关键词: 房住不炒, 创新, 房地产市场调控, 效率

Abstract: Based on the data of China's Ashare listed companies，this paper analyzes the effect，mechanism and heterogeneity of the policy pinpointing “houses are for living in，not for speculation” on corporate innovation with differenceindifference method The results show that：the implementation of the policy significantly promotes corporate innovation，but this effect is only significant in supplyside regulatory policies Mechanism analysis shows that the innovative effect of the policy is mainly achieved through reducing real estate investment，improving R&D capital investment，enhancing slack resource pool and promoting output efficiency，which further promotes companies TFP Heterogeneity analysis finds that the effect of the policy on corporate innovation is different in different corporate characteristics，in different industry characteristics，and in different external environments 

Key words: houses are for living in, not for speculation, innovation, regulation of the real estate market, efficiency