房价水平对企业创新研发支出的影响机制

The Influence Mechanism of Housing Price Level on Enterprise R&D Expenditure

基于中国A股上市公司2012—2018年的公司数据和35个大中城市的房价数据,检验房价水平对企业创新研发支出的整体影响,并分别以企业房地产投资和研发人员数量为中介变量,检验房价水平对企业创新研发支出影响的作用机制。研究发现:从企业间对比来看,房价水平与企业创新研发支出水平正向相关。房价升高会使企业增加房地产投资,从而对企业研发支出产生“挤出效应”;同时,房价升高会伴随着劳动力的“分类”现象,即高技能、高素质劳动力会更多地向高房价城市流动,使企业研发人员雇佣数量上升,促进企业的创新行为。但从同一企业各年对比来看,房价上涨会导致其研发支出的下降。

Based on the company data of Chinese A-share companies from 2012 to 2016 and the housing price data of 35 large and medium-sized cities,examines the overall impact of housing price on enterprise R&D expenditure,and tests the mechanism by taking enterprise real estate investment and the R&D personnel as mediating variables.The results show that:from the comparison between enterprises,housing price is positively correlated with enterprise R&D expenditure.High housing price will attract enterprises to increase real estate investment,which will produce"crowding out effect"on their R&D expenditure.At the same time,high housing price is accompanied by the phenomenon of"sorting",that is,the highly-skilled labor will move more to cities with high housing price,which will increase the number of R&D personnel employed by the enterprises,thus promote innovative behaviors of enterprises.But year-on-year comparisons with the same company show that high housing price leads to a fall in R&D spending.