房地产投资对绿色创新的影响——基于信贷中介视角  

The Impact of Real Estate Investment on Green Innovation——From the Perspective of Credit Intermediation

作　　者：李卓群 吉雪强 李豪豪 张跃松[1] Li Zhuoqun;Ji Xueqiang;Li Haohao;Zhang Yuesong

机构地区：[1]中国人民大学公共管理学院 [2]中国人民大学人口与健康学院

出　　处：《投资研究》2024年第8期4-20,共17页Review of Investment Studies

基　　金：国家社会科学基金项目一般项目“京津冀一体化下的老年人养老住房政策研究”(17BRK023);国家自然科学基金项目“区域协同发展背景下京津冀住房市场跨域治理模式研究”(72274207);中国人民大学“中央高校建设世界一流大学(学科)和特色发展引导专项资金”(2022066)。

摘　　要：本文选取了285个地级市的面板数据,从信贷中介效应的视角出发,实证分析了房地产投资对于地方绿色创新的影响作用机制及异质性特征,并从空间维度对其进行了进一步检验。文章发现过度的房地产投资会抑制地方绿色创新发展,在东部地区和大城市该影响更加显著。过度的房地产投资还会通过影响地方信贷水平,对创新所需的资金要素形成“挤出效应”,从而进一步抑制地方绿色创新水平的提升,以上影响及作用机制在经过空间检验后依然成立。本文为识别房地产投资对绿色创新的影响提供了新的经验证据,有助于深化对过度房地产投资如何影响资源配置效率的理解。This paper selects panel data of 285 prefecture-level cities,empirically analyzes the impact of real estate investment on local green innovation and its heterogeneity characteristics from the perspective of credit intermediation effect,and further tests it from the spatial dimension.The article finds that excessive real estate investment inhibits the development of local green innovation,and the effect is more significant in the eastern region and large cities.Excessive real estate investment also affects the level of local credit,forming a“crowding out effect”on the financial factors needed for innovation,thus further inhibiting the development of local green innovation,and the above impacts and mechanisms still hold after spatial testing.This paper provides new empirical evidence to identify the impact of real estate investment on greening,and helps to deepen the understanding of how excessive real estate investment affects resource allocation efficiency.

关 键 词：房地产投资 绿色创新 信贷水平 中介效应 

分 类 号：F299.23[经济管理—国民经济] F124.3[环境科学与工程—环境工程] X322