房价对中国制造业研发投入的影响——基于上市公司数据

Research on the Impact of Housing Price on China's Manufacturing R&D Investment——Based on the Data of Listed Companies

本文基于匹配的上市制造业企业数据和城市层面数据,检验和分析了房价对于中国制造业研发投入的总体影响、中介效应和门槛效应。研究发现:房价上涨对制造业研发投入的总体影响是抑制的,整体上看房价的资源配置效应、信用缓解效应和租金成本效应一定程度上存在,且以上各个方面在不同技术层次制造业、不同区域和不同所有制企业中的表现存在差异。另外,高水平房价对制造业研发投入的抑制作用更大,房价在越过相应门槛值之后其中介效应才明显。

Based on the data of matching listed manufacturing enterprises data and city level data,the paper examines and analyzes the overall impact of housing price on R&D investment in manufacturing industry,intermediary effect and threshold effect.The results show that the overall impact of rising housing price on R&D investment in China's manufacturing industry is restrained.On the whole,the resource allocation effect,the credit mitigation effect and the rent cost effect of housing price is obvious to some extent.And all the above aspects are differences in performance between manufacturing at different technical levels,different regions and different ownership enterprises.In addition,High-level housing price have a greater restraint effect on R&D investment in manufacturing industry.The intermediary effect of housing price is obvious only when it exceed the corresponding threshold.