| After entering the "new normal" stage,China's economic growth mode began to change from traditional mode to innovation-driven development mode.The innovation-driven strategy clearly put forward by the Eighteenth National Congress of the CPC pushed technological innovation to an unprecedented height.With the gradual advancement of innovation-driven strategy,governments at all levels continue to strengthen their support for technological innovation.How to give full play to the leading role of cities in technological innovation and make full allocation of technological innovation resources to maximize the development of technological innovation in cities is crucial.Real estate industry is a pillar industry to support the development of national economy.Its healthy and stable development can not only provide an important guarantee for the transformation of national economy driven by innovation,but also promote the structural reform of supply side and the key link to achieve high-quality economic development.On the one hand,the upgrading of demand structure and the weakening of labor cost advantages make it more urgent for China's real economy to transform from low-end to middle-high-end.Continuous upgrading of technological innovation capability is the only way to achieve innovation-driven transformation;On the other hand,real estate has become a "double-edged sword" of the national economy.While promoting economic growth,it has also led to asset price bubbles and "de-going to virtual”problems,which have a negative impact on the upgrading and transformation of the real economy and sustainable development.Under the influence of various complex situations,whether from the perspective of theoretical research or policy formulation,there is an urgent need for academia to understand more deeply the relationship between the real estate market and technological innovation.With the prosperity and development of the real estate market and the proposal of innovation-driven strategy,the research on the impact of China's real estate market on urban technological innovation has become a growing concern of academia in recent years.According to previous studies,the prosperity and development of the real estate market can indeed promote economic growth to a certain extent,but in recent years,With the rapid growth of China's economic growth from high speed development to medium-high speed development,the economic growth rate has slowed down,the real economy has overcapacity,and the capital has become more and more serious.The relationship between asset bubbles and upgrading of real economy technology has become an important issue facing China at present.According to the existing literature and related reports,most scholars believe that excessive real estate prices have led to the extrusion of real economy research and development input,which has a negative impact on innovation activity.However,by sorting out the relevant data and analyzing the characteristic facts,we find that it is difficult to explain the two characteristics of the real estate market and technological innovation:first,the real estate investment price is positively related to the input and output of technological innovation;second,the relationship between the real estate market and technological innovation between large cities and small and medium-sized cities is heterogeneous.In this case,in order to deepen the understanding of the relationship between China's real estate market and technological innovation,this paper takes the city as the research object,combs the characteristics of the relationship between the real estate market and technological innovation,and tries to improve the proportion of the second-hand housing market by innovative resource agglomeration,effective market regulation and control.Forming a perspective,this paper proposes a theoretical framework for economic interpretation of the above-mentioned characteristics of the facts,and uses the 2006-2014 urban data to test the impact of the real estate market on technological innovation.The conclusions are as follows:limited by the constraints of different stages of development,the impact of the real estate market on technological innovation mainly exists in large cities,and the impact of the real estate market on technological innovation in small and medium-sized cities is not obvious;the dynamic externalities of technological innovation resources agglomeration to large cities and the increasing impact of real housing demand under the influence of technology innovation resources agglomeration to cities,market regulation can effectively stabilize the real estate bubble and the real estate market turning to second-hand housing,the crowding-out effect of real estate price rise on technology innovation investment in large cities is weakened.The collateral effect has been strengthened,enabling high housing prices and dynamic technological innovation to occur simultaneously in large cities. |
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