A Study On The Mechanism Of House Price Impacting City'S Innovation Ability Under The Background Of "Smart City"

As China's economic development enters into the new normal,it is necessary to maintain high-speed economic growth,optimize the economic structure,and move towards the mid-to high-end level.In this situation,the development strategy of "strengthening the country through human resources" and "rejuvenating the country through science and education" has become increasingly prominent.China continues to increase the input of R&D funds,accelerate the improvement of innovation capacity.However,with the rapid rise of housing prices,the transform between real economy and virtual economy may to some extent crowd out R&D investment,which will affect the improvement of city's innovation capabilities.At the same time,the over-prosperity of real estate has brought about many city's problems such as the relative lack of market capital,the increase in living costs of city's residents and business operating costs.Therefore,whether the fluctuation of house prices has an inhibitory effect on innovation capability,and how the construction of "smart city" can alleviate this effect has an important practical significance and theoretical value in analyzing such problems.In order to deeply explore the impact path of house price fluctuations on the city's innovation ability,and fully explore the role of the "smart city" construction in this impact path,this paper analyzes the impact of house price fluctuations on city's innovation capabilities through 216 prefecture-level city panel data between 2000 and2017 in China.On that basis the main research methods and conclusions include:(1)By establishing a Spatial Autoregression,it is concluded that both house prices and city's innovation capabilities have positive spillover effects,and rapid fluctuations in house prices will inhibit city's innovation capabilities;(2)The time-varying DID method is used to test the policy effect of the "smart city".As a result of that,the excessive growth of house prices will inhibit the city's innovation ability,but the construction of the "smart city" will promote the improvement of the city's innovation ability and alleviate the restraining effect of excessive growth of housing prices on city's innovation capacity;(3)Further researches on the innovation capabilities of listed companies from a micro perspective verify the robustness of the conclusions;(4)Examining theintermediary effect of house price fluctuations on the city's innovation ability,it was found that house price fluctuations affect the city's innovation ability through crowding out two paths of innovation R&D funds and human capital,and the construction of a"smart city"has significant regulating effect on these two paths.Besides,it further verifies the mitigation effect of the construction of the"smart city"on house price fluctuations in restraining city's innovation.Finally,based on the results of the study,relevant suggestions are proposed such as regulating house prices,accelerating the construction of"smart city",and promoting infrastructure construction.