用地价格管制与企业研发创新:来自群聚识别的证据

The Land Price Control and Firm’s R&D Innovation: Evidence from Bunching Identification

“高地价”一直是制约企业研发创新的重要因素,本文基于改进的群聚方法,利用工业用地价格管制政策在土地市场产生的用地成本冲击,识别并测算了超额用地成本对制造业企业研发创新的挤出效应。研究发现:(1)管制政策产生了明显的群聚现象,即土地交易数量在管制价格的右侧集中,在管制价格的左侧塌陷,有12.53%的地块出现了价格上涨。(2)管制政策显著改变了企业的生产经营行为,企业的购地总价增加了116.81%,相应的企业研发投入减少了24.34%,这种挤出效应一直持续到购地事件发生后的第三年。(3)这种效应与企业的融资约束紧密相关,那些资金流动性更差、规模较小和更年轻的企业的研发投入的下降更加明显。本文的研究结论为建设“创新型国家”提供了直接的理论借鉴和政策设计的路径。

"High land price" has always been an important factor restricting firm’s R&D and innovations. Based on the improved Bunch-ing identification, this paper uses the land cost impacts of industrial land price control(ILPC) policy in the land market to identify and calcu-late the crowding-out effects of excess land cost on manufacturing firm’s R&D investment and innovations. It is found that:(1) the ILPC poli-cy has an obvious bunching phenomenon, which means the number of land transactions is concentrated on the right side of the regulated priceand collapses on the left side of the regulated price;(2) the ILPC policy significantly changes the production and operation behaviors of thefirm. The total price of land purchase increases by 116.81%, the corresponding R&D investment decreases by 24.34%, and the substitutionelasticity of land use cost and R&D investment is 0.21. The crowding-out effects continue until the third year after the ILPC policy;(3) the IL-PC policy effects are closely related to the financial constraints of the firm. The decline of R&D investment of those firms with poorer capitalliquidity, smaller scale and younger age is more obvious. The conclusions of this paper provide a direct theoretical reference and policy designpath for building an "innovative country".