A Study On The Mechanism Of Influence Of Rising House Prices On Urban Innovation In The Yangtze River Delta Region

Cities,as engines of regional economic growth and carriers of spatial innovation,bring together various factors and resources needed for innovation,such as capital,human capital,technology,markets,information,and policy support,while the rapid development of the real estate market and the expanding scale of investment since the beginning of housing monetization have produced soaring housing prices and increased the dependence of economic development on real estate investment.The booming real estate industry has become an important pillar of China’s economic development,bringing great value to economic development on the one hand,and high returns to investors on the other.However,at the same time,it has also generated problems such as overheated investment,real estate bubbles,and excessive regional disparities in real estate prices,which have reduced the happiness index of urban residents and,in particular,may have deterred many highly skilled talents from high housing prices in cities,a phenomenon that may hurt urban innovation.Among them,the Yangtze River Delta region is one of the most innovative and economically active regions in China,and the rapid rise of urban housing prices has become an important factor limiting the innovativeness of cities within the region in recent years.In this paper,a total of 41 sample cities included in the Yangtze River Delta region of China are used for empirical analysis.Firstly,through extensive classification,searching,and reading literature work,we understand the current status of domestic and international research and have a clear understanding of academic research in this field;then we review and understand the theoretical basis related to the study of this paper;secondly,we analyze the current situation of house prices and urban innovation in the Yangtze River Delta region;finally,we construct a spatial econometric and Finally,we construct a spatial econometric and mediated effects model to empirically analyze the impact of rising house prices on urban innovation.The empirical results show that: in the spatial weight matrix of geographic distance and economic distance,the increase in house price significantly suppresses the increase in urban innovation capacity and has a negative spillover effect on the neighboring cities;and the increase in house price suppresses the level of urban innovation by crowding out innovative human capital,playing a partial mediating effect of 15.80%;while in the proportion of property investment,the increase in house price significantly suppresses the increase in the proportion of In contrast,the increase in the share of property investment significantly inhibits the increase in the share of property investment,indicating that the increase in house price does not further hinder the development of urban innovation by crowding out innovation capital through the increase in the share of house price investment,playing a partial mediating effect of 13.91%.Finally,based on the theoretical basis and findings of this paper,we propose relevant policy recommendations for the Yangtze River Delta region to provide references for the regulation of the real estate industry and the implementation of innovative development strategies in China.Figure(11)Table(18)Reference(67)...