| Facing the new normal of the economy,the China Communist Party and the Chinese government have formulated a series of action plans such as supply-side reform,innovation-driven development strategies,and "Made in China 2025",aiming to guide the transformation of economic growth from traditional factor-driven to innovationdriven models.The implementation of these macro plans into micro-practices requires the stimulation of corporate innovation activities so as to support the high-quality economic growth with technological progress.In fact,China’s innovation is falling into the dilemma of "lowering input,emphasizing output,and ignoring quality".The dilemma is due to those direct factors which inhibit the improvement of enterprises’ independent innovation capabilities and indirect promoters from the external real estate market,which not only reduces the utilization efficiency of R&D resources but also hinders the transformation of China’s economy into high-quality development.The above analysis raises questions: How can China realize the transformation of innovation from “low investment and quality” to “high investment and quality”? Does the rise in housing prices exacerbate the Chinese innovation dilemma? Furthermore,what is the internal transmission mechanism of the innovation effect of rising housing prices? This paper intends to analyze these questions and provide answers.Consisting of eight chapters,the content of this paper is organized as follows:Chapter 1 focuses on the background of the topic and puts forward research questions;Chapter 2 reviews relevant literature from domestic to international;Chapter 3 sorts out the essential characteristics of China’s real estate market and the development of enterprise innovation.Additionally,this chapter provides preliminary descriptive statistics;Chapter 4 builds a R&D game model between controlling shareholders and minority shareholders in the context of China’s system,which in turn clarifies the internal logical relationship and transmission mechanism of the impact of rising housing prices on corporate innovation activities,and subsequently this chapter analyzes corporate strategic innovation from the perspective of innovation output;Chapter 5 conducts a comprehensive empirical evaluation on the overall effect of rising housing prices on enterprise innovation;Chapter 6 discusses the two major influence channels of “the credit mitigation effect” and “the capital redistribution effect”respectively and provides corresponding empirical test;Chapter 7 introduces the twostage least squares estimation model together with the exogenous shock of “removing the housing purchase restriction policy” and the interaction term of the elastic coefficient of urban housing supply.In addition,this chapter analyzes the impact of the housing purchase restriction policy on urban housing prices and corporate innovation activities within a unified econometric framework;Chapter 8 summarizes the research conclusions,puts forward targeted policy implications,and provides future research directions.The potential marginal contributions of this paper include the following three points: First,in the context of China’s financial market and corporate governance,a mathematical model the combined with the mortgage guarantee and investment speculative properties of real estate is constructed,which can accurately reflect the impact of rising housing prices on the innovation of Chinese enterprises.Additionally,the two major influence channels,that is,“the credit mitigation effect” and “the capital reallocation effect” is empirically tested.Second,from the perspective of innovation output(including the number and quality of patents),which is the first in the relevant research,this paper discusses the strategic innovation behavior of enterprises in the process of rising housing prices based on the theory of enterprise patent management and patent bubble;this paper further calculates the breadth of patent knowledge to represent the quality of enterprise innovation in the empirical analysis.Third,the exogenous shock of “canceling the housing purchase restriction policy” is innovatively introduced into the two-stage least squares estimation model,which can not only solve the endogenous problem in the benchmark regression to the greatest extent but also enables the analysis in terms of the impact of housing purchase restriction policies on urban housing prices and corporate innovation activities within a unified econometric framework.The main research conclusions are as follows: In terms of theoretical analysis.Based on the derivation of the R&D game model between controlling shareholders and minority shareholders,the results provide several implications.First,from an overall perspective,the rise of urban housing prices will damage the innovation activities of enterprises,and enterprises have patent management behaviors.Second,from the perspective of the transmission path,rising housing prices may affect corporate innovation from two aspects.Among them,the "capital redistribution effect" effect holds while the "credit mitigation effect" effect has been proven to fail in China.In terms of empirical research,the following conclusions are provided:(1)The increase in housing prices significantly reduces the R&D investment intensity of enterprises.Specifically,for every 10,000 yuan/square meter of real estate prices increase,the R&D investment intensity of enterprises decreases by 9.4% at the 1% significance level.This conclusion still holds after conducting a series of endogeneity discussions and robustness tests.For areas with high housing prices,non-manufacturing or statecontrolled enterprises,the innovation-inhibiting effect of rising housing prices is even more pronounced.(2)The mechanism test shows that the relationship such that the higher the urban housing prices,the more the total investment of enterprises and the investment in R&D,is not relatively strong in financing-constrained enterprises,which means that the absence of the missing “Collateral channels” effect will not increase the R&D investment of enterprises;however,the relationship such that higher urban housing prices leads to higher corporate real estate investment and lower R&D investment is relatively strong in "short-sighted" enterprises,which means that the existence of the "manager’s short-sighted" effect will reduce the company’s R&D investment.(3)Extensive research found that rising housing prices induces enterprises to implement patent management activities;that is,companies avoid the decline in the total number of patent applications by reducing the number of applications for invention patents and increasing the number of applications for non-invention patents,which seriously underestimates the innovation-inhibiting effect of rising housing prices.Correspondingly,rising housing prices further leads to a decline in the quality of corporate patents by changing the patent structure.Finally,the housing purchase restriction policy can effectively restrain the rise of housing prices and hence promotes the improvement of enterprise innovation.Based on the above research conclusions,this paper puts forward the following policy suggestions:(1)The government should vigorously promote the reform of the financial market,improve the operation efficiency of the capital market and create a friendly credit environment so as to increase the positive transmission effect of real estate as collateral financing from the macro perspective.(2)Enterprises should improve their own governance mechanisms so as to effectively restrain the shortsighted behavior of company managers,and hence reduce the negative transmission consequences of managers’ abuse of power from the micro perspective.(3)The government should reduce the short-term financial performance pressure of enterprises from the capital market to realize the fundamental change of innovation incentive policy from quantity to quality and avoid enterprises from conducting strategic innovation.(4)The government should intensify the market-oriented reform of land,allocate land in line with the direction of population flow,and enhance the flexibility and adaptability of the supply structure to changes in demand so as to reduce the negative impact of the cancellation of the housing purchase restriction policy. |
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