Analysis Of Threshold Effect Of Housing Price Level On Technological Innovation.

Real estate,as a pillar industry in China for a long time,has made an important contribution to the economic development.However,as the reform enters the new stage,technological innovation becomes the first important point of development.Moderate real estate bubble can stimulate consumption and increase investment,which is conducive to regional technological innovation.The excessive rise in housing prices will have an adverse impact on the innovation activities of the country through three channels,namely,the"crowding out effect" of technological innovation,the negative incentives for research talents and the influence of urban housing prices.Therefore,this paper makes a hypothesis:the level of real estate development in different regions has different promotion effects on the innovation ability of the region,and there is a suitable interval for real estate price growth.In this interval.R&D investment has the most significant positive effect on technological innovation.Based on hypothesis,this paper creatively combines housing price level,R&D investment and technological innovation.Using 286 urban data of prefecture level and above in China from 2006 to 2016,and using threshold regression method,this paper empirically studies the dynamic relationship between housing price and technological innovation and finds a reasonable interval for housing price development.This paper finds that:(1)There is a significant non-linear threshold effect of R&D capital investment on technological innovation in China.When the ratio of house price to income is less than 1316,for every 10,000 yuan increase in investment in science and technology,the number of patent authorizations increases by 0.026.When the ratio of house price to income is greater than 1571,for every 10,000 yuan increase in investment in science and technology,the amount of patent licensing increases by 0.019.When the ratio of house price to income is in the middle of the moderate range,R&D capital investment plays the most important role in promoting technological innovation.For every 10,000 yuan increase in investment in science and technology,the number of patent grants increases bv 0.054.(2)There is no threshold effect of R&D labor input on technological innovation.No matter how housing prices increase,R&D labor input has a linear positive effect on technological innovation.For every 10,000 more people working in science,education,culture and health,the number of patent authorizations increased by 0.013.(3)In most areas of Eastern China,the housing price level has crossed the maximum threshold.In the central and western regions of China,if the housing price level is not controlled reasonably in time,then it will cross the maximum threshold of housing price like the eastern region,which will have a negative impact on the level of technological innovation in the region.Therefore,this paper argues that underdeveloped areas need to play a leading role in the real estate industry to provide economic basis for scientific and technological innovation and development.Developed areas should control the stability of housing prices and avoid the irrational growth of housing prices which is biased to normal values to inhibit the research activities of technological innovation in China,so as to ensure the sustainable development of China's economy.The only way to realize the development of economy from extensive to high quality is to transform the old and new kinetic energy.Maintaining the relative stability of real estate prices will be an important prerequisite for China's industrial upgrading and long-term economic growth as a developing country.