| In recent years,with the gradual disappearance of China's demographic dividend and the continuous strengthening of environmental and resource constraints,China's economic growth rate is declining,and it is particularly urgent to transform the economic development model as soon as possible.The report of the 19 th National Congress of the Communist Party of China stated that "China's economy has shifted from a high-speed growth stage to a high-quality development stage,and it is in the process of transforming the development mode,optimizing the economic structure,and transforming the growth momentum." Innovation has become the international driving force as the first driving force for development.“In the global economy,which is increasingly dependent on knowledge,innovation is the engine of economic growth,” the WIPO DirectorGeneral Gurry's statement at the launch of the 2017 Global Innovation Index Report further confirms this trend.Although China has been focusing on innovation-driven strategic development in recent years,and scientific research investment has been increasing year by year,there is still a considerable gap between China's enterprise innovation capability and developed countries.With the in-depth reform of the housing market system,in 1998,the State Council issued the "Notice on Further Deepening the Reform of Urban Housing System and Accelerating Housing Construction." Among them,the physical distribution of housing will be completely stopped nationwide,which indicates the end of the welfare housing system that has been in operation for many years in China.In 1998,the sales area of commercial housing in China was 107 million square meters.In 2017,it increased to 1.694 billion square meters,with an average annual growth rate of 20%.The continuous rise in housing prices has brought about the continued prosperity of the real estate industry.The primary impact of high housing prices on social creativity and cohesion is to constrain the ability of enterprises to innovate.High housing prices first increase the cost of living for workers.For those who buy houses,repay mortgages,and rent workers,rising house prices directly increase housing consumption expenditures,thereby increasing the cost of living for workers.Both methods push up wages.For enterprises,wages are the labor costs of enterprises.The increase of labor costs increases the production cost of enterprises,reduces the profit margin of enterprises,and reduces the profit rate of enterprises,thus reducing the internal research and development of enterprises.expenditure.In addition,with the rapid development of the real estate industry,the demand for real estate loans has increased,credit funds have been more inclined to the real estate industry,nonreal estate industry corporate financing constraints have increased,and financing costs have increased.Based on the above logic,this paper mainly studies the impact of house prices on the innovation investment intensity of enterprises under factor cost.Rising house prices can not only promote enterprise innovation,but also inhibit corporate innovation.Secondly,the article comprehensively uses the real estate bubble theory,Tobin Q theory,enterprise innovation dynamic theory to analyze the innovation investment intensity and its transmission path.Based on the above research,the article uses 2597 observations of 371 A-share listed companies in China from 2010 to 2016,and establishes a panel data model.The empirical analysis of the impact of housing price increase on the innovation investment intensity of enterprises has carried out,and the mediating effect on the factor cost of enterprises has been carried out.and weakening the intensity of innovation investment of enterprises;The rise in housing prices increased corporate financing constraints,increased financing costs,and weakened R&D investment intensity.Finally,this paper puts forward some targeted suggestions from the aspects of controlling house price rise and increasing enterprise R&D investment. |
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