房价波动、融资约束与工业企业创新——基于房价基本面与泡沫成分的分解视角

House Price,Financing Constraints and Industrial Enterprise Innovation——From the Perspective of the Decomposition of Economic Fundamentals and Bubbles of House Prices

本文基于房价基本面与泡沫因素分解的视角,以工业企业作为研究样本,考察房价波动对企业创新的影响及其作用路径,研究发现:(1)整体来看,城市房价上涨对企业创新表现出明显的抑制作用,房价的“资本再配置效应”强于“抵押担保渠道效应”。(2)房价波动的泡沫成分是房价上涨抑制企业创新的主要原因,而符合基本面的房价上涨则会对企业创新产生一定的促进作用。(3)进一步基于融资约束的异质性检验表明,相较于非国有企业和中小型企业,房价上涨、房价泡沫对融资约束较低的国有企业与大型企业创新产生的抑制效应要明显更弱。(4)作用路径的检验显示,房地产投资对实体企业创新的挤出效应是房价波动影响企业创新的重要中介渠道。房价上涨、房价泡沫的积累促使房地产投资比重上升,导致资本过度向房地产市场聚集,挤出了实业可得资本,最终对企业创新产生抑制效应。

From the perspective of the decomposition of the economic fundamentals and bubbles of house prices,this paper examines how house price affects industrial enterprise innovation.On the whole,the rise of urban house prices has an obviously negative impact on enterprise innovation.The“capital redistribution effect”of house prices is stronger than the“mortgage guarantee effect”.The bubble of house prices is the main driving force of house prices’negative impact on enterprises’innovation,while the rise of house prices which can be explained by the economic fundamentals has a positive impact on enterprise innovation.Further studies show that,compared with non-state-owned enterprises and SMEs,the negative impact of rising house price and house price bubbles on enterprise innovation for state-owned enterprises and large enterprises are significantly weaker.The results of mechanism discussion show that the crowding-out effect of real estate investment on enterprise innovation is an important intermediary channel for house prices to affect enterprise innovation.The rising of house price and house price bubbles increase the proportion of real estate investment,which leads to the inflow of capitals to the real estate market.This would squeeze out the capital otherwise available to enterprises and ultimately inhibit enterprises’innovation.