The Influence Of Real Estate Boom On Innovation Input Of Manufacturing Enterprises

In recent years,the level of urbanization in China has also been greatly improved.The real estate market has become increasingly active and real estate prices have risen rapidly after opening-up and reforms.The rapid development of the real estate industry has played an important role in China's economic development.On the one hand,investment in the real estate industry can lead to regional economic development;on the other hand,real estate industry has a long industrial chain,which play an leading effect on the upstream and downstream industries.However,when the real estate development is overheated,its potential harm to the real economy cannot be ignored.China has maintained high-speed economic growth by relying on demographic dividend and large-scale infrastructure investment for a long time.As the demographic dividend has gradually weakened and resources and the resource constraints have become increasingly strengthened,the old economic growth can not sustain.So,we should speed up changing the pattern of economic growth.The report of the 19 th CPC National Congress proposed that innovation is the primary driving force for development and must occupy a central place in China's development strategy,which is why we must implement a strategy of innovation-driven development.In that context,will the prosperity of real estate affect the ability of the manufacturing industry to innovate? What is impact path?In order to answer the above questions,this paper studies the impact of real estate boom on the manufacturing industry from both theoretical and empirical perspectives.First of all,we theoretically analyze the principle of real estate boom impact on manufacturing innovation based on previous theories and logical analysis.Secondly,this paper use the corporate investment real estate as the intermediary variable and constructs the mediation test model to test the impact of real estate boom on manufacturing innovation.The conclusions of this paper are follows:(1)The degree of real estate development is significantly negatively correlated with the innovative ability of the company.Specifically,the development boom of the real estate industry has encouraged companies to increase the scale of real estate investment and squeeze out corporate R&D investment.(2)While enterprises have higher financing constraints,rising real estate boom does not cause manufacturing companies to expand the real estate investment,but it still has a strong crowding-out effect on R&D investment.While financing constraints is low,the booming real estate boom encourages companies to expand real estate investment,but which will not crowd out the R&D investment.(3)The real estate boom promote high-tech enterprises to invest in real estate,but has no prominent influence on traditional enterprises.Moreover,the real estate development boom has a crowding effect on both high-tech and traditional enterprises.However,by allocating funds to the real estate industry,the crowding-out effects on R&D investments in high-tech enterprises are more stronger than in the traditional enterprises...