上市公司房地产投资与企业创新

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英文篇名：Real Estate Investment of Listed Companies and Enterprise Innovation 作者：熊凌云 英文作者：XIONG Ling-yun;Jiangxi University of Finance and Economics; 关键词：房地产投资 ; 企业创新 ; 区域差异 ; 企业性质 英文关键词：real estate investment;;enterprise innovation;;regional differences;;corporate nature 中文刊名：DDCJ 英文刊名：Contemporary Finance & Economics 机构：江西财经大学会计学院; 出版日期：2019-01-15 出版单位：当代财经 年：2019 期：No.410 基金：江西省社会科学“十三五”规划项目“上市公司房地产投资对企业创新的影响研究”(18GL36);; 江西省教育厅科技项目“创新驱动下江西营商环境对创业活动的影响研究”(GJJ170352) 语种：中文; 页：DDCJ201901009 页数：12 CN：01 ISSN：36-1030/F 分类号：86-97

摘要

利用2006—2015年间A股上市公司数据,检验了上市公司房地产投资对企业创新的影响及作用机制。研究发现,上市公司增加房地产投资会导致企业创新投入、技术人力资源投入和创新产出显著减少,说明房地产投资对企业创新具有明显的抑制作用。进一步研究发现,相比非一线城市,一线城市的上市公司房地产投资对创新投入、技术人力资源投入和创新产出的抑制效应更大;相比于非国有企业,国有企业房地产投资对创新投入、技术人力资源投入和创新产出的抑制效应更小。研究结论为政府根据区域和企业产权性质的差异出台差别化的房地产调控政策和创新扶持政策提供了经验证据。
        By using the data of A-share listed companies from 2006 to 2015, this paper examines the impact of listed companies' real estate investment on enterprise innovation and its mechanism of action. The findings show that the increase in real estate investment by listed companies will lead to a significant reduction in their innovation investment, technical human resources investment and innovation output, which indicates that real estate investment has a significant inhibitory effect on corporate innovation. Further research has found that compared with non-first-tier cities, the real estate investment of listed companies in first-tier cities has a greater inhibitory effect on innovation investment, technical human resource investment and innovation output; compared with non-state-owned enterprises, the real estate investment of the state-owned enterprises has a smaller inhibitory effect on innovation investment, technical human resource investment and innovation output. The conclusion of the study can provide empirical evidences for the government to introduce differentiated real estate regulatory policies and innovative support policies according to the differences of the regions and the natures of corporate property rights.

引文

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