017,the impact of rising house prices on corporate innovation investment decisions and intermediate transmission channels were examined.The empirical results show that the signal and expectation of rising house prices will weaken the willingness of enterprises to invest in innovation,thereby forming a crowding-out effect on innovation investment,while high house prices themselves have limited restraint on innovation activities.The rise in housing prices has a separating effect on short-term innovation and long-term innovation investment of enterprises.It has suppressed the improvement of long-term innovation by strengthening low-level short-term innovation.The mechanism analysis shows that investment income and leverage constraints are intermediate transmission channels for rising house prices to weaken corporate innovation and research and development activities.