房地产投资阻碍了技术创新吗?——来自283个地市的实证研究

Does Real Estate Have Hindered Technological Innovation?————An Empirical Study from 283 Cities

以房地产投资占GDP比重衡量地方政府的房地产投资依赖程度,使用2002—2015年283个地市数据,通过轮动样本的双向固定效应面板回归等方法,研究了房地产投资对技术创新的影响,结果发现:尽管总体上房地产投资一定程度上阻碍了技术创新,但从时间维度来看,房地产投资对技术创新的影响在“十二五”期间实现了反转,在“创新发展”导向下,地方政府借助房地产市场的资金集聚功能实现了向创新产业的资金配置效应,进而表现出对技术创新的促进作用。新时代创新驱动高质量发展需要大量高风险资金投入,研究结论对政府部门趋利避害地利用房地产市场获取高风险长期资金支持创新发展战略具有相应的政策启示。

Based on the proportion of real estate investment in GDP to measure the real estate investment dependence of local governments,this paper uses the data of 283 cities from 2002 to 2015 to study the impact of real estate investment on technological innovation through two-way fixed effect panel regression of rotating samples and other methods.The findings are as follows:Despite the overall real estate investment to some extent hindered the technology innovation,from the point of time dimension,the real estate investment influence on technology innovation during the“twelfth five-year”implements inversion under the“innovation and development”guide,the local government with the help of the real estate market capital agglomeration function realized to innovation industry capital allocation effect,and then to promote technology innovation.Innovation-driven high-quality development in the new era requires a large amount of high-risk capital investment.The research in this paper has corresponding policy implications for government departments to use the real estate market to obtain high-risk long-term capital to support innovation strategies.