| Manufacturing industry is the lifeblood of China's national economic development and plays an important role in China's economic growth and industrial structure upgrading.Since the reform and opening up,thanks to the dual effects of demographic dividends and institutional dividends,China's manufacturing industry has developed rapidly and its global status has continuously improved.In 2010,the added value of China's manufacturing industry has surpassed that of the United States and ranked first throughout the world,and the development of manufacturing industry has improved the level of industrialization as well as the residents' living standards.In recent years,as the global economy saw a slowdown,manufacturing exports growth has become sluggish.Domestic labor costs have continuously increased due to the conversion of demographic structure,the prices of production factors such as land cost have risen,thus the manufacturing's profits have been squeezed and the manufacturing upgrading has entered a bottleneck period.As a pillar industry of the national economy,the real estate industry has an important impact on manufacturing industry.On the one hand,owing to the high correlative degree of industry,the real estate industry can drive the development of many manufacturing-related industries,promote supply and stimulate demand;on the other hand,the prosperity of the real estate market can also increase the prices of production factors,increase the production cost of manufacturing,and inhabit the development of manufacturing industry to some extent.In addition,China's manufacturing industry is mainly labor-intensive industries,with low added value and weak independent innovation capability.Enterprises are the mainstay of technological innovation,and their R&D investment is also an important way to achieve upgrading of manufacturing industry,and significantly affect the upgrading of manufacturing.This paper firstly sorts out relevant literature on how housing price fluctuations and enterprise technology innovations affecting the development of manufacturing industry,providing a theoretical basis for the follow-up research.Secondly,based on the development of real estate industry and the related theory about enterprise technology innovation investment affecting manufacturing development,analyzing the development status of China's real estate market,enterprise R&D innovation and manufacturing industry,pointing out the conduction path of housing price fluctuation and technological innovation to the upgrading of manufacturing industry;finally constructing a fixed effect model,using the macro data of 147 cities in China and the micro data of 745 listed companies in manufacturing,analyzing the impact of housing price volatility and corporate R&D investment on manufacturing upgrading.The results show that: the R&D investment of enterprises has a significant role in promoting the upgrading of manufacturing industry.The impact of housing price fluctuations on the upgrading of manufacturing industry has a inverted “U”-pattern relationship.When the growth rate of housing prices reaches theinflection point,the impact on the upgrading of manufacturing industry changes from promotion to inhibition.Sub-sample regression results show that the impact of housing price fluctuations and technological innovations on the upgrading of manufacturing varies greatly among the eastern,central and western regions,and whether the effect of house price appreciation or the impact of R&D investment on manufacturing upgrades,the eastern region is obviously stronger than the central and western region.Based on the research results,this paper proposes multi-angle targeted recommendations for the proper development of China's real estate industry and manufacturing industry.The main innovations of this paper can be listed as follows: First,in order to make the research results more scientific,the research sample has expanded from the traditional 35 large and middle-sized cities to 147 prefecture-level cities;second,the combination of macro and micro data to explore the impact of housing price volatility and corporate technological innovation on manufacturing upgrading is significantly different from previous studies in the literature. |
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