Research on the impact of urban innovation efficiency on real estate investment structure
This paper selects the panel data of cities above prefecture level in China from 2008 to 2020,and measures the innovation efficiency of cities using the FP(Fare-Primont)index method based on data envelopment analysis.Using the panel double fixed effects model and instrumental variable method,this paper empirically tests the impact effect of urban innovation efficiency on real estate investment structure;By constructing a nonlinear dynamic system model for residential and non-residential real estate investment,the stability of urban real estate investment structures with different innovation efficiencies was analyzed.The test results indicate that the innovation efficiency of both the current and previous periods in the city will significantly promote the proportion of non-residential real estate investment,and exhibit a non-linear effect pattern.In different innovation efficiency cities,the real estate investment structure has stable values,and the stable value of high innovation efficiency cities is higher than that of medium innovation efficiency cities and lower innovation efficiency cities.Therefore,local governments should combine the positioning of urban innovation and development,reasonably apply regulatory policies,and promote the healthy development of the real estate market;At the same time,it is also necessary to adjust the real estate investment structure according to changes in urban innovation efficiency levels and differences in innovation efficiency between cities,and implement policies tailored to the times and cities.
real estate investment structureinnovation efficiencynonlinear dynamic systemstable proportion
NETL
NSTL
万方数据
