房地产市场对于企业R&D的投资影响研究  

The influence of real estate market on enterprise R&D investment

作　　者：杨赞[1,2] 杨鸿杰 Yang Zan;Yang Hongjie(Hang Lung Center for Real Estate,Tsinghua University,Beijing 100084,China;Institute of Real Estate Studies,Department of Construction Management,Tsinghua University,Beijing 100084,China)

机构地区：[1]清华大学恒隆房地产研究中心,北京100084 [2]清华大学建设管理系房地产研究所,北京100084

出　　处：《科研管理》2022年第1期153-160,共8页Science Research Management

基　　金：国家自然科学基金面上项目:“不确定性在房地产市场中的微观传导机制和效应:基于居民住房决策的研究”(71673154,2017—2020)。

摘　　要：近年来中国企业的研发投入不断增加,创新能力显著提升,但是距离发达国家的差距仍然较为显著。随着中国房地产价格的快速上涨,许多非房地产企业参与房地产投资,这可能会对企业的创新研发活动造成影响。本文基于微观企业数据的研究发现,房价的快速上涨吸引工业企业参与房地产市场投资,该投资行为在短期和长期中对企业的R&D投入具有显著的挤出效应,对于企业经营效率则无显著影响。本文的研究有利于从企业研发和创新的角度理解房地产市场在中国经济结构转型调整和供给侧改革背景下的角色和影响。In recent years,with the increase of R&D investment,the innovation ability of Chinese enterprises has been significantly improved.However,compared with developed countries,China still has a significant gap in R&D investment.Real estate market in China maintains relatively strong growth over the last 20 years.The marketization of China′s housing market and land market has attracted more and more investment from non-real-estate enterprises.Like R&D investment,real estate investment requires large amount of time,money and expertise.Therefore,investment in R&D and real estate may be mutually exclusive,competing for limited resources.Many studies have found that real estate has become an important and attractive investment opportunity for non-real-estate enterprises in China.However,existing literatures that research the correlation between real estate investment,R&D investment and operating efficiency are limited.In addition,macro data is used in most of existing studies,which restrict deep understanding of enterprise behavior.The paper focuses on enterprise innovation behavior,exploring the relationship between real estate investment and enterprise innovation and R&D investment.The empirical analysis is based on micro panel data of listed industrial enterprises in China from 2000 to 2016,including 2249 enterprises.The regression results show that the housing price growth rate has a significant impact on real estate investment decisions of non-real estate enterprises,among which the real estate development and sale business is more affected.The result is robust after selective bias is alleviated by Heckman method.Furthermore,empirical analysis separates the two approaches of investing in real estate with the help of propensity score matching method and grouped regression.Result shows that both investing approaches have significantly reduced the intensity of R&D input.However,operating efficiency is not influenced in this case.Lastly,it is demonstrated that the above crowding-out effect exists for a long time,even w

关 键 词：房地产市场 房地产投资 R&D投资 

分 类 号：F272.3[经济管理—企业管理]