Do high housing prices crowd out firm innovation inputs and outputs?Evidence from listed firms of 156 cities in China
The development of real estate industry inevitably have an impact on many fields of the economic system.Do high housing prices inhibit firms'technological innovation?Using da-ta on Chinese A-share listed firms from 2011 to 2020,this paper examined the impact of com-mercial housing price on firm innovation input and output,and decomposed this impact into three paths:financial subsidies,firm costs,and firm investment and financing.It was found that housing price significantly inhibits firms'innovation input and output,but the effects of housing prices are not completely consistent under different paths.The increase in financial subsidies and costs caused by rising house prices will promote the increase of firm innovation input,while the change of firm investment direction caused by rising house prices will hinder firm innovation input.From the perspective of innovation output,housing prices can only increase firm innova-tion output through firm investment and financing mechanism.There are significant differences in the impact of housing prices on innovation input and output among firms with differences in ownership structure,industry,and technology intensity.We also found that an innovation-orient-ed city pilot policy and the increase of city size can alleviate the crowding-out effect of housing prices on firm innovation.
housing pricefirm innovationmultidimensional fixed effectshigh technology industrypilot innovative city
NETL
NSTL
万方数据
