| China's economic development has entered the “new normal”,and the economic growth model has shifted to an innovation-driven development model.Innovation is gradually becoming a decisive factor in maintaining and promoting sustainable economic development.Enterprise innovation occupies an important position in the innovation system of a country.The data shows that in recent years,the number of corporate invention patent applications exceeds half of the total domestic invention patent applications.However,a large number of enterprises have entered the real estate industry,and R&D investment will be squeezed out,resulting in mismatch of resources,which is not conducive to corporate innovation and sustainable economic development.The rapid growth of investment real estate is likely to have a negative impact on innovation output through profit-driven and crowded-out effects.After China's accession to the World Trade Organization,the degree of marketization has enhanced its role in promoting technological progress and innovation.The question that arises is: whether the rapid growth of investment real estate will inhibit the innovation output of enterprises,and whether this inhibitory effect is different in regions with different degrees of marketization.Based on previous research,this paper uses panel data of Chinese listed companies from 2009 to 2014.Taking the increase in the current period in the “investment real estate” account in the notes to the company's financial statements as an indicator of investment real estate,and taking the amount of patent applications and patent applications filed by listed companies and their subsidiaries as indicators of the company's innovation output;The index of marketization of provinces and regions in the “Report on the Marketization Index of China's Provinces by Provinces” compiled by Wang Xiaolu et al.is used as an indicator to measure the degree of marketization.This paper conducts theoretical analysis and empirical test on the relationship between investment real estate,degree of marketization,and innovation output of enterprises,and comprehensively uses literature research,empirical analysis,and other methods to verify relevant hypotheses proposed and explore investment real estate and markets.Degree of Effect on Firms' Innovation Output.Based on the empirical analysis results,the following conclusions are drawn:(1)The growth of investment real estate has a significant inhibitory effect on the number of patent applications and the number of invention patent applications,and this suppression effect is persistent.This is because in the fast-rising housing environment,companies are more likely to invest capital in investment real estate with higher average profitability because of interest-driven growth,thus crowding out R&D investment and inhibiting innovation output.(2)The degree of marketization will strengthen the inhibition of the growth of investment real estate on the number of patent applications and invention patent applications.Most of the previous literature believe that the degree of marketization will promote enterprise innovation.The results of this study found that when the variable of investment real estate is added,the degree of marketization will strengthen the inhibitory effect of the growth of investment real estate on the output of enterprise innovation.In fact,the two are not contradictory.They are all driven by interests.In areas with a high degree of marketization,capital is controlled by the market and invested in R&D with a higher average profit rate.When house prices rise rapidly,capital is used for profitability.It is invested in investment real estate with higher average profit margin,thus squeezing R&D investment and inhibiting innovation output.The findings of this paper provide a theoretical basis for how to seek a balance between the rational development of real estate and the implementation of innovation-driven development strategies and propose feasible policy recommendations. |
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