| The 18 th Party of the Communist Party of China was convened in 2012,clearly pointing out that China must implement the innovation-driven development strategy.Since then,the Chinese government has paid more and more attention to the role of innovation in national development and placed innovation at the core of national development strategies.In the report of the 19 th National Congress of the Communist Party of China,General Secretary Xi Jinping clearly stated that "innovation is the primary driving force for leading development" and put forward the development concept of accelerating the construction of an innovative country.The reason why the country attaches so much importance to innovation is that all development achievements of the country are inseparable from innovation.Innovation determines the development process of a nation and a country and is the key to international economic competition.At present,China's global innovation index ranking has risen from 34(2012)to 14(2019),and China's innovation system has become increasingly mature.Enterprises are the mainstay of China's innovation activities,but when they carry out innovation activities,due to the existence of problems such as information asymmetry,they often face the problem of financing constraints,which seriously inhibits the innovation investment of enterprises.Since housing market reforms have been implemented in China,China's housing prices have remained high,so will the rise in housing prices affect the innovation input of enterprises? Therefore,this article focuses on housing price rises,financing constraints,and corporate innovation investment as the main research line.Based on China's basic national conditions,this article explores the impact of housing price increases and financing constraints on corporate innovation investment,and uses housing prices as moderators to study the effect of house prices on financing constraints and R & D inputs and the overall effect of the two.This article first review relevant research literature at home and abroad,and secondly,after defining related concepts such as innovation investment and financing constraints,summarizes the relevant theories,and focuses on analyzing the mechanism between financing constraints,real estate prices,and corporate innovation investment.Based on this,the research hypothesis of this paper is proposed.Finally,1141 non-real estate companies listed on the Shanghai and Shenzhen stock exchanges in China were selected.Based on their data from 2012 to 2017,three multipleregression models were established to empirically analyze the relationship between house price rises,financing constraints,and corporate innovation investment and Perform a robustness test on the results.The empirical results show that:(1)Chinese enterprises are generally facing financing constraints when they are innovating.Financing constraints will inhibit the innovation input of Chinese enterprises;(2)the rise in house prices is conducive to the increase of innovation inputs;(3)To a certain extent,it can alleviate the restraint effect of financing constraints on corporate innovation investment,but the incentive effect of rising house prices is less than the restraint effect of financing constraints,and the overall effect of the two is negative.Finally,based on the conclusions of this article,relevant policy recommendations were proposed from the government and enterprise levels: For the government,it is necessary to stabilize housing prices,promote the stable and healthy development of the real estate market,flexibly use subsidies and tax policies,increase innovation support for enterprises,at the same time promote the reform of China's financial market,and expand the channels for innovative financing of enterprises;For enterprises,they must strengthen their own management,improve the internal innovation funding system,improve the information disclosure system,properly treat real estate investment,and formulate long-term innovation development plans. |
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