房价水平对企业创新研发支出的影响机制
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引用本文:冯 粲1,孙 晖2.房价水平对企业创新研发支出的影响机制[J].财经理论与实践,2021,(2):57-66
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冯 粲1,孙 晖2 (1.南开大学 经济学院天津 3000712.天津财经大学 经济学院天津 300204) 
中文摘要:基于中国A股上市公司2012—2018年的公司数据和35个大中城市的房价数据,检验房价水平对企业创新研发支出的整体影响,并分别以企业房地产投资和研发人员数量为中介变量,检验房价水平对企业创新研发支出影响的作用机制。研究发现:从企业间对比来看,房价水平与企业创新研发支出水平正向相关。房价升高会使企业增加房地产投资,从而对企业研发支出产生“挤出效应”;同时,房价升高会伴随着劳动力的“分类”现象,即高技能、高素质劳动力会更多地向高房价城市流动,使企业研发人员雇佣数量上升,促进企业的创新行为。但从同一企业各年对比来看,房价上涨会导致其研发支出的下降。
中文关键词:房价  创新  研发支出  房地产投资
 
The Influence Mechanism of Housing Price Level on Enterprise R&D Expenditure
Abstract:Based on the company data of Chinese A-share companies from 2012 to 2016 and the housing price data of 35 large and medium-sized cities, examines the overall impact of housing price on enterprise R&D expenditure, and tests the mechanism by taking enterprise real estate investment and the R&D personnel as mediating variables. The results show that: from the comparison between enterprises, housing price is positively correlated with enterprise R&D expenditure. High housing price will attract enterprises to increase real estate investment, which will produce "crowding out effect" on their R&D expenditure. At the same time, high housing price is accompanied by the phenomenon of "sorting", that is, the highly-skilled labor will move more to cities with high housing price, which will increase the number of R&D personnel employed by the enterprises, thus promote innovative behaviors of enterprises. But year-on-year comparisons with the same company show that high housing price leads to a fall in R&D spending.
keywords:housing price  innovation  R&D expenditure  real estate investment
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