企业地产投资对企业技术创新的影响——基于政府和市场的双重动机分析  

The Effect of Enterprises’Investment in Real Estate Markets on Their Technological Innovation:on the Basis of the Analysis of Double Motivation Between Government and Market.

作　　者：黄大禹 谢获宝[2] 邹梦婷 Huang Dayu;Xie Huobao;Zou Mengting(School of Economics and Management,Tsinghua University,Peking 100084,China;Economics and Management School,Wuhan University,Wuhan 430072,China;School of Economics,Wuhan University of Technology,Wuhan 430072,China)

机构地区：[1]清华大学经济管理学院,北京100084 [2]武汉大学经济与管理学院,湖北武汉430072 [3]武汉理工大学经济学院,湖北武汉430070

出　　处：《科技管理研究》2022年第15期123-138,共16页Science and Technology Management Research

基　　金：国家自然科学基金项目“银行债务契约、财务报告质量与企业投资效率”(71072103);教育部人文社会科学研究规划基金项目“去杠杆影响企业风险承担的经济后果、机制路径及优化策略研究”(19YJA630093)。

摘　　要：通过搜集匹配2007—2018年微观企业及中观产业数据,从制度根源及中国当前不同层次资本市场体系出发,剖析企业因热衷投资房地产业务而挤出自身技术创新投资表层效应背后的制度性与结构性深层次原因。研究发现,中国实体企业主营利润持续收窄,企业内部将资源更多配置在房地产业务中并挤压了用于技术创新的资源。驱动这一现象产生的制度性原因在于经济增长目标设定下的地方官员考核压力,以及财政分权体制下为缓解预算收入支出不平衡而膨胀的预算外收入。此外,宽松的货币供给、银行业和资本市场的偏好,为从事地产投资的实体企业提供了充足的金融资源,进一步推动了实体企业强化房地产投资的强度。从实体企业房地产投资影响技术创新的传导机制来看,房地产投资活动具有明显的挤占效应,而无法对企业的资源起到“挤入”的功效。According to the collected data of small enterprises and middle industries,this paper,in light of institutions and capital market systems at different levels,analyzes the institutional and structural causes of the effect of the enterprises’aspiration for the involvement into real estate markets at the cost of technological innovation.It is found that owing to the reducing main profits,China’s real enterprises plan to allocate more resources in the property market rather than technological innovation.The institutional reason depends on the assessment pressure of local officials because of economic growth targets and rising extra-budgetary revenue caused by the alleviation of the mismatch between budgetary revenue and expenditure in the fiscal decentralization system.In addition,the easy monetary supply,preferences of bank industry and capital market offer sufficient financial resources to the real enterprises participating in property investment,further advancing the enterprises’investment in the property business.The mechanism of the investment affecting technological innovation indicates that the property investment activities has a crowing-out effect and can not play a crowding-in effect on the resources of enterprises.This paper explains the driving factors of the enterprises’aspiration for the property investment and inspects the path of their crowding out the innovation-oriented resources,featuring realistic and theoretical significance.

关 键 词：实体企业 地产投资 技术创新 

分 类 号：F832[经济管理—金融学]