| Since the reform of real estate market,real estate has been the pillar industry of China's economic development,and the real estate market is the strong driving force of economic development.With the deepening of economic system reform,innovation has become the core power of development.However,the excessive price rise in the real estate market will affect the capital flow in the regional financial market,the outflow of innovative talents and the entrepreneurial risk-taking spirit,which will form the crowding out effect on the regional innovation,and is not conducive to the improvement of the regional innovation level.The excessive real estate market has already formed a huge bubble risk,and moderate real estate prices will bring more revenue to local governments,and will be used for innovation input to promote regional innovation.Especially for the central and western regions,land revenue is still the main source of financial revenue.Therefore,this paper analyzes the impact of real estate prices on regional technological innovation from the perspectives of theoretical analysis and empirical test.First of all,on the basis of combing previous studies,this paper theoretically analyzes the impact mechanism and ways of real estate price on regional innovation.Then the panel data of 30 provinces,municipalities directly under the central government and autonomous regions in China from 2007 to 2018 were collected and collated,and empirical tests were conducted by using two-stage least square method(2SLS)and generalized moment estimation(iv-gmm)of instrumental variables.According to the classification of patents,we study the impact of housing prices on invention patents,utility model patents and design patents,and analyze the heterogeneity of housing prices on Regional Innovation in the eastern developed areas and the less developed areas in the central and western regions.The threshold model is used to test the impact of real estate prices on regional technological innovation in different vacancy rates.Through the above theoretical analysis and empirical test,this paper finds that:(1)in general,the real estate price has a significant inhibitory effect on regional technological innovation,that is,the real estate has a negative inhibitory effect on Regional Innovation in general;(2)but there are regional differences in the eastern region and the central and western regions;(3)from the results of three types of patents,the main impact of housing prices Regional invention patents and utility model patents have no significant effect on design patents;(4)real estate prices have heterogeneity effect on Regional Innovation under different vacancy rates of commercial housing,and the vacancy rate of commercial housing in the region is lower than At 0.1406,it means that for every 1% increase in regional relative real estate price,the regional innovation level will be reduced by 0.311% in the low vacancy rate range;for the moderate region with regional commercial housing vacancy rate between 0.1406 and 0.2280,every 1% increase in regional relative real estate price will reduce per capita patent authorization by 0.51%;for the region with regional real estate vacancy rate,the regional real estate vacancy rate will be reduced by 0.311% When the rate is higher than 0.2280,for every 1% increase in house price,the per capita patent authorization number in the region will be reduced by 0.67%.Finally,according to the research results,this paper puts forward policy suggestions from the aspects of controlling the real estate price rising too fast,reducing the level of real estate vacancy rate and promoting the upgrading of industrial structure. |
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