地区房价与企业创新:人力资本流失还是企业投机  

Real Estate and Corporate Innovation: Loss of Human Capital or Corporate Speculation

作　　者：孔东民[1] 徐东钰 张健[2] Kong Dongmin;Xu Dongyu;Zhang Jian

机构地区：[1]华中科技大学经济学院,430074 [2]西南财经大学金融学院

出　　处：《金融学季刊》2018年第4期69-93,共25页Quarterly Journal of Finance

基　　金：国家自然科学基金面上项目(71772178);国家社科基金重大项目(17ZDA073)

摘　　要：我国当前居高不下的房价已引起政府、学界与媒体的广泛关注。本文从微观企业层面出发,探讨房地产价格上涨对我国企业创新行为的影响,并进一步分析其内在传导机制。研究发现如下:第一,房价上涨显著降低了我国企业的创新投入与创新产出。为控制房价与创新之间可能存在的内生性,本文引入土地供给弹性与长期借贷利率的交互项作为工具变量,检验结果一致。第二,房地产价格上涨导致人力资本较高企业的员工流失率增加,从而抑制创新。第三,房地产价格上涨并未提高企业研发投入,企业没有明显的投机性投资行为。整体上,本文评估了高房价对于企业创新行为的影响,这对我国各级政府进一步提升企业创新,针对房地产市场价格制定合理的调控政策提供了明晰的现实借鉴。The real estate prices in China are so high that have attracted widespread attention from the government,academia and the media.This article discusses the impact of the rise real estate prices on China's corporate innovation behavior,and furtherly analyzes its internal transmission mechanism.We have found that:firstly,rising real estate prices have significantly reduced the innovation input and output of Chinese corporations.In order to control the possible endogenous between real estate price and innovation,this paper introduces the interaction term of land supply flexibility and long-term lending rate as the instrument variable,with consistent results.Secondly,the rise of real estate prices may increase the turnover rate of employees with higher education level,thus inhibiting corporate .innovation.Thirdly,the rise of real estate prices did not increase corporate R&D investment,and there was no obvious speculative investment behavior.On the whole,this paper evaluates the impact of high real estate prices on corporate innovation behavior,which provides clear and realistic reference for governments to enhance corporate capabilities of innovation and formulate reasonable policies for real estate prices.

关 键 词：房地产价格 企业创新 人力资本 投机 

分 类 号：F299.23[经济管理—国民经济] F273.1