住房价格泡沫对企业创新影响的实证研究——基于河北省公司数据的检验

Empirical study on the impact of housing price bubble on enterprise innovation——Test based on the company data of Hebei Province

探索住房价格泡沫对企业创新影响的内在规律,可以为制定和调整住房价格调控政策提供参考,并促进企业创新。本文利用上市公司相关数据,实证研究了住房价格泡沫对企业创新的影响,并基于上市公司产权性质、融资约束程度、成立时间等特征,研究了住房价格泡沫对企业创新影响的异质性,进而使用门槛模型分析了资产负债率和企业规模的门槛效应。结果发现:①住房价格泡沫对企业创新具有显著的抑制作用。②住房价格泡沫对民营企业、金融约束较大企业、成熟企业创新的负面影响分别大于国营企业、金融约束较小企业、初创企业。③资产负债率和企业规模在住房价格泡沫对企业创新的负向抑制作用中均具有显著的单门槛效应,当二者超过门槛值后,住房价格泡沫对企业创新的负向抑制作用会急剧增加。

Exploring the internal law of the impact of housing price foam on enterprise innovation can provde reference for formulating and adjusting housing price regulation plicies and promote enterprise innovation.Using the relevant data of listed companies,this paper studied empirically the impact of the housing price bubble on enterprise innovation and researched the heterogeneity of the impact of housing price bubble on enterprise innovation based on the property rights,financing constraints,and establishment time,then analyzed the threshold effects of asset-liability ratio and enterprise-scale by establishing the threshold model.The results showed that:①The housing price bubble had a significant inhibitory effect on enterprise innovation.②The negative impacts of housing price bubble on the innovation of private enterprises,enterprises with significant financial constraints,and mature enterprises were greater than those of state-owned enterprises,enterprises with small financial constraints,and startups,respectively.③Both asset-liability ratio and enterprise-scale had significant single threshold effects in the negative inhibitory impact of the housing price bubble on enterprise innovation.When both of them exceeded the threshold value,the negative inhibitory effect of the housing price bubble on enterprise innovation would increase sharply.