房产限购与企业创新投资——基于信贷资源重配视角的研究

Housing Purchase Restriction and Corporate Innovation Investment:A Study Based on the Perspective of Credit Resource Reallocation

在当前中国实施创新驱动发展战略和科技强国战略的大背景下,积极引导信贷资金流入实体企业以促进实体企业创新投资,对提升中国科技创新实力、实现科技自立自强具有鲜明的现实意义。本文基于信贷资源重配视角,以中国部分城市在2010—2011年期间颁布的房产限购政策为准自然实验,构建双重差分模型,实证检验城市房产限购政策对实体企业创新投资的影响。研究结果表明,城市房产限购政策有效提升了限购城市实体企业的创新投资水平,且该结论在经过一系列稳健性检验后仍然成立。异质性分析发现,当房产限购政策较严格、企业为非国有性质或较年轻时,房产限购政策对实体企业创新投资的促进效应更强。此外,房产限购政策对创新投资的促进效应主要体现在“非涉房”实体企业中,且房产限购政策能够通过缓解融资约束来促进“非涉房”实体企业的创新投资,这意味着,信贷资源重配是房产限购政策影响实体企业创新投资的重要机制。本文从信贷资源重配视角丰富了房产限购政策经济后果研究的相关文献,并为中国进一步落实创新驱动发展战略和科技强国战略提供了理论支持和政策建议。

In the current context of the Innovation-Driven Development Strategy and the Science and Technology Strategy,it is of distinct practical significance to actively guide credit funds into real enterprises to promote corporate innovation investment,and thus to enhance the strength of China s science and technology innovation and achieve technological self-reliance and self-improvement.For stopping the rapid growth of urban housing prices,46 cities of China issued the housing purchase restriction policy during the periods of 2010 and 2011.This paper takes the housing purchase restriction policy issued by 46 cities in China as a quasi-natural experiment to test the effect of the housing purchase restriction policy on corporate innovation investment.Using the difference in difference design,our results indicate that:First,the housing purchase restriction policy can encourage enterprises to enhance their innovation investment levels.Second,the impact of housing purchase restriction policy on corporate innovation investment are more significant in regions with stricter purchase restrictions.Third,the impact of housing purchase restriction policy on corporate innovation investment mainly appears in non-state-owned enterprises and younger enterprises,both of which usually have stronger financial constraints.In addition,the test of intermediary effect shows that the relief of financial constraints plays a part of intermediary role between housing purchase restriction policy and the improvement of corporate innovation investment,which support the hypothesis that housing purchase restriction policy could result in reallocation of credit resource and thus improve corporate innovation investment.This study not only enriches the literature on the economic consequences of housing purchase restriction policy,but also provides theoretical supports and practical suggestions for the implement of Innovation-Driven Development Strategy.