The Impact Of House Price Change On Enterprise Innovation

Nowadays,China is at a critical stage of implementing the strategy of innovation-driven development.We all need to pool the strength to promote the further development of scientific and technological innovation so that our country can enhance national competitiveness,thus breaking through the difficulties in economic transformation.At present,domestic investment in research and development has reached a certain scale but still been far from the level of developed countries.At the same time,housing prices in the provinces and cities have been at a high level in recent years.The high mercantile rate of return in the real estate industry has attracted a lot of capital investment from industrial enterprises.The credit easing effect caused by the rising housing price enables industrial enterprises to expand the scale of investment.In recent years,many experts have explored the relationship between housing price and innovation output of industrial enterprises.The level of economic and technological development of the provinces and cities in China is quite uneven.The urban agglomeration in the Yangtze river delta spans Shanghai,Jiangsu,Zhejiang and Anhui provinces.The input and output of scientific and technological innovation of these three provinces and one city are all at the leading level in China.Moreover,the overall housing price of the urban agglomeration in the Yangtze river delta is relatively high.So it is of great practical significance to explore the influence mechanism of the housing price change of this urban agglomeration on the innovation effect of industrial enterprises.In this paper,panel data of 26 cities in the urban agglomeration in the Yangtze river delta from 2010 to 2017 were selected.Panel data model was established to draw empirical conclusions.And this regression results were tested after the classification of each city by three methods.Then,the mediating effect was tested.And spatial correlation factors were included to establish the spatial econometric model.The results of this paper show that the increase of housing price has asignificant positive effect on the innovation output of industrial enterprises.The innovation output of the third,fourth and fifth tier cities is more sensitive to housing price changes.In addition,cities with low level of rationalized industrial structure and upgrading industrial structure are more sensitive to housing price changes.Moreover,the R&D expenditure of industrial enterprises plays an intermediary role in the mechanism of housing price changes influencing innovation output.There is a significant spatial correlation both in housing price and innovation output.In the Spatial Durbin Model and Spatial Errors Model based on two spatial weight matrices,there is still a positive correlation between housing price and urban innovation effect.However,the increase of urban housing price has an inhibitory effect on innovation output in neighboring areas.Finally,based on the above conclusions,the paper puts forward three aspects of policy recommendations.First,the governments should control the stable growth of housing price and promote the emergence of innovative achievements.Second,it is necessary to promote the reform of the financial system and increase innovation investment by industrial enterprises.Third,the governments should formulate policies to stimulate innovation and improve the quality and efficiency of enterprise research and development.