Research On The Effect Of Housing Price On The Ability Of Scientific And Technological Innovation

The guidelines of the "14th Five-Year-Plan" point out that in order to promote high-quality economic development with reform and innovation as the fundamental driving force,we must unswervingly carry out the new development concept of innovation,coordination,green,openness and sharing,adhere to the core position of innovation in the overall situation of China's modernization drive,regard scientific and technological self-reliance as the strategic support for national development,perfect the national innovation system,speed up the construction of a modern economic system,and speed up the construction of a scientific and technological power.In recent years,with the implementation of the innovative national strategy and the active promotion of the construction of the national innovation system,China has achieved a number of major scientific and technological innovation achievements,and the overall scientific and technological innovation ability and scientific and technological competitiveness have been significantly improved.Since the reform of the monetization system of housing distribution in 1998,the vigorous development of the real estate industry in China has promoted the rapid economic growth,and the steady rise of house prices has made the housing industry a new economic growth point.Even after the economic development has entered the new normal,there is no obvious downward trend in the housing prices in China's cities,the expectation of rising house prices is still obvious,and some cities even show signs of too high and rising too fast.Although the central government has strengthened the macro-control of the real estate market,such as the implementation of the "purchase restriction policy" on commodity housing,its policy effect is only effective in the short term,the following series of circumvention behavior greatly weakened the effect of housing price regulation.The cancellation of the "purchase restriction policy" in the real estate market and the release of the pressure of"destocking" rekindled the demand in the real estate market.At present,the housing price is still in a steady rising period.On the background of the steady rise of house prices and the gradual improvement of scientific and technological innovation ability in China,this paper attempts to explore the relationship between housing price and scientific and technological innovation ability on the basis of economic theory.Using panel data from 31 provinces,autonomous regions and municipalities directly under the Central Government(excluding Hong Kong Special Administrative Region,Macao Special Administrative Region and Taiwan Province)from 2005 to 2018,this paper first analyzes the influence of price fluctuation at the provincial level on the ability of science and technology innovation by using the two-way fixed effect method and the instrumental variable method,and further analyzes the influence of wage,human capital quantity,human capital quality and industrial structure rationalization as the transmission mechanism of housing price on the ability of science and technology innovation by using the intermediary effect model.Then,considering the economic interaction between provinces,autonomous regions and municipalities directly under the Central Government,the spatial geographical factors are included in the research scope,and the spatial correlation between housing price and scientific and technological innovation ability is analyzed empirically by constructing spatial weight matrix and Spatial Durbin Model(SDM).Finally,considering that the implementation of real estate related policies directly affects housing price,this paper uses the DID-SDM estimation method of traditional double difference model and Spatial Durbin Model to evaluate the policy effect and investigate the spatial impact of the implementation of the real estate policy on the ability of scientific and technological innovation.Based on the results of this study,the following conclusions are drawn:Firstly,there is a significant positive correlation between housing price and scientific and technological innovation ability.The results of empirical research without considering spatial geographical factors show that the rise of house prices is beneficial to the improvement of regional scientific and technological innovation ability,and the effect of house prices on scientific and technological innovation ability is mainly realized through the positive transmission mechanism of wages,human capital and industrial structure rationalization.After integrating spatial and geographical factors into the study,the results show that there is a significant positive spatial correlation between housing price and scientific and technological innovation ability among 31 provinces,autonomous regions and municipalities directly under the Central Government in Mainland regions of China.There is a significant spatial spillover effect on the promotion of regional scientific and technological innovation ability,that is,the rise of house prices in this province will not only promote the ability of scientific and technological innovation in this province,but also enhance the ability of scientific and technological innovation in neighboring provinces.Secondly,there is heterogeneity in the role of rising house prices in improving the ability of scientific and technological innovation.First of all,this heterogeneity is manifested in patent attributes.The rise in house prices has only a positive impact on the increase in the number of invention patents and utility model patents,and its contribution to the latter is higher than that of the former.There is no significant effect on the increase of design patent license.Secondly,there are significant regional differences in the effect of rising house prices on the improvement of scientific and technological innovation ability.The results of empirical research without considering spatial geographical factors show that the rising house prices have the best effect on the improvement of scientific and technological innovation ability in the central and northeast regions,and the spatial spillover effect in the central and western regions is not significant.Thirdly,there is a significant spatial spillover effect on the promotion of scientific and technological innovation ability in China by the policy of "canceling the purchase restriction ",that is,the policy of canceling the purchase restriction "not only helps to enhance the scientific and technological innovation ability of the province.The effect of "canceling the purchase restriction"policy on the spatial enhancement of scientific and technological innovation ability is mainly realized by increasing the number of invention patent license and utility model patent license in neighboring provinces,and the contribution of utility model patent license is higher than that of invention patent license.The contribution of design patent license is not significant.The spatial spillover effect of the"cancellation of purchase restriction" policy in the region is greater than that in the region,that is,the cancellation of the purchase restriction policy in this province is better than that of the scientific and technological innovation ability of the neighboring provinces.According to the conclusions of this paper,this paper puts forward corresponding suggestions from the following five aspects:firstly,to give full play to the positive role of rising house prices in promoting regional scientific and technological innovation ability,we must ensure that the level of house prices is commensurate with the level of economic development;secondly,we should implement the talent housing policy according to local conditions,classify and multi-level,maintain and enhance the attraction of high-quality talents;thirdly,we should comprehensively deepen the reform of the talent development system and fully stimulate the vitality of talents;fourthly,we should persist in innovation-driven development and strive to enhance the scientific and technological innovation ability of enterprises;finally,it is necessary to strengthen scientific and technological cooperation in the central,eastern,western and northeast regions,give play to the radiation-driven effect in the eastern region,systematize the distribution of industrial chains,and promote the coordinated development of various regions.