经济理论与经济管理 ›› 2023, Vol. 43 ›› Issue (12): 4-18.

• 经济热点 •    下一篇

房住不炒政策促进了企业创新吗*

  

  1. 1  湖南大学金融与统计学院;  2  南京大学商学院。
  • 出版日期:2023-12-16 发布日期:2024-01-15
  • 基金资助:
    本文系国家社科基金重点项目“产业结构与房价的互动机制及其对经济增长的影响研究”(23AJL013)的阶段性成果。

HE POLICY PINPOINTING “HOUSES ARE FOR LIVING IN,NOT FOR SPECULATION” AND CORPORATE INNOVATION

  1. 1.School of Finance and Statistics,Hunan University;
    2.Business School,Nanjing University
  • Online:2023-12-16 Published:2024-01-15

摘要: 本文利用中国A股上市公司数据,基于多时点双重差分方法,分析了房住不炒政策的企业创新效应及其作用机制与异质性特征。研究结果显示,房住不炒政策的实施显著促进了企业创新,但这一效应仅在供给端调控政策中显著。房住不炒政策的创新提升作用会通过减少房地产投资、提高研发资本投入、强化冗余资源储备和提升产出效率四种渠道实现,并进一步推动了企业全要素生产率的实质性改进。另外,房住不炒政策对创新的作用效果在不同企业特征、不同行业特点以及不同外部环境中存在差异。


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