关键词: 企业创新 , 土地价格 , 专利

Abstract: The land price in China increases rapidly and becomes a prominent problem in recent years. This paper uses micro data of land transaction and analyzes the effect of land price on corporate innovation with the instrument variable approach. The result suggests the rising in land price reduces the amount of patents application. The reason is that the increasing of land price tightens the enterprises' financial constraint, influences their resource allocation and reduces their expenditure on R&D. The heterogeneityanalysis suggests that the influence of land price is smaller for firms located in industry zones and stateowned enterprises, but larger for firms located in innovative cities.

Key words:
corporate innovation , land price , patent