Does Real Estate Investment Affect Urban Innovation?

To implement the strategy of innovation-driven development and promote the building of an innovation-driven country,the key step is to build innovation-driven cities.Real estate investment is the main driving force of China's urban economy in the early stage,and scientific and technological innovation is the sustainable development force of China's urban economy in the future.It is of great practical significance to understand the relationship between real estate investment and urban innovation.This paper constructs panel data of 280 prefecture-level cities in China from 2005 to 2016,and uses land supply as a tool variable and space panel model for real estate investment to explore the impact of urban real estate investment on innovation.Empirical findings show that real estate investment has generally inhibited the improvement of urban innovation.The improvement of the level of financial development will help alleviate the inhibitory effect of real estate investment on urban innovation.Finally,this article also finds that urban real estate investment has a space spillover effect,and real estate investment in local cities will inhibit technological innovation in surrounding cities.Therefore,local governments should reasonably control the scale of urban real estate investment,improve the level of financial development,and strengthen policy assistance with surrounding areas.