房地产价格、金融发展与区域创新

Housing Price,Financial Development and Innovation

房地产行业是我国经济体系中的支柱产业,创新则是近年来经济稳步增长的核心动力,因此,房地产价格与创新活动之间的关系开始受到关注。本文首先测算了2000~2018年我国31个省(自治区、直辖市)房地产基础价格和泡沫价格,随后考察房价对创新的影响。实证结果表明:基础价格的上涨对创新活动有显著的抑制作用,泡沫的扩大却对创新活动有显著的促进作用;金融发展水平的上升可以有效减弱房地产泡沫和基础价格对创新活动的影响。本文进一步探讨了整体房价对创新活动的影响机制:在金融发展水平较低时,房价上涨对创新活动有促进作用,随着金融发展水平的提高,这种促进作用逐渐消失并转变为抑制作用。本文对房地产价格、金融发展与区域创新三者之间的关系进行了梳理和验证,为我国房地产行业相关政策制定以及进一步推动科技创新提供了有益参考。

The real estate industry is the pillar industry in China’s economic system,and innovation is the core driving force for the steady economic growth in recent years.The relationship between the real estate prices and innovation activities has attracted more and more attention.This paper first divides the housing prices of 31 regions in China from 2000 to 2018 into housing bubble and real price and then investigates the relationship between housing price and innovation.Empirical results show that an the are hard,the rising in real price has significant negative effects on innovation activities,while the expansion of housing bubble has significant positive effects;an the other hard,the increase in financial development level can effectively weaken the impacts of housing bubble or real price on innovation activities.This paper further studies the influence of overall housing price on innovation activities.Results indicate that the increase in housing prices has a promoting effect on innovation activities when the financial development is at a low level,but the promoting effect gradually disappears and turns into inhibition as the financial development level improves.This paper sorts out and verifies the relationship among housing price,financial development and innovation,which provide theoretical reference for the policy formulations of China’s real estate industry and the further promotion of innovation.