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

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