房价水平对企业创新研发支出的影响机制

冯  粲1; 孙  晖2

房价水平对企业创新研发支出的影响机制

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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作者	单位
冯粲1，孙晖2	（1．南开大学经济学院，天津 300071；2．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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