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

摘要： 近年来，中国土地出让价格迅速攀升，对企业行为产生了重要的影响。本文利用土地交易的微观数据，采用工具变量的方法研究了土地价格上涨对于工业企业创新的影响。研究发现土地价格上涨会减少企业申请专利的数量。其原因在于地价上涨缩紧了企业的资金约束，并影响了企业的资源配置，造成企业减少研发投入。异质性研究表明，高地价对位于产业园区的企业、国有企业的不利影响更小，但是对创新型试点城市中的企业的抑制作用更强。

关键词: 企业创新 , 土地价格 , 专利